UNREALISED HOPES

Evening Post, Volume CVIII, Issue 149, 20 December 1929, Page 11

UNREALISED HOPES

FINANCIER'S BIG DEALS

ANOTHER CITY "SENSATION"

LONDON, 19th December. Still another city sensation of the first magnitude hag arisen, says the "Daily Mail." This time it concerns the Inveresk Paper Company, a big group of allied companies, including the "Daily Chronicle" Investment Corporation, also \ the United Newspapers and Provincial Newspapers, which were built up by the financier, William Harrison, of Inveresk. The shares slumped heavily recently, while to-day ordinaries recovered half a crown to 13s 9d. Shares once changed hands during the year at 67s 6d. ■ The Inveresk board announces that although the estimated results have not been realised, the constituent companies' profits continue to be satisfactory. Nevertheless, stringent market conditions preclude the raising of further capital, and it is essential to retain the cash resources. Accordingly the board is postponing dividends for the first and second preferences for the half-year ending 31st December, and the fullest information will be submitted to shareholders in the" NewTear. The committee of the first cumulative preference holders has issued a circular alleging that the indebtedness of the Inveresk Company and certain subsidiaries to bankers exceeds two millions and a half. In the meantime Mr. William Harrison has resigned the chairmanship of various boards, and Mr. B. H. Binder, chartered accountant, becomes temporary chairman. Mr. Harrison, who is a solicitor, took newspaperland by surprise a few years ago by turning his attention to the paper-making industry. He afterwards negotiated a succession of newspaper deals in London and the provinces, many of these publications earning big profits.