FINANCIER'S FAILURE.

New Zealand Herald, Volume LXVI, Issue 20425, 29 November 1929, Page 13

FINANCIER'S FAILURE.

PETITION IN BANKRUPTCY

DIRECTORSHIPS RESIGNED.

(Received November 28, 6.5 p.m.) LONDON. Nov. 27. Henry Spence Home, a prominent London financier, has filed a petition in bankruptcy and at the samo time resigned his directorships. The latter include British Cement Products, Anglo-Foreign Newspapers, Limited, the Carmelite Trust and others known as the H. S. Horno group. These companies have been the subject of considerable speculation in recent years. It is understood that they are not seriously affected by Home's failure. Bankrupt is only 36 years old. He fought in the Great War and was invalided home. Then he entered a stockbroker's office in London as a clerk, became a partner in the firm and ultimately its head. He decided in 1920 that there were big possibilities in cement and he launched the Anglo-Atlantic Corporation.

In 1923 Home became one of the most discussed men in the city. He bought a beautiful old manor houso in Sussex with 4500 acres of land—a wonder farm —where he spent his week-ends. His concerns were amazingly successful. A few years ago—even in 1927-B—the profits on some of the shares were more than 300 per cent.

Sir Robert Donald, deputy chairman of Anglo-Foreign Newspapers, informed a representative of the Daily Chronicle that his company would not suffer loss. It was separated about a week ago from the other Home, companies, went into new offices and changed the personnel of the board.