ABSTRACT
It was too good to last. When the government acted to deter inflation and limit public expenditure to a level thought sustainable in peace time, economic activity declined and stock market prices fell. Hatry was left with stock that could not be sold and few openings for making profit. His last major issue in 1920, Jute Industries Limited, involved misleading investors about the new combine’s prospects and was not a complete success. In 1921, the business of one of his principal associates, Gerard Lee Bevan, failed. In the aftermath, Hatry’s own company entered liquidation, although Hatry persuaded his fellow shareholders that company was not insolvent and that they would recover their capital. As the stock market depression continued, Hatry was left searching for a means to honour his promise.
