PAYMENT SUSPENDED.

Sun (Christchurch), Volume I, Issue 107, 11 June 1914, Page 7

PAYMENT SUSPENDED.

CANADIAN AGENCY SMASH. HUGE SUMS INVOLVED. By Gable. — Pnss Association. — Copyright. * „v {Received June 11, 5.20 a.m.) . LONDON, June 10. . f| The balance-sheet of the Canadian '^ Agency* Ltd., issued in June of 1913, ,- ( <J shows - the concern borrowed - _*• £2,250,000, and had received'£,soo,ooo in 1- ,\ deposits, and had. a liability of £BOO,OOO of instalments" on purchase " i moneys^ , : • A receiver has been appointed for the ;*■ Southern Alberta Land Company, -; which is associated with the Canadian Agency, and the Chaplin .Company. ' t v33 [The Canadian Agency, Limited, with 's a capital of £500,000, suspended payment. Mr Arthur Grenfell dominated y the company which acted for the issuing of the stock, and as the financial house for a large group of Canadian securities. The Grenfell Company sus- -; pended paynieiit a few dayg ago. - A cable message on Monday stated: — Arthur Morton Grenfell lately wi£F * drew from the directorate, as he was i concerned in Canadian May Mr Arthur Grenfell, aB .a director of many Canadian companies, was stated to be forming a capital of £350,000. His current deposit account with the company is about 1£ millions. ( It is understood that he is solvent, but requires time, On May 15 last a cablegram from London stated that the Stock Exchange, during the past week, had passed through a critical time, owing to an operator in a hugo speculative movement affecting live millions sterling in Canadian s_tooks, getting beyond his depth. Six leading firms came to the rescue, and averted a financial crisis.]