CHAIRMAN DISAPPEARS

Sun (Auckland), Volume II, Issue 565, 18 January 1929, Page 9

CHAIRMAN DISAPPEARS

LONDON BUSINESS STIR AFFAIRS OF A COMPANY (Australian and N.Z. Press Association) LONDON. Wednesday. A sensation was caused on the London Stock Exchange by the directors of Nersag, Ltd., announcing publicly that the whereabouts of Mr. Brandreth, late chairman, and his wife, who was a director, could not be traced. They had not fulfilled promises they had made to supply information to a meeting on January It. The new chairman. Sir John H. Biles, ship designer, announced that it must be concluded that Mr. and Mrs. Brandreth’s accounts were not reliable. 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 Ilford. His business, his staff and his premises grew into a company with a capital of £IOO,OOO, which was formed in 3 927. The £1 shares once reached £6. Last year the Nersag 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.