LOST £5,000,000.
WHEN THE SLUMP -CAME. ADVICE TO SELL DISREGARDED. LONDON, Nov. 29. How the late Lord Leverhulme 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 had 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 Leverhulme then foresaw a slump in th raw materials for making soap and ordered all his companies to sell. The directors of the Niger Company, however, refused to let Lord Leverhulme interfere until the price had been paid. Then the slump came and Lord Leverhulme 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
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/MS19261208.2.143
Bibliographic details
Ngā taipitopito pukapuka
Manawatu Standard, Volume XLVII, Issue 9, 8 December 1926, Page 12
Word count
Tapeke kupu
172LOST £5,000,000. Manawatu Standard, Volume XLVII, Issue 9, 8 December 1926, Page 12
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Manawatu Standard. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). 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