Show Britain Issues Bill for for Steel Control LONDON Oct 29 OP Ai The Labor government go published Friday Friday Friday Fri Fri- day its controversial steel nationalization nationalization nationalization nation nation- bill Under it the government government gov gov- ov- ov would become owner in 1950 of companies capitalized at pounds Conservatives Conser led by Winston Vinston Churchill are arc fighting the meas meas- ure Labor however holds roughly rough rough- ly a two two to one to-one majority in the thc house of commons This makes adoption of the bill almost a taint The government go Indicated the bill will not be rushed Political writers predicted parliament will debate it for months and that final passage may be delayed until late in 1919 The bill provides prO for nationalization nationalization nationalization na na- na- na to become effective in May 1950 This is on the eve of Britain's next general g election at which the program is expected to lo be a major issue Stock Plan The bill proposes the government government government govern govern- ment will take outright ownership through a stock purchase arrangement arrangement arrangement arrange arrange- ment of all firms which produce or more tons of iron ore are or or more tons of other iron or steel products per year Firms producing less but more than tons a year will be re required required required re- re to obtain government go licenses li licenses li- li censes to c can continue o n t tin i n u e business Smaller firms may operate without without without with with- out licenses The automobile industry is specifically specifically specifically exempt from tion The inclusion of some steel subsidiary companies however er will put the government into the business of turning turning- out such finished finished finished fin fin- products as tennis rackets printers' printers ink safety pins and other goods FI Firms I I About companies are engaged engaged en en- in the iron and steel business business busi bus iness i- i ness in Britain Of OC these are engaged ed in the thc basic process of dig digging Sing ore blast furnace smelting smelting smelting smelt smelt- ing steel ingot manufacture and steel hot rolling In terms of capacity the government government gov gov- will acquire of ore producers 96 of smelters of ingot plants and Tr of oC rolling mills The British Press said the British steel industry employs about persons It said about of these work for firms which will ill be nationalized Socialized firms will be allowed to keep their old names and trade trade- marks The British Press said existing managements will re remain remain remain re- re main in charge under a government government govern govern- ment holding corporation Monkey l Wrench rench Lord r a director of illes Col Ltd one of the firms to tobe tobe be taken laken over said at a Glasgow luncheon the bill is a spanner monkey wrench in the works of industry The companies will be compensated compensated compensated sated b by issue of British iron and steel stock which the treasury says will ill equal in value the company company company com com- pany shares on the date of transfer transfer transfer trans trans- fer taking into consideration the market value of government securities se securities securities se- se around that date The bill will ill prohibit any slicing melon by private owners just before the government go takes over It requires that stock dividends dividends divi i and interest payments be beheld beheld beheld held to minimums set et out in the various company charters The ministry of supply said that when the iron and steel corporation corporation corpora corpora- tion to be set up by the government government government govern govern- ment takes over the sole immediately immediately imme immediately imme- imme perceptible difference will willbe willbe willbe be that the company directors and workers will be he responsible not to private shareholders but to one gr great at shareholder the British public |