HOOLEY'S BANKRUPTCY. SOME REVELATIONS.

Otago Witness, Issue 2318, 4 August 1898, Page 17

HOOLEY'S BANKRUPTCY. SOME REVELATIONS.

London, July 28,

Mr E. T. Hooley, the bankrupt millionaire, under examination, deposed that his paitner, Rucker, received £478,234 between September, 1895, and December 1896, though he put only £300 cosh into the business. The gross profit on the Dunlop tyre deal was £1,700,000. His (Hooley's) share was £200,000. It cost £100,000 to obtain the names on the front of the prospectus. Lord De la Warr received £50,000, handing Lord Albemarle £12,000. The Duke of Somerset received nothing. A list of newspapers as long as his arm received money for press booms. He mentioned the names of the Pall Mall Gazette and Financial Post, and said he had mislaid the list of papeis. He paid the Financial Post £1500 for the privilege of himself writing one article. He paid, broadly, £10,000 for managing the press. He admitted a heavy payment for remarks in connection with share transactions. He denied that he designed the financial news of the friendly prc&s. The calls for shares cost the company £63,000. Lord De la Warr recch cdSjJ3ll,3OO for joining Hie French Dunlop Pneumatic Company and persuading Lord Albemarle to join. The Eail of Winohilsea was paid £10,000 for becoming chairman of the cycle manufackirers' tube. Many thousands were paid to Lords Deerhurst, De la WaiT, and others, including Lords Ashburton, Warwick, Norbury, and other titled personages figuring in the prospectus of Singer's Company. George Singer obtained £10,000 for acting as director. Mr. Lawson Johnson received £50,000 for selling Bovrii and becoming a director. Mr Hooley's statement has caused a sensation.

July 29,

As an outcome of the Hooley disclosures, the Duke of Somerset has resigned from the directorate of the Dunlop Tyre Company. He states that he was ignorant of his codirectors having accepted money in connection with the flotation.

Lord Albemarle denies being paid to join the directorate. He admitted having accepted Hoolev's cheque for £9000 as the result of a share sale. Mr Singer also denies payment. While the late editor of the Financial Post denies that Hooley contributed articles. Most of Hooley's statements have been denied.