excerpt from the Unique Cars and Parts Holden Heritage feature...
George Rayner Hoff Designs The Famous Lion And Stone
The famous "Lion and Stone" symbol was designed in 1928 by George Rayner Hoff, and represented the legend of man's invention of the wheel. It was subsequently fitted to all Holden bodies and, although undergoing minor changes over the years, remains to this day. During the 'Great Depression' in 1930, production fell from 34,000 units per year to a mere 1651 and, in 1931, General Motors
were able to buy the entire Holden's Motor Body Builders and merge it with their North American operation to form General Motors - Holdens.
This move was not entirely motivated by taking advantage of the company when it was at an all time low but was mainly occasioned by the Australian government freezing the currency so that money couldn't leave the country during the depression. The money to pay GM in the United States for the previously imported chassis was trapped in Australia and so was used to finance the buy out which in part took the form of swapping the ordinary shares held by 1550 Australian shareholders in Holdens Motor Body Builders for 561,000 6% 1 pound preference shares (ie 6% of the value of their shares each year) in the new company.
This made the paid up capital of the new company 561,000 pounds Australian capital (37% of the total) and 965,800 pound U.S. capital (63% of the total).