PRODUCE FIRM'S LOSSES

Evening Post, Issue 26, 31 January 1935, Page 13

PRODUCE FIRM'S LOSSES

MANAGER'S SUICIDE

REPERCUSSIONS LIKELY

! LONDON, January 30. Reports from Bombay of the fatal fall from a window of, Mr. H. C. Whitehouse, general manager for India of the Strauss Company) Ltd., produce brokers, coincide with the opening of proceedings in the-Bankruptcy Court in London in connection with the affairs of the firm, whose capital is £500,000. ■ ; ■•■ ' , ■■:' ■;■ "At the inquest at Bombay on tho body of 'Mr., Whitehouse, the Coroner returned a; verdict of suicide while temporarily insane-. ■: • !. A "Daily Telegraph" cable says that the firm's losses in India are reported to be about £1,000,000, and those in London about £800,000. ■:■ Solicitors for the Chartered Bank of India, Australia^, and China; applied-for the ap^ pointment of a receiver. •'

A grain expert on the Baltic Exchange says that business has been practically brought to a standstill for three days while dealers aro endeavouring to ascertain the extent to which they are affected. The "Financial Times" says that a sum of over £1,000,000 is stated to be involved as the result of heavy short sales of ground nuts; castor seed, and linseed, the prices of which have sharply advanced. The largest shareholder is a member of the House of Commons, Mr. E. A. Strauss, with 215,000, shares. Several banks at Calcutta, Lahore, and Karachi are believed to be heavily involved,

The "Financial .Times" understands that an order has been mado for a provisional receiver for the company, anil that a member of a well-known firm of chartered accountants has been appointed.