FINANCIER FAILS
FORMER COTTON MAGNATE. PETITION IN BANKRUPTCY. , LONDON, August 23. Sir Edward Maekay Edgar, who wa s once a powerful financial magnate, associated with cotton mill amalgamations during the “boom” in Lancashire after the war, and concerned in deals running into millions sterling each, has filed his petition in bankruptcy. Sir Edward’s liabilities ar'e unknown but are not expected to reach £IOO,OOO. He is a Canadian. Sir Edward defeated another financier, the late “Jimmy” White, in a battle over oil shares in 1927, after which Wihite committed suicide. Sir Edward’s comment was: “It was rotten having to fight and smash an old friend, but I did not make the rules of this city game.”
The fight between James White and Sir .Edward Edgar was one of file most dramatic known on the London Stock Exchange. White had made an immense fortune out of the Lancashire cotton boom and went to London to pit himself against the financiers in the metropolis. He speculated in many big ventures. When he found he was beaten lie went home, gave the household sta if an evening out, and committed suicide.
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Hokitika Guardian, 14 September 1931, Page 8
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187FINANCIER FAILS Hokitika Guardian, 14 September 1931, Page 8
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