A BIG FINANCIAL COLLAPSE IN ENGLAND.

Grey River Argus, 27 June 1922, Page 5

A BIG FINANCIAL COLLAPSE IN ENGLAND.

FAILURE OF COTTON MAGNATE HOPWOOD

[United Service.] (Received June 26, 5.5 p.m.) LONDON, June 25. Known as ‘"the Modern Midas,” or “the Napoleon of Finance,” Sir William Hopwood, the cotton mill magnate, whose deals a few years ago aggregated £30,000,000, now finds a receiving order in bankruptcy made against him at 60 years of age. lie was reported a millionaire, and his failure has created a great sensation in Manchester. Hopwood began life as a cotton piecer. lie was knighted last year. He made his greatest deals after the Armistice. In 1919 he bought up 30 mills. Everything that he touched turned to gold. His church and charitable gifts totalled £50,000. BIG WIRELESS GAMBLE PROJECT EXPOSED (Received J line 26, 11.30 p.m.) MELBOURNE, June 26. Mr Brennan, Member of the Federal House of Representatives, who was appointed last December to the committee to investigate the proposed agreement between the Commonwealth Government and the Amalgamated Wireless Limited for a wireless senyice between Britain and Australia, has submitted his minority report. Mr Brennan states that he opposes the agreement. as there is no authority to justify the belief that such a service could be maintained as an effective instrument of commercial communication. He recommends that the Commonwealth should instead control its own wireless department, pending the result of the trials now being prosecuted in various parts of the world. Mr Brennan adds: “The proposal is a gamble, in which the Commonwealth stands to lose heavily or, in the alternative, will share in remote and doubtful gains with private financiers.