in a special tax on "excess wartime profits". There was a moulders' strike from December 1919 to April 1920, but in spite of that it was decided to continue the manufacture of other parts. Then a short, sharp general trade slump peaked in July 1920 and almost every order Wolseley had on its books was cancelled. In 1920 Wolseley had reported a loss of £83,000. The following years showed even greater losses. Next, in October 1922, W R Morris startled the whole motor industry by a substantial reduction in the price of his cars. In 1924, Wolseley's annual loss would reach £364,000. Ernest Hopwood had been appointed Managing Director in August 1909 following Siddeley's departure. He had resigned late in 1919 due to ill-health. A J McCormack who had been joint MD with Hopwood since 1911 resigned in November 1923 and was replaced by a committee of management. Then, at the end of October 1926, it was disclosed the company was bankrupt "to the tune of £2 million" and Sir Gilbert Garnsey and T W Horton had been appointed joint receivers and managers. It was described as "one of the most spectacular failures in the early history of the motor industry". Morris W R Morris When Wolseley was auctioned by the receivers in February 1927 it was purchased by William Morris, later Viscount Nuffield for £730,000 using his own money. Possibly Morris acted to stop General Motors who subsequently bought Vauxhall. Other bidders beside General Motors included the Austin Motor Company. Herbert Austin, Wolseley's founder, was said to have been very distressed that he was unable to buy it. Morris had bought an early taxicab; another Wolseley link with Morris was that his Morris Garages were Wolseley agents in Oxford. Morris had unsuccessfully tried to produce a 6-cylinder car. He still wanted his range to include a light six-cylinder car. Wolseley's 2-litre six-cylinder 16–45, their latest development of their postwar Fifteen, "made a deep impression on him". Morris incorporated a new company, Wolseley Motors (1927) Limited, he was later permitted to remove the (1927), and consolidated its production at the sprawling Ward End Works in Birmingham. He sold off large unwanted portions of Wolseley's Adderley Park plant with all his own Soho, Birmingham works and moved Morris Commercial Cars from Soho to the remainder of Adderley Park. In 1919 Vickers had decided Wolseley should build relatively cheap cars in large