ANOTHER CRASH

Hokitika Guardian, 20 December 1929, Page 6

ANOTHER CRASH

A LONDON SENSATION. (United Press Association—By Electric Telegraph—Copyright). LONDON, Dee. 19. “Still another City sensation of the first magnitude lias arisen,” says the ‘‘Daily Mail.” “This time it concerns the Inveresk Paper Company. This is the big group of Allied Companies, including the “Daily Chronicle” Investment Corporation, and also the United Newspapers and Provincial Newspapers, which group was built lip by the financier, William Harrison.” The Inveresk shares have slumped heavily recently, while to-day the group’s ordinary shares recovered by 2s (Id to 3s 9d. Once these shares changed hands during this year at 67s 6d per share. The Inveresk Paper Coy. Board announces that although the estimated results have not been realised, the constituent companies’ profits continue to he satisfactory. Nevertheless the present stringent market conditions preclude the raising of any further capital, and it is essential to retain the cash resources i Accordingly the Company are postponing the dividends on the first and second preferences for the half year ending December 31st. and fullest information is being submitted to the sharelioders in the New Year. The Committee of the First Cumulative Prefrence Holders lias issued a circular alleging that the indebtedness of the Inveresk Coy. and of certain of its subsidiary companies to the hankers exceeds two and a-half millions sterling. Alcantime, Air William Harrison has resigned his chairmanship of various hoards. Alr;B. H. Binder, a chartered accountant, becomes the temporary chairman. Air Harrison, who is a solicitor, took newspaperland by surprise a few years ago upon turning his attention to the paper making industry. Thereafter he negotiated a succession of newspaper deals in London, and in the provinces many of these publications earning big profits.