REMARKABLE CAREER

New Zealand Herald, Volume LXXI, Issue 21966, 24 November 1934, Page 2 (Supplement)

REMARKABLE CAREER

GREAT FINANCIER DEAD WAN WH# BEAT "JIMMY" WHITE FAMOUS DUEL RECALLED SIR EDWARD EDGAR'S VICTORY / : The remarkable career—which had its height about ten years ago—of a well-known finsncier, was brought to a close early last month by . the death of Sir Edward Mackay Edgar, Bart. Sir Edward, who died at his home, Gerrards fcross, Buckinghamshire, at the age of 58, was one of the chief movers in jthe scheme promoted to oppose " Jimmy " White in his fight for " British Controlled Oil " shares. White, a ruined man, committed suicide in July, 1927. Sir Edward afterwards claimed that he was responsible for White's defeat. Born in Montreal, where he carried on business as a stockbroker, Sir Edward Edgar went to England 27 years ago, and soon became associated with Sperling and Co. Within a year he had become the predominant partner. Rapidly extending his interests in various directions, he was created a baronet in 1920 for public services in relation to both England and Canada. Attracted by'the business opportunities that presented themselves at the end of the war. Sir Edward found no financial transaction too great for consideration. A man of striking personality,- he became exceedingly wealthy, and had it in mind to acquire the great iteel firm of Baldwins for £10,000,000. Litigation with Baldwins Company In 1920'Sperling and Co. , offered to. purchase the shares of Baldwins, Ltd., the iron and steel concern, for £3 a share in cash, the amount involved in the deal being about £10,500,000. The offer was-' accepted by the directors of Baldwins and by the majority of the shareholders. Later, however, Sperlings repudiated the contract. I.iegal action was taken by the company against Sperlings to enforce the purchase agreement, but, subsequently, these proceedings were dropped, and £S<l5 J OOO wis paid to the company to cover damages apd the costs of litigation, This amount came- from funds provided by the Northumberland Shipbuilding Company, which throughout the litigation contended that Sperlings had acted only as their agents. The offer was accepted by the directors of Baldwins for the company, but , shareholders were left to take indivi- | dual legal action if they desired. As a result a test case was started in 1922 by a shareholder, who claimed that'He should be paid the full .amount of £3 per share under the original agreement. Judgment was given against Sperlings. It was Btated in court at the conclusion of the case that the whole of Sir Edward's private fortune- would .be involved, the ,amount running into seven figures.

Duel with ." Jimmy " White Sir Edward also embarked on other huge deals. One df these took the .form, of a syndicate to amalgamate numerous cotton spinning companies in Lancashire. He was at the head of Crosses and Winkworth Consolidated Mills, which had an issued capital pf £4,000,000. In addition, he controlled Crosses and Heatons Associated Mills, with a capital of £1,000,000 and a debenture issue of £1,600,000. Still another enterprise which he was concerned in forming, as already stated, was British Controlled Oilfields. Shipbuilding also attracted Sir Edward's attention, and hiß firm issued £3,000,0Q0 worth, of debenture stock for the great Belfast firm of Workman, Clark and Co. By 1925, however, Sir Edward was beginning to experience many serious setbacks, and in November of that year he resigned his position as a voting trustee of British Controlled Oilfields. . Eighteen months later there was a sensational sequel to a great financial tussle between Sir Edward' and the late " Jimmy " White. For two years the two financiers had battled for mastery in a gamble of huge proportions. They had known one another for. many years, and it was the ambition of James White to win, even if Sir Edward Mackay Edgar was " smashed " in the process. The result was White's defeat and suicide. The Inevitable Crash Sir Edward said it had been a strenuous fight, and he had warned " Jimmy " White as to the consequences, but nothing could be done. "It bad been a two-year fight between Jimmy .White and myself," h.s said. " One of.'Gs had to lose. The one to lose was Jimmy. The gamble was his last desperate effort to ' come back.' Jimmy knew the rules—if you wia you're marvellous; and you'll have friends standing in a queue a mile long. If you lose it means facing the punishment—or death. Jimmy chose death. Well, I don't blame him." A dramatic story was told by Sir Edward of his last meeting with White when the latter must hare known that he had lost his desperate gamble. " [ i went down on my hands and knees,-" he said, " and begged Jimmy not to go on with the fight, but he took no heed of my warnings." Sir Edward said that White finally asked him to bury the hatchet, but it was then too late. " I refused to see him,".' said Sir Edward, " and after that we just waited for the inevitable crash. It came, but it has grieved me to think that we achieved our victory over his dead body." Petition in Bankruptcy

Sir Edward filed his petition in bankruptcy in 1931. His liabilities were stated to be £16,680. His assets estimated at £1250, realised a mere £4OO. Lady Edgar said after Sir Edward's death:-—" A few weeks ago my husband had a nervous breakdown. Last week he scalded his foot on a hotwater bottle in his bed and septicaemia set in. He .was unconscious for two days before he died. In the end hid heart failed." The doctor who attended Sir Edward certified that his death was due to heart failure. There was no inquest. Sir Edward, " Mike " to his friends in the city, in the West End, on th»>

turf, ami at the covert side, had Rpd |iidian blood in his veins. He was » prodigious spender, Thiee towu bouses, a flat in Mount Street, a six-bundred-acre estate at Gerrards Cross,

and the lease of on? of the finest sporting properties in the kingdom—Merton Hall in Norfolk—were at one time simultaneously in his possession. At times Sir Edward was almost grotesquely generous, says the Evening Standard. He would scatter presents of jewellery and of money without the least regard to the value of the services rendered. A friend and colleague, who was in receipt already of a salary of £SOOO a year from the firm, was handed by " Mike " one Christmas a cheque for £2OOO in recognition of a bit of work that had taken just 20 minutes of his time. In the years following immediately after the Great War Sir Edward Edgar's colours of scarlet, white belt, and quartered cap were frequently seen under both codes of racing, but the tragic end of his son—who was killed in a motoring accident—caused Sir Edward to dispose of the whole of his horses in training. It was chiefly due to the great steeplechaser Silvo, that Sir Edward became so well known on the turf Silvo was owned in partnership with Mr. W. H. Midwood, but the horn? usually carried Sir Edward's livery. In 1923 Silvo won seven of the ten races in which he took part, and a* two of these included the Champion Steeplechase and the Grand Sefton, which were run over a part of thn Grand National course, the horse was strongly fancied for the big event held at Aintree in the following year Though shouldering 12 stone 21b. he finished a • respectable third to Master Robert and Fly Mask. In the Grand National of 1925, Silvo had the " crusher " of I'2 stono 71b , and he again proved capable of negotiating this stiff country though he could only finish fifth to Double Chance, Old Ta.v Bridge, Fly Mask and Sprig. Sir Edward also purchased Groomsport, who, as a three-year-old, had won the only six hurdle races in which he had taken part, and had also won two out of threo events as a four-year-old.