Financial Sensation

Hawke's Bay Tribune, Volume XIII, Issue 229, 12 September 1923, Page 5

Financial Sensation

Company’s Difficulties HIT BY THE SLUMP. A ROMANCE OF HIGH FINANCE. (By Cable. —Pres* Aaaociatiun.—Copyright.] (Received 12, 9.3 U a.in.; x/oxiuon, ttept. 11. The latest City sensation is tlie cunvocation oi a meeting or snaicnoluers in inc Commercial Corporation oi Lonuon with an issued capital oi x£,2uO,UUU, to consider voluntary iiqiuuation owing to the iact that one of the shareholders is pciiilulling lor compulsory winding iq». J iiv assets consist principally «.f holfings in inuusirial companies winch are seriously affected oy me trade slump, and llicir depreciation in value is reliected by the iact that the Corporation's £i shares are quoted at oiny a lew pence, though the directors consider that if the assets arc nursed oy lorming a holding company they wui eventually appreciate.

The “Uuiiy Chronicle” states that behind the Commercial Corporation is a romantic ligure, a director named Clarence Hairy, a young hmmcier who had a rapid rise. His nuge deals long uazzled ihe City. He is aged 34 ami commenced business at 23 as au insurance broker. Later be became a financier on a large scale.

One of his first efforts was to reorganise the City, Equitable Eire Insurance Company. His greatest vculure, however, was the acquisition oi‘ the Commercial Bank of London, whose business suft'ored from the effects of the war. Hatry and his friends acquired the bulk of shares.

Wince then he has negotiated numerous deals involving milliins. In 1920 he purchased the world’s biggest jute factory, owned by Cox Brothers, oi Dundee, following it by the purchase oi five other jute businesses involving a total of eight and half millions. For a while everything Hatry touched prospered. Then the trade depression followed.—(Reuter).