HATRY DISASTER

Manawatu Standard, Volume XLIX, Issue 254, 25 September 1929, Page 2

HATRY DISASTER

SMALLER THAN EXPECTED. EXPERT’S STATEMENT. (United Press Association—By Electric Telegraph.—Copyright.) Received September 24, 2.5 p.m. LONDON, Sept. 23. The Daily Express features the announcement of a financial expert, to the effect that the Hatry crash will prove smaller than was expected. The Hatry deficit will be approximately £6,000,000. The total sum involved is in the neighbourhood of £ls 000,000. The assets are estimated at £9,000,000. The Daily Express states that the excited prophesies of an unprecedented disaster will not be borne out by the faots.

COMPANY’S AFFAIRS. PRELIMINARY REPORT. (Australian Press Association United Service.) Received September 24, 1.15 p.m. LONDON, Sept. 23. , Sir Archibald Weigall, chairman, and other directors of the Associated Automatic Machine Company, have issued a statement announcing the receipt of a preliminary report from the accountants appointed to investigate the company’s position. It is admitted that recent events have seriously affected the company, but the remaining assets are sufficient to cover the preference capital. The directors are of the opinion that there is nothing to prevent a continuance of trading, but further investigations are necessary and these will require considerable time.

“Out of 28 borough councils in London fifteen have done nothing to build new houses or launch slum schemes for the la6t seven years,” said the Bishop of London recently.