BECAUSE OF CONTINUING HEAVY LOSSES, THE ARGUS IS TO CEASE PUBLICATION. THIS WILL BE THE LAST
The directors of The Argus and Australasian Ltd. have made this decision with very great regret, particularly be- cause of the large number of employees who will be affected.
The directors are acting as
generously as they can towards
the men and women who have served the paper loyally, many for a very long time.
The Argus was founded in 1846, and for a century has been one of Australia's great institutions: a newspaper on which many great personalities in the Australian newspaper craft have been trained.
In the seven years since The Argus came under its present ownership the directors have
spared neither money nor energy in trying to re-establish the paper on a sound business
Continuing rising costs, particularly for paper, have outweighed all the improve- ments the directors have been able to make in revenue.
The current losses of operation are too heavy to be carried any longer with no prospect of improvement.
The decision to close The Argus will not affect any of the Company's other activities. The Australasian Post, Your Garden, the commercial print ing department and the company's radio activities will
After the decision to cease publication of The Argus had been made, the directors gave much thought as to the best way in which these other activities could be carried on, so as to lessen the effects of unemployment in the industry.
The directors decided that this could best be achieved by transferring these activities to another Victorian newspaper
Consequently, an agree- ment has been made with The Herald and Weekly Times Ltd. by which that company will continue to operate all the remaining activities of The Argus and Australasian Ltd.
The Herald and Weekly Times Ltd. will also take over some of the features of The Argus. Some of these will be incorporated in The Sun.
The Herald and Weekly Times Ltd. has agreed to pay
for these interests by the allotment of £350,000 of shares in that company at par to the London companies which have a controlling interest in The Argus and Australasian Ltd. These shares will be in a special class with restricted
The directors of The Argus and Australasian Ltd. express their appreciation of the help and support they have received from all sections of the com- munity.
They are particularly grate- ful for the loyal and efficient work they have had from the staffs, lt is a matter of great regret that the effort was not