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The
Hongkong Telegraph
THESDAY, JUNE 14, 1932.
LAUSANNE HOPES
30
In commenting, a month or ngo, on the change of Government in France, we suggested the pro- bability that there would be a wel- come swing towards a more liberat outlook on the inrger issues of the day, notably a toning down of that intense nationalism which has made French collaboration in Europe somewhat difficult, and
{
TUESDAY, JUNE 14, 1932.
DAY BY DAY
of despond, is whistling for pay- ment of its European debts. And France, whose policy under her Poincares and Lavala and Tardieus has frustrated efforts to stop the
PROVIDECE SOMETIMES ENTRUSTS rot, is herself realising the results
THE TORCH TO. THE MOST CARELESS of a Pyrrhic victory. It looks as
HANDS IN ORDER THAT THE WORLD if M. Herriot has grasped the MAY EXPERIENCE A BENEFICIAL CON- point that a whole-hearted policy | FLAGRATION.-Heine, of appeusement on the part of Mrs. L. Dunbar was amongst the France would be not so much passengers arriving here by the ss.
President Coolidge. generosity as plain horse-sense.
It is, however, well to recognise that there are practical difficulties As a about wiping the slate clean, British political journal kas right-
for the
The "Clinic" motor van New Territories will be open for in- appetion to the public at 5 pm, today at the Kowloon Hospital.
Owing to the Indisposition of Mr.)
ly remarked, it is easier for the 1. Wynne-Jones, the Second Germans to repudiate their rapara-Magistrate, Mr. A. W. G. H. Grant- ham occupied the beneh in the Small tions than for Europe to repudiate Court this morning.
the
her war debts. A great many
Suffering from disinfecting fluld people in America, including some polsoning, a woman named Cheung of the nation's most eminent men, Ping, aged 26, of 140, Caine Road, understand the position and would ground floor, was admitted to
Government Civil Hospital last night. xlndly sea nu al-round cancella-Her condition is not serious. tion. But they are not yet in a
In falling whilst alighting from a majority, although this solution of tramcar outside the Bay View Police the problem is rapidly gaining Station, L Chuen, aged 21, enolic of 128, Whitfield, received injuries to his favour. The plain fact is that tons head and was removed to the Govern of gold from Europe are no morement Civil Hospital suffering from use than tons of elephant tusks concussion.
Germany and the World There is happily a growing ap-
Whilst on duty in Staunton Street! westerday, Lance Sergeant Wong Chiu was bitten in the leg by a dog owned by a man living at 6, Staunton
Street.
Government Civil Hospital for treat- The officer was taken to the
ment, while the dog was removed to Kennedy Town for observation.
The body of Ip Knu-po, a man 50 years of age, of 1D, Stone Nullah Lane, was removed to the public mortuary yesterday after he had been nccidentally killed by a stone pillar falling en him whilst at work in Jardine's coal yard in Great George Street at about 11.30 last night.
PYRAMID ON SANDS OF
DECEPTION
BY PAUL HARRISON
IDAHOL
SUPERIOR SAFETY MACH
HOLM
Y MATCHES
An empire built of matches has fallen to pieces......and above is the "emperor," Ivar Kreuger, shown in portrait made shortly before he killed himself.
on
been
from Africa in curing America's economic troubles. Meanwhile, there are brighter hopes of steps towards a real settlement being taken at Lausanne. If France de- finitely agrees with Britain in abandoning for good and all the at- tempt to squeeze more drops out of the German orange, a foundation will be laid on which to build. And if M. Herriot presents his Left face, and not his Right, to Ger many, he will provide n better
A plumber and two couliés employed | security for France than all the by Mesare. Dodwell & Co. were
Lender to Nations. armed forces for which the unfor-charged before Mr. Grantham at the
For years there had been whis-; Central Police Court this morning
For instance, it long has Innate French taxpayer has to foot with stealing for pleces of lead perings in Wall Street that Ivar
belonging to the firm. The men were Kreuger, Swedish "match king" known that Krenger became an in- the bill.
arrested in Des Voeux Hand attempt and reputedly one of the world's tornational money-lender because, ing to pawn the lead. The first richest men, was not making his with his Swedish match monopoly deferidant Was fined $50 or one money from the manufacture or backing him, he could obtain month's hard labour and the other sale of matches.
lower money from America two $10 or fourteen days' each,
Wall Street Hittle dreamed how terms of interest than most Euro- But it re-pean nations could borrow it al- Paramount's talking version of "The true that legend was.
As rectly. So Kreuger borrowed money a greater preciation of the fact that the mis-Miracle Man", which is having its/mained compiacently satisfied.
fortunes of Germany are every-concluding showings at the King'a long as Kreuger, companies con- here, re-lent it at a higher rate, desire to solve the problems of body's business. This understand- Theatre to-day and to-morrow, in the tinued to show big profits and to pocketed the additional interest and Europe on a basis of mutual trust
finest 1932 production to come from pay fat dividends which Invited ad-received, in return for the risk he ing presumably will temper the
these studios. Aa a dramatic enter- and goodwill. The conversations objections to Germany's declara-tainment it has few equals, and among matter how
ditional investments, what did it thus assumed, match-selling con-
those profita were cessions from the debtor nations. which Mr. Ramsay MacDonald bastion that reparations simply cannot this year's output of American films made?
What has not been known, how- has only "The Man I Killed" as a n had in Paris in regard to the continue. The world indeed
everyone knew that ever, is the fact that some of these The delicate and Lausunac Conference have been so had an object lesson as to how diffi- | cvinplex theme of a faith-healer, not Kreuger was the financial mentor, concessions were not very valuable,
contemporary.
a mani- but that Kreuger made them ap- satisfactory in character that there culties in one country produce only working miracles with the halt of kings and presidents
of pear so by altering his financial appears every prospect of these difficulties in other countries. The and fame, but in addition saving the mulator of millions, a saviour
of crooks. small countries verging on bank-statements. Thus he could hold assets on which to latent form for a long time, but the human touches of the director, Nor-ganizations and influence were felt borrow more money and sell new actual shock which shook several man McLeod, and a powerful cast throughout the civilized world, securities.
Take, for example, the earliest European countries, was provoked which includes Sylvia Sidney, Chester meney-leader whose deals were no by the failure of an Austrian bank. Morris, John Wray, Hobart worth,at that they one might account case so far discovered of his fraud-
and Ned Sparks.
for the gain credited the various ulent tactics-a monopoly contract, Credit everywhere suffered. The
match companies."
partially falsifed, with Poland in The Dutch Garanta Com- weakness of central Europe
Altogether such a romantic and 1925. glaringly revealed. The fragility Germany to an excessive and too fabulous figure was Kreuger that pang, a Kreuger subsidiary, was of the German structure, dependent sudden rationalisation of industry the ordinary rules and precautions assigned the control of match foreign capital, became ap In an effort to find funds, with the of hard-headed business scarcely sales, and its balance sheets that year showed profits now known to parent. The lending countries result that unemployment increased could be applied to him.
And that is precisely the reason have been purely imaginary. Po- were alarmed at the plight of the and the last state was worse than borrowing countries. Currencies the first. Again, this spurt was way to-day, stunned investors are lish officials report that no enles
realizing that they have been were made. which were regarded as solid were made possible only by borrowing on maleted of something like one
Falsity and Bribery. crowded off the gold standard. scale that meant potential bank-billion dollars. The Swedish Titan
Sometimes, when he was unable Tariffs were resorted to, aggravat ruptey. It has been duly pointed had been granted liberties that either to buy concessions, or to It has been said that Lausanneg the shrinkage of exports and out that Germany has received in never would have been accorded
inperts. It has become hackneyed loans more than twice as much as less charming, though more honest, bribe officials to grant them, Kreuger merely falsified contracts, offers the last opportunity of res-to say that the crisis is world wide. it has paid out in reparations. This man..
or correspondence promising such Now that Kreuger, is dead, in- cuing Germany from perdition. It could not be otherwise. Those fact is not necessarily evidence of That may be over-stating the case,nations which, for special reasons, Germany's bad faith. It is evid-vestigators tracing the tangled web of his affairs are piecing together, since the same thing has been said, | believed they were l'amune. have ence that such heavy reparations bit by bit, the true story of how
he actually operated, and falsified, of a dozen conferences discovered that they, too are in-are an uncommercial proposition. in the past ten years. But it can- volved. Now the heart
has
of
gang
Besides,
hopes being realised. The British, present troubles have existed in accently presented through the ruptcy, an industrialist whose, or them up as
and French statesmen have given a searching survey to the issues which figure most prominently in the Lausanne agenda, and, realising that Germany cannot pay, they have reached such an accord in view- point as is likely to smooth the way for final wiping out of war debts and reparations. If this is accom-
plished, then we may be on the eve of a new era in international affairs which will go far towards lifting the clouds of world depression.
01* A
WAS
of tho
not be denied that the situation economic dislocation is in Germany. It is sometimes argued that if Ger- has become progressively worse,
many is in distress, it is her own and there is thus an obvious danger fault. Has it not deliberately de- in delaying a final adjustment. cided to create confusion--to fulf}} Germany appears to be at the end the role of Samson and accomplish of her tether. She says, without | its own ruin by pulling down the any pretence whatever, that she pillars of civilization? Such a cannot pay more. France.
view is unjustified. It would be part of France, has not hitherto easy to show that Germany has not always done all that might have believed in the genuineness of
been done has been extravagant in German bankruptcy. As for M.
economies and provocative in Herriat, he declared so little time politics. But it has suffered for ago that he approved of generosity more than
other western towards Germany, but not of nation. It was defeated in the stupidity. But the point doen arise war, was left without foodstuffs whether anything short of unquali- for many months, underwent a re- ded generosity is not only another volution, saw its supply of capital obliterated, and always, hanging name for stupidity. All
over it, was a hopeless reparations elaborate plans, with their
con- debt, though it had not oven the cession and scalings-down, that resources sufficient for the financ- have been imposed on Germany ing of its own industries. There have proved useless, and now, after was unemployment on a vast scale, thirteen years,
not merely the and the general misery caused the German people to lend a ready car victims, but the victors, are curs-
to those who placed the respon-
the
any
Ing the Treaty of Versailles und Bibility on foreign countries and the crop of mischief that It has urged a revolt against the imposed produced. Germany,
poverty-conditions. It is likewise argued stricken and torn with Internal that reparations, after all, con- dissensions, Is tottering. Other Bitute à relatively small percentage States that emerged from the of Germany's budgetary expondi- wreckage of the war are exhibiting ture This is doubtless true-t the burden of reparations was empty pockets and clamouring for
superimposed on an already stag help. America, the universal
gering load. Moreover, it forced creditor, Itself now in the slough
[
LIONS
veg him right, for trying to steal bananas from the monkeys.”
contracts, which he would display in hushed secrecy to persona from whom he sought loans.
Again, he occasionally offered nothing more substantial than his personal word. And so implicit was the faith of bunkers in his in- tegrity that they never questioned
it.
There was the matter of his match concessions in "countries X, Y and Z." Kreuger never attempt. led to identify them in any other way, but the three algebraic un- Prowns presented no financial pro- blems to his Aine,ican bunkarı. So euro were they that the monopolies really existed that they floated $100,000,000 in Kreuger securities to the public, and bought $8,000.- 000 worth themselves!
Kreuger seema to have dealt hugely in bribery and often was a blackmall victim of those who knew of his malpractices. Ho is reported to have paid $250,000 to a Spanish official for the latter's influence in accuring a Kreuger monopoly in Spain. The official took the money and fled. Kreuger took his loss and said nothing. As a last resort, according to inves tigators, he forged documenƒ»- tending to show that the monop- oly had been purchased.
All this time Kreuger was reach. ing out to secure other interests. Swedish and International Match were his principal companies, but he also had control of the Ericsson Telephone Company, then a prom- Inent and far-flung chain. At the hoight of his power he was key man in more than 800 different 1corporations all over the world. They included mines, timber and power interests, ronity and invest- ampat-compatrien, blanke
yot
It was a huge invested pyramid, BO delicately had "Kreuger (Continued on Page 4).....