Writ Against Peer

Manawatu Times, Volume LIV, Issue 6625, 11 August 1931, Page 3

Writ Against Peer

LORD WAKING’S DEBT OF £IOB,OOO TO FIRM

LONDON; July 29. A dramatic scene occurred at a meeting of shareholders of Waring and Giilows, Ltd., tho well-known furnishing firm, when the chairman announced, amid moans and hisses, that the major item among the bad debts was an amount due from the ex-chairman, Lord Waring, which the directors declared to be £IOB,OOO, but which was subject to a counter-claim. Shareholders demanded to know what action would be taken, and Viscount Brentford, who investigated the affairs of the company, said that a writ had been issued against Lord. Waring. Lord Waring, after declaring that the shareholders would be paid every fraction in which he was indebted, said: “I was responsible for our success when we made £1,500,000 in seven years, and increased our trade to £7,000,000 in four years. I was equally responsible for any failure, but I believe that if tho -business is properly handled there is a prosperous future ahead.”