We left George Rushton last time (TFH 241, General Ford) after he’d introduced his Fordson-like General at AEC and had decided to produce it under his own name in 1929.
Transaction
On September 13, Rushton Tractors (1929) Ltd was formed to take over the entire undertaking, including patents of Rushton Tractors that had traded since December 15, 1928, under the aegis of AEC who continued to pay George Rushton to the end of the year.
On December 13, 1929, the transaction was completed with the issue of £20,000 shares at £1 each and £100,000 of 7.5% five-year convertible debenture stock.
This, with a paltry £1104 sale of tractors and parts and a few other odds
