A STOCK EXCHANGE CRISIS.

Auckland Star, Issue 311, 31 December 1900, Page 5

A STOCK EXCHANGE CRISIS.

PANIC IN WEST , [AUSTRALIAN SHARES

SEVERAL FAILURES.

' ' ' LONDON, December SO. lA serious crisis has occurred in the Western Australian-section of tie Exchange. A large number of share?, in the Lake View Consols mine, Western Australia, were delivered yesterday to buyers with requests for pa 3" ment of the differences in bank notes. This action led to a drop in the shares to £10. The delivery surprised those operators for a rise, who thought that sellers were bare oi stock. The stock was dealt with still lower in the street. The cheques of several firms were, returned, me o-roups hovering round the .London, and Globe Finance Corporation, Limited, is virtually collapsing-. .±ne London and Globe Finance Corporation Limited, lia'd .arranged ,to borrow large sums for the purpose of taking Lake View Consols shares, oil the market, but at the last moment could not obtain a loan, and was unable to meet its obligations. The Standard Exploration Co., Ltd., is in a similar position. Lake View, shares to the number of fifty thousand were put on the market yesterday, and were pressed for sale. Prices fell to £7 8/ and recovered £103 7/6: The cheques of seven firms besides those of the Loridon, and Globe Finance Corporation were returned. The wild gamble originated in the endeavour by a section of speculators in Western Australian stocks to corner the party of Whitaker Wright, deputy-chairman of the London, and Globe Finance Corporation, and chairman of the Standard Exploration Co. Last week the London and Globe Finance Corporation passed its dividend. On Saturday fourteen stockbroking firms, comprising twen triune members of the Stock Exchange, were hammered. These include Messrs Haggard, Hale and Pikley, brokers for the London and Globe Finance Corporation; Messrs Blockey, Buckingham, F. A\ Cohen, Cornfoot Bros., Eickards, and Sloper. Business on Exchange 5s practically at a standstill. Further , failures are expected on Monday. Shares in the London and Globe Finance Corporation fell from fourteen shillings to seven and sixpence, but afterwards recovered to nine shillings.

SYDNEY, this day.

The Daily Telegraph commenting on the collapse of the group companies surrounding" thq London Globe says: — "While .still of some importance to Australia it has not the significance it would have had a few years ago. Latterly Westralian and New Zealand holdings were largely parted witi.