£3,500,000 LOSS.

Hawera Star, Volume XLV, 3 February 1926, Page 8

£3,500,000 LOSS.

MANY HANKBUPTOIKS FEARED. According to a circular issued to the creditors of Hie Belgrave Alills Co., Ltd.. Oldham, England, by Mr Wallace Brierley, liquidator, the total losses ot the company are at least A 3,500,000. l'h e managing director was the .late Air William Greenwood, Conservative AI.P. for Stockport, who died suddenly at Warren Street Tube Station, W., on August 12. A month before his death, when it was stated that Mr Greenwood had resigned, h e announced that he had been dismissed by the board. This statement he made, he explained, to remove the possible impression that lie was avoiding his responsibilities. Mr Brierley states that from the balance-sheet" of the company in July last the total adverse balance was £1,850,000. The loss due to the depreciation of investments Air Brierley puts at £1,700,000. The trading loss, he says, has been brought about to a large extent by gambling both ill cotton futures and actual cotton. The circular gives details of a reconstruction scheme with a new company. The uncalled capital of the old company is to be called up forthwith in instalments of £1 per share at intervals of two months. It is feared that many shareholders will be unable to meet the calls and will hie their petitions in bankruptcy.