WEALTH VANISHES.

New Zealand Herald, Volume LXI, Issue 18664, 21 March 1924, Page 11

WEALTH VANISHES.

HOWARD MOULDER'S LOSSES.

UNFORTUNATE INVESTMENTS

LONDON BUSINESS SENSATION.

Mr. Howard Houlder, sen., the millionaire shipowner and shipbroker, has filed his own petition in bankruptcy, says a London paper. He has resigned his position as chairman of directors of Howard Houlder and Partners, Limited. He is to be succeeded as chairman by the other senior partner, Mr. A. W. Davidson. This unexpected failure has caused a sensation in the city. It is the outcome of a series of reverses in industrial ventures extending over the past four years.

" I should like it to be made perfectly jlear," said Mr. Houlder, "that ray unfortunate position has nothing to do with my firm or with shipping. ' My petition was filed as a voluntary act to safeguard the interests of others." Mr. Howard Houlder, jun., said: "Two years ago my father did not know the extent of his wealth. To-day the odd sixpence in his pocket he cannot, call his own. His magnificent home at Croydon is to be sold. "My father's financial downfall is the direct consequence of his endeavour to do his bit in providing employment in this country. That and politics! At the end of the war the politicians appealed to men with capital to invest their money for the good of the country. My father was one of the few men who answered the appeal. "He ventured his resources on undertakings entirelv unconnected with shipping or with the firm of Howard Houlder and Partners, Ltd. He chiefly went into industrial ventures, with a view to assisting post-war reconstruction, and the misfortunes of some of the firms with which he became connected have resulted in his bankruptcy." According to the " Directory of Directors," Mr. Howard Houlder. D.L., J.P., is on the board of the following oempanies:— Mercantile and Shipping Exchange, Empire Steamship Assurance Association, London Steamship Owners' Mutual Insurance Association, and Reliance Fuel Company. In 1920 he was also chairman of directors of the Kent Portland Cement Company. He is 65 years of age, and in addition to his business activities has taken a prominent part in public life. He was Mayor of Croydon from 1916 to 1919, and contested the South Division of CVovdon as a Liberal in 1919. His magnificent mansion, Heathfield, lying in a spacious private, park, is one of the best-known houses; in outer London.

The Archbishop of Canterbury has written to Mr. Houlder expressing n;s sympathy.