HIS LAST PLUNGE.

Auckland Star, Volume LVIII, Issue 154, 2 July 1927, Page 9

HIS LAST PLUNGE.

WHITE'S FAILURE, i Gamble To " Comer " British Oil Shares. SCHEME THAT WENT WIDE. (By Cable—Press Association.—Copj-tisM.) LDXpOX; July 1. !

The "Daily Chronicle' states that if Mr. White, the well-known financier, whose death occurred under such tragic rircuinstancps On Thursday. could have found -£750,000 he woufd have retrieved his fortunes by "cornering** the shares of the Britishcontrolled oilfields. He had been devoting himself to the gamble for two years, although he had no official connection with the oilfields. He treated the shares as pawns in a great game wh.ieJL.he. played, in .connection with Standard Oil shares in America. Finally Mr. White came to the conclusion that be had purchased or controlled 600,000 more preference shares than the British-controlled oilfields had issued, thereby placing the "bears'* in a terrible predicament. He planned to demand delivery of all th« shares on Wednesday, but this necessitated first paying for his own shares. As he was still £750,000 short on Tuesday evening the "corner" failed. The death of Mr. White did not "affect the Stock Kxchange as much as was at first feared, and most shares in which he was interested have recovered somewhat. The Chancery Court _has. granted an application made by the Westminster Bank to appoint a receiver for Mr. White's estate, the Westminster Bank also applied for rher appointment of a receiver for the Beechara Trust, which is due. tb complete & cbhtritt for the purchase of the buildings -at Wembley for £300,000. Counsel said that since Mr. White's death there was nobody really in control of the concern, widen was indebted to the bank for upwards jof £450,000. The application wa* adjourned.