Purely recollection but I remember the Studebakers in Canberra around the early 60's, even the ACT police might have had a couple as well. They raced (not the police) at Mt Panarama along with 404's (french connection)....
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- Thread starter Russell Hall
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Thanks for refreshing my memory re Larks and Hawks. But they were a niche marque then. I saw more of the ancient models. A mate of my father had a succession of oversized US cars in the 50s and 60s, and expected us to admire them, but they didn't include a Studebaker.
They had a warm personal relationship with the Canada staff. Buxton and his wife were hosted by the company in America and their top executives are photographed in LaTrobe St. Dick Hutchinson, Dewey Smith, Harm Arnold. Probably a cultural difference but there was no warmth or mutual visits with Peugeot. Neunhoffer had built the business by establishing a close relationship with the Dodge brothers.
The sad end..
Canberra Times 21/7/1966
Wind down
or wind up
The chairman of Automotive and General Industries Ltd, Mr J. B. Bryson, told a shareholders' meeting in Melbourne yesterday that the company had no choice other than to "wind down" or be wound-up.
When he became chairman in January his first visit to the company's
bankers showed that the whole position was out of hand, Mr Bryson said.
On a show of hands, shareholders unanimously carried a motion to authorise directors to buy Bryson shares in proportion to their holdings.
Directors disclosed they had received 1,482,456; share proxies in favour, of the motion and only 23,245 against it.
Canberra Times 9/12/1966
AGI TAKE-OVER 'PRACTICABLE'
The takeover of Automotive and General Industries Ltd would now be "quite practicable", the chairman, Mr J. B. Bryson, says in his annual review, released in Melbourne yesterday.
But he says if this is not achieved quickly, the board will accelerate the wind down of the company's remaining operations.
The company's trading activities have been mainly terminated, and the remaining assets consist of free holds and leaseholds, some
trading assets and some long term contracts.
The board has had protracted negotiations with one party interested in a
take-over, "but at the time of writing this statemen, finality has not been achieved",
Mr Bryson says.
(The report is dated November 25. Four days later directors announced that talks with a prospective bidder had ended in stale mate, but on December 6 they said talks had begun with another group interested in making a bid for the company's ordinary capital.)
Group loss for the year to June 30 was $328,211, against a loss of $267,128 previously, after tax of $123,242 (previously $163,780).
Canberra Times 14/12/1966
$1.2m bid for Auto Gen
Automotive and General Industries Ltd has received a takeover bid worth $1,199,880 from Fire and All Risks Insurance Co Ltd.
Fire and All Risks gave notice yesterday that it
would offer 18c cash for each Automotive and General share.
There arc 6,666,000 issued ordinary 50c shares in Automotive and General.
The offer is conditional upon its acceptance by shareholders in Automotive and General holding all the issued capital, or any lesser
percentage but not less than 51 per cent as Fire and All Risks considers sufficient.
The offer will remain open until January 31 or any later date to which Fire and All Risks extends the time for acceptance.
Fire and All Risks Insurance is a Sydney-based general insurer.
Directors are Messrs L. J. Adler, J. Belfer, and C. M.
Andrews.
The company at present holds 4,400 Automotive and General ordinary shares.
Canberra Times 21/12/1966
Automotive
Directors of Automotive and General Industries Ltd would recommend acceptance of the offer from Fire and All Risks Insurance Co Ltd when it was settled how shareholders would be paid for their scrip, the chairman, Mr J. B. Bryson, said it the annual meeting today.
The formal offer, 18c cash a share, is expected after this week.
Mr Bryson said the company's biggest troubles had begun when Studebaker cars stopped being produced.
Three or four groups had been interested in making an offer for the company but had not done so. If Fire and All Risks did not make an
offer liquidation seemed to be the only way out.
Adler, Lawrence James (Larry) (1931–1988) extract from biography by John Perkins
Lawrence James (Larry) Adler (1931-1988), businessman, was born on 2 November 1931 in Budapest, Hungary, and named Ladislaus (Laszlo), only son of Bela Adler, button manufacturer, and his wife Antonia, née Vorosvary. He arrived in Melbourne in March 1950.
In 1960 Adler had established the Fire & All Risks Insurance Co. Ltd, known as FAI. He was chairman and managing director.
Diversification within the insurance field began in the mid-1960s, with AFI buying Automotive & General Industries Ltd of Melbourne in 1967 for `asset stripping’.
He died of diabetes and myocardial infarction on 13 December 1988. On his death FAI’s share value dropped fifty cents (one-sixth of their value) overnight.
My notes
HIH bought FAI in 1999 and due to financial difficulties on sold to Allianz in 2000 and was liquidated in 2001. Consequently some HIH executives were charged over business practises, with at least one sentenced to prison.
The Northern Engineering name continued for some time but also came to an inglorious end.
Canberra Times 21/7/1966
Wind down
or wind up
The chairman of Automotive and General Industries Ltd, Mr J. B. Bryson, told a shareholders' meeting in Melbourne yesterday that the company had no choice other than to "wind down" or be wound-up.
When he became chairman in January his first visit to the company's
bankers showed that the whole position was out of hand, Mr Bryson said.
On a show of hands, shareholders unanimously carried a motion to authorise directors to buy Bryson shares in proportion to their holdings.
Directors disclosed they had received 1,482,456; share proxies in favour, of the motion and only 23,245 against it.
Canberra Times 9/12/1966
AGI TAKE-OVER 'PRACTICABLE'
The takeover of Automotive and General Industries Ltd would now be "quite practicable", the chairman, Mr J. B. Bryson, says in his annual review, released in Melbourne yesterday.
But he says if this is not achieved quickly, the board will accelerate the wind down of the company's remaining operations.
The company's trading activities have been mainly terminated, and the remaining assets consist of free holds and leaseholds, some
trading assets and some long term contracts.
The board has had protracted negotiations with one party interested in a
take-over, "but at the time of writing this statemen, finality has not been achieved",
Mr Bryson says.
(The report is dated November 25. Four days later directors announced that talks with a prospective bidder had ended in stale mate, but on December 6 they said talks had begun with another group interested in making a bid for the company's ordinary capital.)
Group loss for the year to June 30 was $328,211, against a loss of $267,128 previously, after tax of $123,242 (previously $163,780).
Canberra Times 14/12/1966
$1.2m bid for Auto Gen
Automotive and General Industries Ltd has received a takeover bid worth $1,199,880 from Fire and All Risks Insurance Co Ltd.
Fire and All Risks gave notice yesterday that it
would offer 18c cash for each Automotive and General share.
There arc 6,666,000 issued ordinary 50c shares in Automotive and General.
The offer is conditional upon its acceptance by shareholders in Automotive and General holding all the issued capital, or any lesser
percentage but not less than 51 per cent as Fire and All Risks considers sufficient.
The offer will remain open until January 31 or any later date to which Fire and All Risks extends the time for acceptance.
Fire and All Risks Insurance is a Sydney-based general insurer.
Directors are Messrs L. J. Adler, J. Belfer, and C. M.
Andrews.
The company at present holds 4,400 Automotive and General ordinary shares.
Canberra Times 21/12/1966
Automotive
Directors of Automotive and General Industries Ltd would recommend acceptance of the offer from Fire and All Risks Insurance Co Ltd when it was settled how shareholders would be paid for their scrip, the chairman, Mr J. B. Bryson, said it the annual meeting today.
The formal offer, 18c cash a share, is expected after this week.
Mr Bryson said the company's biggest troubles had begun when Studebaker cars stopped being produced.
Three or four groups had been interested in making an offer for the company but had not done so. If Fire and All Risks did not make an
offer liquidation seemed to be the only way out.
Adler, Lawrence James (Larry) (1931–1988) extract from biography by John Perkins
Lawrence James (Larry) Adler (1931-1988), businessman, was born on 2 November 1931 in Budapest, Hungary, and named Ladislaus (Laszlo), only son of Bela Adler, button manufacturer, and his wife Antonia, née Vorosvary. He arrived in Melbourne in March 1950.
In 1960 Adler had established the Fire & All Risks Insurance Co. Ltd, known as FAI. He was chairman and managing director.
Diversification within the insurance field began in the mid-1960s, with AFI buying Automotive & General Industries Ltd of Melbourne in 1967 for `asset stripping’.
He died of diabetes and myocardial infarction on 13 December 1988. On his death FAI’s share value dropped fifty cents (one-sixth of their value) overnight.
My notes
HIH bought FAI in 1999 and due to financial difficulties on sold to Allianz in 2000 and was liquidated in 2001. Consequently some HIH executives were charged over business practises, with at least one sentenced to prison.
The Northern Engineering name continued for some time but also came to an inglorious end.
Sad indeed. So Renault may have bought Heidelberg plus Peugeot stock at a good price.
Odd Bryson blames the demise of Studebaker. I'd see the mishandling of the 404 as having a greater effect.
Jack Bryson
The founder of Jaguar cars in Australia was Jack Bryson. Born in New Zealand bought up by a Maori foster mother, moved back and forth between New Zealand and Australia, moving permanently to Australia around 1922. After being employed as a limousine driver he soon began his own driver business. He died of a stroke in Melbourne in 1971.
By 1935 he ran a small engineering shop with one lathe, one employee. At the outbreak of WW2 his machine shop was proscribed, meaning he was not permitted to join the services, instead produced parts for defence vehicles and aeroplanes. He designed and built a small petrol marine engine, the Commando, for use in remote warfare which could withstand airdrop, contamination and ill treatment.
The future seemed to belong to transport, so he expanded his engineering shop to become a used car seller and repairer in Melbourne, importing from Britain partly completed sedans and some damaged which he re-bodied. A supplier of these was Henly’s London. When William Lyons, founder of Jaguar, asked Bertie Henly if he knew of a possible importer in Australia. Henly spoke of Jack Bryson in Melbourne.
The British financiers Tozer Kemsley and Millbourne took charge of consignment arrangements for shipping and stock. Trevor, now widely known as Jack Bryson, took in a partner, Lawson, to form Brylaw Motors, but soon bought him out, to become Bryson Industries and later floated on the stock exchange. His company owned the Jaguar, Daimler and Ariel (motorcycles) distribution concession until 30/6/1978.
The “re-bodying” is interesting.
A bit earlier:
Australian Jewish Times, 23/11/78
Extract
The founder of Australia’s leading dealer of Jaguars, Jack Bryson, began a used car business called Brylaw Motors in Carlyons Garage in Bourke Street, Melbourne in 1933.
In 1936 Bryson’s became distributors for Morgan and BSA motor cars, both fully imported units.
Later Bryson’s extended its operation to include
assembly of the BSA and Morgan cars.
The connection with Automotive General Industries and subsidiaries:
The Canberra Times 6/4/1966
Finance (extract)
A & G Ind.
Melbourne vehicle distributor Automotive and General Industries will write
down stocks by $866,000 in a drastic move to curtail and reshape the company's ventures. The move would reduce overhead and discontinue
operations which were producing losses, directors said yesterday.
Further writing-down in the value of assets might be necessary and capital losses might be unavoidable.
The group lost $32,462 in the half-year to December 31.
This did not include results from Bryson Industries.
The result compared with a loss of $283,000 in the previous full year, when no dividend was paid.
The Canberra Times 8/7/1966
Finance (extract)
Bryson fell 10c to $2.90 in reaction to the decision by Auto and General to sell its holdings in Bryson at $1-50 a share.
My comment: What? Why? What?
Canberra Times 8/7/1966
Finance Auto. Gen.
Automotive and General Industries Ltd will sell its 60.02 per cent shareholdings in Bryson Industries Ltd at a loss of $526,555.
Directors of Automotive and General said in a circular to shareholders yesterday that the company's continental and general division
had been operating at a loss for several months.
A considerable loss had been incurred after the ending of production of
Studebaker vehicles in the United States.
Automotive and General assembled Studebaker in Australia.
The company bought 421,244 Bryson $1 shares for $2.75 each in 1961 at a total cost of $1,158 million.
The Canberra Times 20/9/1966
Finance (extract)
Bryson were marked down a further 10c to $1-45, 5c below the price at which Automotive and General will place its big parcel of Bryson shares.
my comments, seems to been a bit of Bryson share buying at either high or reduced prices, depending on 5he timing.
The Canberra Times 8/12/1966
Finance (extract)
Automotive and General, which has started takeover talks with "another party" firmed 1c to 15c. (FAI).
my comment. I’m sure there is more to this.
The founder of Jaguar cars in Australia was Jack Bryson. Born in New Zealand bought up by a Maori foster mother, moved back and forth between New Zealand and Australia, moving permanently to Australia around 1922. After being employed as a limousine driver he soon began his own driver business. He died of a stroke in Melbourne in 1971.
By 1935 he ran a small engineering shop with one lathe, one employee. At the outbreak of WW2 his machine shop was proscribed, meaning he was not permitted to join the services, instead produced parts for defence vehicles and aeroplanes. He designed and built a small petrol marine engine, the Commando, for use in remote warfare which could withstand airdrop, contamination and ill treatment.
The future seemed to belong to transport, so he expanded his engineering shop to become a used car seller and repairer in Melbourne, importing from Britain partly completed sedans and some damaged which he re-bodied. A supplier of these was Henly’s London. When William Lyons, founder of Jaguar, asked Bertie Henly if he knew of a possible importer in Australia. Henly spoke of Jack Bryson in Melbourne.
The British financiers Tozer Kemsley and Millbourne took charge of consignment arrangements for shipping and stock. Trevor, now widely known as Jack Bryson, took in a partner, Lawson, to form Brylaw Motors, but soon bought him out, to become Bryson Industries and later floated on the stock exchange. His company owned the Jaguar, Daimler and Ariel (motorcycles) distribution concession until 30/6/1978.
The “re-bodying” is interesting.
A bit earlier:
Australian Jewish Times, 23/11/78
Extract
The founder of Australia’s leading dealer of Jaguars, Jack Bryson, began a used car business called Brylaw Motors in Carlyons Garage in Bourke Street, Melbourne in 1933.
In 1936 Bryson’s became distributors for Morgan and BSA motor cars, both fully imported units.
Later Bryson’s extended its operation to include
assembly of the BSA and Morgan cars.
The connection with Automotive General Industries and subsidiaries:
The Canberra Times 6/4/1966
Finance (extract)
A & G Ind.
Melbourne vehicle distributor Automotive and General Industries will write
down stocks by $866,000 in a drastic move to curtail and reshape the company's ventures. The move would reduce overhead and discontinue
operations which were producing losses, directors said yesterday.
Further writing-down in the value of assets might be necessary and capital losses might be unavoidable.
The group lost $32,462 in the half-year to December 31.
This did not include results from Bryson Industries.
The result compared with a loss of $283,000 in the previous full year, when no dividend was paid.
The Canberra Times 8/7/1966
Finance (extract)
Bryson fell 10c to $2.90 in reaction to the decision by Auto and General to sell its holdings in Bryson at $1-50 a share.
My comment: What? Why? What?
Canberra Times 8/7/1966
Finance Auto. Gen.
Automotive and General Industries Ltd will sell its 60.02 per cent shareholdings in Bryson Industries Ltd at a loss of $526,555.
Directors of Automotive and General said in a circular to shareholders yesterday that the company's continental and general division
had been operating at a loss for several months.
A considerable loss had been incurred after the ending of production of
Studebaker vehicles in the United States.
Automotive and General assembled Studebaker in Australia.
The company bought 421,244 Bryson $1 shares for $2.75 each in 1961 at a total cost of $1,158 million.
The Canberra Times 20/9/1966
Finance (extract)
Bryson were marked down a further 10c to $1-45, 5c below the price at which Automotive and General will place its big parcel of Bryson shares.
my comments, seems to been a bit of Bryson share buying at either high or reduced prices, depending on 5he timing.
The Canberra Times 8/12/1966
Finance (extract)
Automotive and General, which has started takeover talks with "another party" firmed 1c to 15c. (FAI).
my comment. I’m sure there is more to this.
The main business of the C&G operation set up in 1959 was Peugeot assembly and distribution. There were 2379 Peugeot 403's sold in 1960. With an appealing new model (the 404) released in France it is not unreasonable to look to build sales to 3000+. Even with the Credit Squeeze downturn in 1961 which was temporary. Instead sales declined to 632 vehicles in 1964 which made the operation dependent upon Studebaker. This decline in turn necessitated a price reduction in 1965 that then hit the bottom line by devaluing the substantial build up of unassembled kits. I would argue the mishandling of the 404 release had a more serious impact on the company than the Studebaker closure. Blame may not lie solely with Melbourne. Peugeot was overly committed to its North American export operation and may have lost interest in an Australian operation that never met promised sales targets.
l’m sure there were several reasons for the demise.
i cant find the reference at the moment, but about 1960/61 their CEO stated that he thought their future was as an investment company, may explain the Bryson Investment.
interesting that they still had some BMC connection as late as 1965/66.
i cant find the reference at the moment, but about 1960/61 their CEO stated that he thought their future was as an investment company, may explain the Bryson Investment.
interesting that they still had some BMC connection as late as 1965/66.
Not everyone succeeds in business but this seems odd. The Simca assembly business first in North Melbourne and then West Heidelberg seems to have been successful. Canada Cycle and Motor had always been profitable and Neunhoffer made an absolute fortune from it. Continental & General made a good start with the operation in 1959 with a price reduction of the 403 to a more realistic level. Yet they then made bad decisions not to release the 404 for effectively nearly three years after its French release and to over price it. Add in an insipid advertising campaign making heavy use of the 1958 American "one of the seven finest cars in the world" slogan. To add to the woes the poor showing of the C&G 404 team in the Ampol Trial in 1964 negated the selling point of the 203 and 403, of being proven for Australia by rally wins.
They had to lower the 404 price to a more realistic level in 1965 in the face of declining sales. From 1450 pounds down to 1275 pounds. As there was a large stock of unassembled kits this was a major loss. Buy a 403 in 1966 and it was from a 1964 manufactured kit. Renault was not complimentary about what they found when they took over the plant. The 404 was supposed to be at 50% Australian content but was not much more than 35%. Renault got local content up over 50% and revived sales to over 1852 in 1969.
They had to lower the 404 price to a more realistic level in 1965 in the face of declining sales. From 1450 pounds down to 1275 pounds. As there was a large stock of unassembled kits this was a major loss. Buy a 403 in 1966 and it was from a 1964 manufactured kit. Renault was not complimentary about what they found when they took over the plant. The 404 was supposed to be at 50% Australian content but was not much more than 35%. Renault got local content up over 50% and revived sales to over 1852 in 1969.