MARCONI AFFAIRS

Evening Post, Volume CXIII, Issue 54, 5 March 1927, Page 10

MARCONI AFFAIRS

INVESTIGATOR'S REPORT

(Received sth March, 2 p.m.) > LONDON, 4th March. "■ A committee representing the Eng» lish shareholders in the Marconi Com« pauy has issued a Press report, based? on the investigation of the company-'s affairs by Sir Gilbert Garnsey. The' committee states that Sir Gilbert Garnsey's report reveals' a lamentable re--cord of financial incompetence and repeated failure, and the improvident risk of shareholders' money. Largp sums were lost in foreign bank shares', timber forests, State quarry, tinplatea and carbon syndicates, all outside tha company's general objects. The prospectus of the new issue for 1925 is j n . accurate and misleading. A fourth writing-down of the capital is now recommended, making a total writing, down of £0,231,000. .Nevertheless, tba directors in seven years have drawa half a million remuneration. ■'.;■

_ The committee demands the resignation of all the directors, except Signor Marconi, Colonel. Simpson, and Sir William Slingo, and proposes to invite LoriL St. David's to the chairmanship.