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Huge losses forced ‘Chronicle’s’ closureGleaner TrinidadCorrespondentAw ■ PORT OF SPAIN, Aug. 29:bh TRINIDAD was today mourning the loss of The Trinidad Chronicle hud' Port^of-Spfim Gazette newspapers, dead after 12U years. Businessmen are hoping some combine or wealthy person would come forward so that Trinidad might have again two daily newspapers instead of leaving the .42-year-old GuardianGUARDIAN said■Aif.ft monopoly.The Chronicle's directors, ■dvertising in the Guardian, expressed thanks and appreciation • to merchants andothers, who gave them “invaluable assistant*” by advertising in the newspaper, and all subscribers who continued k to give directors their support;It la understood that receiver Mr, C. E.. Chltcott of i Ft tr pa trick, Graham and [ Company, chartered account-* ants, appointed by Gordon ; Grant and Co. Ltd., Is offer-] inr for sale all boob-debts,4 estimated at $685,000 (£142, 708); assets include ma* ehinery and reconditioned press with which the CHRONICLE had hoped to expand to nine columns.The Gordon Grant banking business, to merge with Dominion Trust of England next month, holds $500,000* (£104, 367) debentures in the Chronicle Company.The shareholders’ decision to dose makes it the third time the Chronicle has been in the hands of receivers since it was sold to a private company in 3944 by Mr. Andre P. T. Am-bard, whose family controlled . it for many years.Since that time, it is estimated that $2 million (£-416, 667) has been lost by shareholders and creditors of the newspaper and its allied prin^ tery. The .present directors are ' Sir Errol dos Santos,, chairman; Sir Harold Robinson, Mr. George De Nobriga, Mr. Leon TaureL Mr. Charles Bushe, Mr. George Howden and Mr. C. D. lt;Jackson. ^ ifcIn an editorial today, the rthe decision to wind up the CHRONICLE, the oldest newspaper in Trinidad, and probably the second oldest in the region, was not unexpected. It stated that for some time the CHRONICLE had been “passing through deep waters”, and its losses in recent years were reputed to have mn Into millions of dollars. Its disappearance from the scene, however was regrettable.The Guardian said — some think, warned — that newspaper-publishing today is a multi-million. dollar business.The “sad experience” of the Chronicle has been duplicated many times in other countries where the very large capital required to sustain a ffioaern daily and the rising costs of operation have forced a number even of big publishing enterprises to close thefr doors or to merge with others.Few people, the Guardian added, have any idea of the huge sums required for installation of a modern newspaper plant and machinery.clTTC
Newspaper Details
Kingston Gleaner
Kingston, Kingston, JM
Mon, Aug 31, 1959
Page 9
Full Page
Clipped by
Ian R.
USA 06 Mar 2021
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