Inquiry into 28 million bank crash.: An urgent investigation into the collapse of the 28million Davies Investments banking empire was announced last night in the Commons. Mr. Douglas Jay, President of the Board of Trade, said, "When we have as certained the facts we will use such powers as we haveand which seem to be necessary." Across London, Mr. Henry Bowen-Davies, chairman of the Davies group, at in his Wimbledon boardroom and said his £1,100,000 fortune - "everything I possess" - would be used to prevent losses to his 7,000 depositors. He said, "I won't shield behind limited liability. i would sell by home and farms - I don't want anyone to lose anything through me." Mr. Bowen-Davies, a barrister, owns a £20,000 Tudor-style house near Kingston, Surrey, and property and farms in Carmarthenshire. "Everything I have and the family trust are at the disposal of the crediters," he said. During an interview he admitted the 47-company Davies group was really a "one-man thing". "I will take the obliguy and ha~re~ when end it comes," he said. Mr. Bowen-Davies, 46 - year old father of two, revealed that although he had been advised against liquidation he could see no alternative. His main task yesterday was trying to persuede the joint steak banks not to withdraw credit facilities from his associated companies. He said, "If the banks will support these companies, we can sell them as going concerns. Then our depositors need lose nothing." Photo shows Yesterday's picture of Mr. Henry Bowen-Davies.
Photo measures 8 x 10.25 inches.
Photo is dated 01-01-1967.
Photo back:
