MISSING CHAIRMAN.

New Zealand Herald, Volume LXVI, Issue 20162, 24 January 1929, Page 11

MISSING CHAIRMAN.

PETITION IN BANKRUPTCY

COMPANY TAKES ACTION

Australian and N.Z. Press Association. LONDON. Jan. 22

The firm of Xersag, Limited, has presented a petition in bankruptcy against C. A. Brandreth_. its missing chairman of directors.

A cablegram from London on January 16 said: —A sensation was caused on tho Loudon Stock Exchange by the directors of Nersag, Limited, announcing publicly that the whereabouts of Mr. Brandreth, late chairman, and his wife, who was a director, could not bo traced. They had not fulfilled promises they had made to supply information to a meeting on January 11. The new chairman, Sir John 11. Biles, ship designer, announced that it must be concluded that Mr. and Mrs. Brandrelh's accounts were not rfliable. Therefore, it was not proposed to pay a final dividend or to distribute a bonus on the shares. Mr. Brandreth has had a remarkable career. He began by making supports for mattresses on a very small scale. He had a. tiny home at Ufovd. His business, his staff and his premises grew into a company with a capital of £IOO,OOO. w Inch was formed in 1927. Tho £1 shares once reached £6. Last year the Xersag Overseas Company was formed with a capital of £250,000 in £1 shares. These reached 30s 9d. Consequent upon to-day's announcement the shares in the parent company dropped from 43s 9d to 30s.