LEVERS’ “MERE” LOSS.

Grey River Argus, 9 December 1926, Page 5

LEVERS’ “MERE” LOSS.

MATTER OF £5,000,000. _ LONDON, Dee. 1. How the late Lord Levcrhulme lost £5,000,000 on a deal owing to circumstances beyond his control was disclosed at the Old Bailey in a criminal libel action against a shareholder,, William Kneale, who attacked Lever s chairman. I The latter’s counsel, in order to do justice to Lord Lcverhulme’s memory, explained that Levers, in January, 1920, during the boom, arranged . o buy ’the Niger Company, but the price was only payable in July. Lord Leverliuline then foresaw a slump m the raw materials of soap, and ordered all the companies to sell. The Niger Company directors refused to let Lord Levcrhulme interfere until the price was paid. The slump camo, and J.OIO Levcrhulme in July was dismayed to find that the Niger Company instead of filing, had accumulated hundreds of thousands of tons of stocks on which the loss by December was wor £5,000,000.