THE COTTON NAPOLEON

Evening Star, Issue 18057, 26 August 1922, Page 10

THE COTTON NAPOLEON

BANKRUPTCY PROCEEDINGS, MILLIONAIRE IN A YEAR. A receiving order in bankruptcy was made at Oldham against Sir William Hopwood, iho “Napoleon of cotton finance.” lb was issued on a creditor’s petition, and caused a sensation in Manchester and the county financial circles, A year ago Sir William was a director of all cotton companies, and chairman of most of them. But within the past twelve months he has resigned from a great many of these directorates. Few men have had a career of more surprising progress than the originator of lire cotton mill buying boom in 1919, and few have given more to charities in so short a time. Born at Shaw, near Oldham, in 1852, William Hopwood started work at the ago of thirteen as a "little piecer” in a cotton mill belonging to tho Shaw Spinning Company. He became in turn “ big piecer ” and ‘minder” and “ overlooker,” and fifteen years ago ho became manager of the newly-erected Trent Mills at Shaw. Later he was given a seat on tho board of directors of tho company, and afterwards became chairman. £50,000 IN CHARITIES. For years past ho has been a. notable figure in Shaw, but it was during the great cotton boom that followed tho war that His name became known almost throughout the world because of his many company flotations and tho large sums he gave to charities. Ho bought laud) for a park and bowling green and other recreation grounds, built institutes for various religious denominations, presented organs, and'augmented local church livings in tho district. Ho also bought an orphan home for tho Urdcr of Buffaloes. It was estimated in 1920 that ho had givcu at least £50,000 in this way, and at that time ho was reputed to bo a millionaire. One after another- in 1919 cotton spinning mills fell into his hands, and their shares Jumped up in market value to such an extent that many fortunes were made. For a time everything that “Billy” Hopwood touched seemed to turn to sudden prosperity. In 1919 ho bought up thirty mills; by the end of 1920 his deals totalled over £30,000,000. WIZARD ” PROMOTER, In iho earlier days of the boom, soon after the armistice, hs was living in a sixroomed house, where he worked on his big scheme in his shirt sleeves. Ho was regarded as a “wizard” in his mill dealings, and it was said of him that ’’ Billy buys cotton mills like, another man buys bottles of beer.” There was no formality in his method of doing big business. He issued no elaborate prospectus. He paid no percentage to underwriters or brokers, and saved thousands of pounds by avoiding the printing and ptstage of millions of prospectuses. These notices were not sent out broadcast, but wore posted only to a few shareholders, who, lie know, would respond, Tho public faith in his •honesty and in his judgment was the keynote of Iris remarkable career. ,Ou one flotation £150,000 was subscribed in twenty-four horn's. Sir William, a typical Lancashire man, is extremely interested in sport, especially cricket, swimming, and pigeon racing. He gave numerous cups for various branches of sport, and two years ago inaugurated the Hopwood Marathon Race. In spite of his rise to great wealth, Sir AVilham seonia always to have remained the shrewd, hardheaded Lancashire worker in hia tastes. Only last autumn ho challenged Mr Robert Barker, ALP., to a homing pigeon raco for £I,OOO a side, between tho birds of the fiowerby Bridge homing societies and these of Roy ton. When he made a tour of Europe over a year ago ho brought from Romo a crucifix given to him by the Pope, to bo set up in St. Joseph’s Roman Catholic Church at Shaw, a building newly erected at his expense, A good story is told of his visit to Monte Carlo. He was informed that ho would be required to wear evenin" 1 dress, whereupon he replied: “If they say n owt to mo as to what I mon do, I’ll buy th’ place and refloat j it.” He was created a knight in 1921 for his I public services.