BANK’S DRIVE

Hokitika Guardian, 9 February 1935, Page 5

BANK’S DRIVE

ON COMMODITY SPECULATION.

(United Press Association— By Electric

Telegraph—Copyright)

LONDON. February 8

There is a dramatic development in the pepper market, namely a petition for the compulsory winding up of James and Shakespeare, Ltd., of which Garahad Bishirginn is director. Bishirgian is regarded as the leader of a syndicate which accumulated a pepper pool, though the firm are nominally metal brokers. . Aleanwhile, the moratorium a,ml the discussion with the banks and the Mincing Lane brokers continue.

1 The ‘•Daily Herald” says ; “The heads oi the Pig five Banks, at tbe request of Mr Montague Norman and of the Treasury have agreed to launch a big drive against commodity speculation. Air Norman and the Treasury, have agreed that a wave of gambling in iioin modi ties threatens the Government's whole cheap money policy.”

The “Daily Herald’’ als 0 states: — “The banks have refused to aid the pepper gamblers, who will be allowed to crash, and to-day the brokers ancl Stock Exchange commodity dealers will be informed that tin* banks propose to call in all loans, unless it can b ( . shown that the money advanced is being employed strictly for non-specula the business.”

James and Shakespeare was converted into a public company at the end of last year, with a capital of £500,000, whereof the greater part was issued.