THE ROAD TO RUIN

Evening Post, Volume CI, Issue 19, 22 January 1921, Page 5

THE ROAD TO RUIN

A PICTURESQUE EXAMPLE

SPECULATION—BANKRUPTCY.

lINITBB FKEGS ASSOCIAMfIN.—COMRianT.) (AUSTRALIAN - NEW ZEALAND CABLE ASSOCIATION.)

(Received January 22, 11. a.m.)

- LONDON, 21st January. The trial of Carl Hanau in the Bankruptcy Court revealed an extraordinary career. The , bankrupt save evidence that between 1876 and 1887 he amassed £40,000 in a general merchandise business in South "Africa. He then started company promoting, and retired in 1896 with £750,000. He came to London and speculated on the Stock Exchange, with the result that he was caught: in the American railway slump in 1600, and was left with unmarketable shaTes valued at £100,000. Returning to South Afiic^, he became a salaried partner of Barnato .Brothers, and after three years received £250,000 in* cash, ' and 20,000 shares in the Coronation Syndicate. Unfortunately he was persuaded to return to London, became mixed up in litigation, and made big losses in gambling and on the Stock Exchange, aggregating £280,000. He now owes £70,500, and his assets are valued at £11,270.