MORE BRIBERY.

Otago Witness, Issue 2325, 22 September 1898, Page 44

MORE BRIBERY.

The French Dunlop Company was brought out for £550,000, and the purchase-money was £364,000, leaving a gross profit of £186,000. Bankrupt introduced two directors — Lord De la Warr, to whom he paid £11,300, and Lord Albemarle, to whom he paid nothing. Mr Purchase and Mr Ashwell, the solicitors, had each a fee of £5000 over and above expenses ; the French solicitor received £1000 ; the general manager a special fee of £1000. Other expenses and fees amounted to over £40,000. Mr Broadley received £1250 for advertising and for "press booms" ; Mr E. Beall, £1000 ; T. Harrison Davis, for "squaring the little papers," £4000. Bankrupt shared some of the profits previous to allotment with several people, but there were no final profits, and these people brousrht actions against the bankrupt. He had to arrange with them, and m the end, though he held a number of unrealisable shares, he was out of pocket to the extent of £149,954. He paid 10,000 shares of this company to Mr Singer, for going on the board of the Singer Company, and another 10,000 to Mr A. R. Martin for going on the board of the Humber Company. Mr Rucker and Mr Dv Cros were standing in with bankrupt in. this French* Dunlop Company. When an action occurred in France over the patents question, Rucker, supposing the action would prove a failure, said he would take £35,000 worth of shares for his interest, that arrangement to be also regarded as payment for a place that he held, called Sefton Lodge, and 80 acres, of land. The lodge and land tlras passed into bankrupt's possession, and he sold the land to Sir Blundell Maple for £35,000. On the very clay after bankrupt closed with Rucker, the French action proved a success, instead of a failure, to those who bought it, and the shares dropped from £1 to ss. Bankrupt did very well out of the Sefton Lodge "deal." Dv Cros and others got some profits out of the French Dunlop, but bankrupt himself cleared nothing. COOKESK* A PROSPECTUS. Mr Hooley next proceeded to describe his transactions in the Cycle fylanufacturers' Tube Company. This company had no existence when he promoted it, but he put up a factory and machinery for £115,0,00, and gold them to the company fov £215,000, legs £22,000 for some alleged bicach af contract. His profits were £87,000. Bankrupt was responsible for the prospectus, and he obtained directors. He paid the Earl of Winchilsea, the chairman, £10,000, -Sir E. Sullivan £2006, and Mr T. A. Bayliss, Mr G. H. Cariland, AJx J. Hinks, and Mi' W. -F. Wyley £1000 each. The London ai.d Midland Bank charged a bonus of £2000 for lending £40,000 for a week, the solicitors had a fee of £1000 in addition to their bill; Mr Broadley received £1700 for |hg " Kcepa boom/ b.ut ia this, ct&ei there wja&

no press "calls" or options. Mr Jennings, the Financial News leader writer, was paid £500, but he was not like the other people, who fetched their money before the company oa'ne out, and who stipulated for what they wanted. Bankrupt paid £48,000 to cycle manufacturers for orders for tubing. To every firm who ordered 500 ft or 1000 ft he gave £500 or £1000. He put the amount of orders in the prospectus, and disclosed these bonuses in that document, but all the people who took the £48,000 afterwards made some excuse, and cancelled their orders. He received from various persons £80,000 before the company was floated for shares of profits, and when the profits were realised he disbursed among those persons £118,500.