POVERTY TO RICHES.

Star (Christchurch), Volume LXVI, Issue 20403, 6 September 1934, Page 1

POVERTY TO RICHES.

1 Death of Mr Sidney Myer Announced. £30,000 GIFT TO UNIVERSITY. United Press Assn.—By Electrl® Telegraph—Copyright. (Received September 6, 8 a m.) MELBOURNE, 5. The death has occurred suddenly of Mr Sidney B. Mver, governing director of the Mver Emporium, Ltd., aged 58. Mr Myer, who was a Russian Jew, arrived in Melbourne 30 years ago a poor man, and died one of the wealthiest and most successful business men in Australia. His business, the capital of which was £3,000,000, employs 5000 persons and occupies a large space in the centre of the city. The late Mr Myer, who in 1926 y>resented to the University of Melbourne 25,000 £1 shares in his firm, worth at that time £50,000, with the advice to “ hang on to them.” as they should provide a steady source of income, started business in 1897 with a microscopic capital which he used to stock a small drapery shop. From this small beginning he built up the second largest department store in the British Empire, covering 17i acres of shop space. In conjunction with this vast store there are factories, woollen mills and shipping. Myer employed about 5000 people, and the number is always increasing. He spent much time in London and Paris visiting the various stores incognito and noting their methods. Every new phase in fashions was cabled or sent by beam wireless to Australia. It is a curious fact that the Commonwealth in its styles is actuallv ahead of Europe. Myer Vs *tore is able to sell English fashions in Melbourne at least four months before they are on sale in London. This is due to the difference in the seasons. The Australian spring begins in November, just when the European dressmakers and fashion designers *are evolving the spring styles for the following year. These are ?ent to Australia before they reach the London shops. Another remarkable thing is that Melbourne, with about 1.000,000 people, can support a store almost as big as Selfridge’s, but that is due to the fact that the buying power of the Australian people is the largest in the world—at least twice that of the people in England. hen he made his magnificent gift to the University, Mr Mver attached to it no conditions, but he asked the authorities not to sell the shares until their value reaches at least £IOO,OOO.