HUGE LOSSES.
LONDON FIRM’S FAILURE. BY CABLE—PRESS ASSOCIATION—COPYRIGHT. LONDON, Nov, 11. Debts amounting to £1,500,000 were proved at a meeting of creditors of Boulton Bros., mercliant bankers and insurers, of Old Broad Street. In the middle of 1921 the firm had a surplus of £500,000. Then they suffered losses through Russian bonds and currency depreciation as a result of the revolution, and through losses on Indian exchange. The principal creditor was the Alliance Bank of Simla (£964,000), which had agreed to take over the banking side of Boultons’ affairs, the latter to form a company for the purpose of repaying the shareholders, but the plan broke down owing to the. Alliance Bank’s failure in April, 1923.> A statement of the firm’s assets showed a total of £30.000. The Official Receiver announced that the losses had long since been discounted. Boultpns admitted that they began business in 1907 with a capital of £3OOO.
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Hawera Star, Volume XLVIII, 13 November 1924, Page 5
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152HUGE LOSSES. Hawera Star, Volume XLVIII, 13 November 1924, Page 5
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