LONDON FIRM'S AFFAIRS

Evening Post, Volume CXIX, Issue 34, 9 February 1935, Page 9

LONDON FIRM'S AFFAIRS

DRAMATIC DEVELOPMENT

WINDING-UP PETITION

OnllaiJ Press Association—By Electric tele

jropti—CopjrUht.

LONDON, February 7.

A dramatic development in the pepper market has been a petition for the compulsory winding up of James and Shakespeare, Limited, of which Mr. Garabad Bishirgian is a director. Mr. Bishirgian is regarded as the leader of a syndicate which accumulated a pepper pool though the firm are nominally metal brokers. • ■•..•.•:. Meanwhile the moratorium and discussion between bankers and Mincing Lane brokers continues. James and Shakespeare was converted into a public company at: the end of last year with a capital of £500,000, of which the greater part has been issued. A message published yesterday stated that the crisis in the pepper market had necessitated a five days' moratorium on all sales while Mincing Lane brokers negotiated with banks- to finance 6500 tons of pepper coming to London necessitating £2,000,000 to be found before the weekend. Banks were disinclined to assist firms which had weakened themselves by speculation, but were willing to help sound firms who had not overtraded. The "Daily Herald" said that efforts were being made to form a cartel to take over altogether about 25,000 tons of pepper which was either in London or due within a few days. ;'.