BIG FIRM'S FAILURE.
TOTAL DEBTS OF £1,500,000. INDIAN BANK HARD HIT. T-ONTJON, November 12. Liabilities amounting to £1,500,000 were proved at a meeting of creditors in the estate of Boulton Bros., merchants, bankers, and insurers, of Old Broad Street, London. In the middle of 1921 the firm had a surplus of £500,000. It then suffered losses through Russian bonds and currency depreciation as a result of the revolution. The firm also suffered losses on Indian exchange. The principal creditor was tlie Alliance Bank of .Simla for £964,000. That concern had agreed to take over the banking side of the Boulton Bros. , affairs, the latter to form a new company for the purpose of repaying the shareholders. This plan broke down, however, owing to the Alliance Bank's failure in April, 1923. The statement of Boulton Bros.' assets totalled £30,000. The Official Receiver announced that the losses had lonj; since 'been discounted. Bankrupts admitted that they had begun business in 1907 with a capital of £3000. (A. and X.Z. Cable.)
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Auckland Star, Volume LV, Issue 270, 13 November 1924, Page 5
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168BIG FIRM'S FAILURE. Auckland Star, Volume LV, Issue 270, 13 November 1924, Page 5
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