HATRY CRASH ECHO

Hawera Star, Volume XLIX, 20 January 1930, Page 9

HATRY CRASH ECHO

RECOUPMENT FOR INVESTORS MILLION STERLING POOL STOCK EXCHANGE ANNOUNCE- ! MENT. (United Press Association —By Electric Telegraph Copyright.) Received 2.50 -p.m. to-day. LONDON, Tan. 18. A Stock Exchange (announcement of the formation of a £1,000,000 -pool, from which the holders' of worthless Ha,try securities may largely he, recouped. has been received with acclamation by the public, who see in this p. op,o sail only the brokers’ magnanimcas action in shouldering the responsibi’.ity, which .is regarded as being technically theirs. The brokers themselves are, however, not SO 1 enthusiastic. many vigorously protesting that the banks ‘should! be able to contribute thereto, since it was 'largely bankers’ folly” which enabled the crash to reach such proportions. Whether or not such, judgment is I’vstified it is certain the hanks’ pres-, l/i'n© is affected' bv the fact that several most ill-advised advances were made to the Ha,try Group without adequate investigation. The present temper of the city is l markedly against the-banks. The question of the banks’ ahtitudle wards" industry is 'likely toijoom large in the neai* future. 'Even The Economist,” which is usually amost cautious publication, roundly declares that the British hanks have something to answer, for. They do not have highly organised industrial, departments comparative with tliose of European banks and one of the tasks that mqdt he faced if the city is to fake- an active interest in industry is to find the liecessairy x>ei-sonnel for developing the necessary teclmique.