LOST MILLIONS
WHEN THE SLUMP CAME. London, Dec. 4. ITo wthe late Lord Leverliulme lost £5,000,000 on a deal, owing to circumstances beyond his control, was disclosed at the Old Bailey to-day during the hearing of a criminal libel action against a shareholder, William Kneale, who bad attacked the chairman of Lever Brothers, Ltd. The latter’s counsel, in order to do justice to Lord Leverhulme's memory, explained that Lever’s, in January, 1920. during a boom, arranged to buy the Niger Company, Ltd., but the price was only- payable in July. Lord Leverliulme then foresaw n slump in the raw materials for making soap, and ordered all his companies to sell. The directors of the Niger Company, however, refused to let Lord Levcrhulme interfere until the price hud been paid. Then the slump came and Lord Leverhulmc in July was dismayed to find that the Niger Company, instead of selling. had accumulated hundreds of thousands of tons of stocks, on which the loss in December amounted to over £5,000,. 000.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/TDN19261213.2.9
Bibliographic details
Taranaki Daily News, 13 December 1926, Page 2
Word Count
169LOST MILLIONS Taranaki Daily News, 13 December 1926, Page 2
Using This Item
Stuff Ltd is the copyright owner for the Taranaki Daily News. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in