Mexborough and Swinton Times June 18, 1926
Distress Committee
The Financial Problem
Loan Possibilities.
A meeting of the Conisborough distress committee was held at council offices, Coun. W. B. Wells deciding.
It was expected that Mr A Robinson would make a further statement regarding the £5000 loan from the gentleman, who, as reported elsewhere, called at his house last Saturday.
In Mr Roberts absence, Mr T. Hill stated that he had met the gentleman on Wednesday, and he told him (Mr Hill) that he was Mr Edwards’s the owner of about 50,000 acres in Scotland. Since the offer he had seen some shares quoted which she desired to purchase and he had instructed his London agency to carry out the transaction. This left him without any ready cash although he had plenty of assets. If the money was required now he would have to borrow from his bankers and repay at interest. Therefore he could make a loan at 4% or so.
The committee had to face the fact that it was committed to an expenditure of about £500 to distribute food on Friday, and had only £30 to meet that expenditure. Ways and means of raising the money were discussed, and the question arose – would the colliery company be able to grant a loan now that the Coalowners Association had raising objection to such procedure as likely to prolong the struggle.
Mr T Hill made a suggestion that they might raise the money from private persons or even mortgage the form and vehicle owned by the Home Coal Carting Committee.
Mr George Smith stated that the name of the gentleman referred to was Alexander Edward Sanquahart and that the money he would lend was to be repayable 12 months after the commencement of work. The gentleman could be found tat the Prospect Hotel, Harrogate, or the dementia Club, London. The question of interest caused a review of the situation to be made and it was left to the deputation to interview the Denaby and Cadeby Y. M. A. Branches to obtain some guarantee regarding repayment.
The meeting decided that the distribution of food to about 12,000 persons should be made tomorrow, but unless further financial guarantees are obtained the committee will be unable to undertake relief on this scale.