BANKRUPT HAS £54,000 TO COVER £356,000, HIS TOTAL DEBTS.

Star (Christchurch), Issue 18940, 10 December 1929, Page 1

BANKRUPT HAS £54,000 TO COVER £356,000, HIS TOTAL DEBTS.

(United Press Assn.—By Electric Telegraph.—Copyright.) (Received December 10, 9.45 a.m.) LONDON, December 9. The Official Receiver reports that the liabilities of Henry Spence Horne are roughly estimated at £356,000 and his assets at £54,000.

Mr Henry Spence Horne, a prominent London financier, filed a petition in bankruptcy, and simultaneously resigned his directorships on November 27. These included British Cement Products, Anglo-Foreign Newspapers, Ltd., the Carmelite Trust, and other companies of the so-called H. S. Horne group, which have been the subject of considerable speculation during recent years It is understood that companies concerned are not seriously affected by Mr Horne’s failure. Mr H. S. Horne, who is only thirty-six, enlisted during the war and was invalided home. He entered a London stockbroker’s office as a clerk, becoming a partner and ultimately head of the firm. He decided in 1920 that there were big possibilities in cement, and he launched the Anglo-At-lantic Corporation. In 1923 he became one of the most discussed men in the city when he bought a beautiful old manor house in Sussex, with 4500 acres. He made it a wonder farm, where he spent his week-ends. His business concerns were amazingly successful a few years ago; even in 1927 and 1928 profits from some of his shares were over 300 per cent. Sir Robert Donald, deputy-chairman of Anglo-Foreign Newpapers, Ltd., told a representative of the “Daily Chronicle” that the company would not suffer any loss. It had separated about a week ago from the other Horne companies and went to new: offices, changing the personnel of its board.