SUSPENSION OF PAYMENT.

Colonist, Volume LVI, Issue 13489, 8 June 1914, Page 6

SUSPENSION OF PAYMENT.

LONDON FIRM IN DIFFICULTIES

(Received June 8, 0.20 a.m.)

London, June 7

Chaplin, Mile, Grenfild and Company have suspended payment. Mr. Arthur Morton Grenfild lately withdrew from the directorate. He was concerned in the recent Canadian speculation, and was a director of many Canadian companies. The firm's capital is £350,000, and the current deposit account with the company is about one and a half millions. It is understood that tho firm is solvent, but requires time.

A cable message on. May 15th stated that the London Stock Exchange during the week had passed through a critical time, owing to an operator in a huge speculaiive movement affecting Canadian stocks worth five million sterling getting beyond his depth. Six leading firms came to the rescue and Rverted a financial crisis. Subsequently the "Financial Times" stated that the reports of the trouble were exaggerated. Only a million was involved, and it was distributed among some of -the largest finance houses, in-the ■■world.