ANOTHER BIG FRAUD

Daily Telegraph (Napier), Volume 58, Issue 274, 20 December 1929, Page 7

ANOTHER BIG FRAUD

United Press Assn.

SENSATION IN LONDON. Paper Combine Involved.

bleetrif Gable Gopyrlcbi

LONDON, Dec. 19. j Still anothei' City scn.sation of tlie lirst magnitude has 'arisen, says the Daily Mad. This time it concerns tlie Inveresk Paper Companv, a big group of allied eompanie.s, ineluding the Daily ChronicJc Livestment Corporation, alsp United Newspapers and Provincial Newspapers, wliich were built up hy the linancier Mr Wdliam Harrison. Ijiveiesk shares slumpcd lieavily recently. While to-day ordinarles recovcred hy 2s 6d to 13s 9d, they once clianged hands during tiie year at 67s 6d. The Inveresk board announccs that aJtliough the cstiinatod resutfs were not realised, tlie constituent eompanie.s' profits eoutiuue to be satisiactory. Nevertheless, stringent jnarket conditions preclude. tlie raisnig ot further eapital and it is cssentiai fo- ratahi eash resourcc.s. Aceorclingly thev are postponing dividcnds on lirst and second preforences ior tlm hall-year ending Decemlicr 31, and the' lullest mformation is being suhmitted to shareliolders in tlie New lear." A committed of lirst eumulatiye preference bnlders has issued a circulai •allcging tliat the iudebiodnoss of inveresk and cei-tam subsidiaries to liankers exceeds £2,51)0,009. Meantinie N1 r YVillnim Harrison has resigned tlie cliaii inanship of Ihe various boavds. Mr B. H. Binder, cliartered accountant, becomes temporarv chairmaiu Yrr Harrison, who is a solic.itor, took tlie newspaper land bv surprise a few vears ago, iurning his attention to tlie paper making industry. Thereafter lic ncgotiated a succession of imwspaper deals m London and tbc prnviuces. Many of Ibcse publicr.lions are carning big profits.