HATRY FINANCIAL SMASH

Taranaki Daily News, 28 September 1929, Page 9

HATRY FINANCIAL SMASH

SETTLEMENT ON EXCHANGE NO DANGER OF DEFAULTING RESPONSIBILITY OF BANKS By Telegraph—Press Assn. —Copyright. Australian Press Association. London, Sept. 26. The Stock Exchange settlement fol» lowing the Hatry smash passed off without incident. Fears that there might be some defaulters were happily ' not realised, thanks to the committee’s action in deferring settlement in the Hatry group for a month. It is generally hoped that before October 24 arrangements will have been made which will obviate-any defaults. • As a sequel to the collapse Mr. G. I. Russell is petitioning for the compulsory liquidation of the Porchester Trust, The Stock Exchange declared defaulters the firm of W. Russell and Company. One of the directors was Mr. George Ireland Russell. Hatry is alleged to have obtained from Mr. Russell, acting on behalf of Porchester Trust Ltd., £209,141 on the deposit of certain securities which were purported to be £150,000 Wakefield Corporation 4} per cent, stock, but „were absolutely fictitious and worthless. SOME PLAIN SPEAKING. ONUS PLACED ON BANKERS. Received Sept. 27, 7 p.m. London, Sept. 26. Tlie Daily Telegrapli learns that plain speaking was heard at the meeting of bankers, at which it is understood the governor of the Bank of England laid the onus of the Hatry trouble upon banking and money circles, and intimated that the financial authorities would need to realise their responsibilities. He reminded the bankers of the well-known views held by many members of the Labour Government regarding the nationalisation of the banks.