1959-11-10 — Page 6

The Great Swindle In BRITAIN

THE CHINA MAIL,

ON the night of June 30, 1982, a strange stene occurred outside the Bank

of England's printing works in the City,

More than 1,000 clerks from the Bank stood around in groups out- side the great bronze doors, which were locked and guarded by uniformed officials. In the roads, lines of waiting coaches blocked the tramways.

Fifteen minutes before mid- night the doors slowly opened The waiting men fled in.

they filed all night

activity

-by

And

hud

The musual been eatpard by the biggest financks uperation in the world's history.

This was the background to it. In the First World War the Government had raised more

BERNARD

HARRIS

berlain in which the Chancellor than £2,000 million by the laste urged holders to continue in the of a War Loan carrying 5 per loan and thus "show the world cent interest,

the unshakable determination of the great nation to fight its way through its troubles.

He believed

Now, In the middle of 1932,

Britain

struggling Wha

climb out of the

to slump into

which it had sunk two years

carlier.

It explained that the loan

new form would be in Its vaid off at par on December 1952, or "at any time thereafter."

sounded

· That

Government

are

Majesty's able 10 issue, for cash, un irredeemable security yielding

2 per cent at par."

Buch

origin was the

of

what have come to be known

in the City as the "fansons Dalton."

and

The loan Was subscribed mostly by small investors.

City folk Wealthy Institutions were too clever to lond money to the Government on such lean terms. They pre- ferred to buy good-class dinary shares,

Or-

TUESDAY, NOVEMBER 10, 1959.

page 6 finds a surprising.

new idea...

The Slide-rule Surgery

A SUPER slide-rule for diagnosing illness, which

may become as indispensable as the stetho- scope or clinical thermometer, is now being used by family doctors.

Instead of relying on memory or consulting the medical textbooks behind a screen, the doctor can now take a two-foot-long strip of white plastic and by suitable adjustments automatically read off n diagnosis.

JUST CLUES

Dr Firmin Nesh, the London hospital specialist who invented the instrument, claim that it does nothing more than give likely clues to the trouble.

reason

In the final analysis the doctor must rely on medical experience and intuition. For this

it is no fit a layman could present for hypochondriacs, though operate it.

The tactics

What has happened to those people who followed Mr Dalton's and put every penny straight- dvier Mr Neville Chamberlain, whe forward enough

to "the they could scrape together into was Chancellor. of the millions of investors in War his now security?

They

hair have lost

their The cut in the interest

And if you allow for rale certainly Involved

capital.

value of money be the fall in the sacrifice, but they could could be reduced a powerful sure of 34 per

cent

Jor 20 they have lust no less than £88ment. they would out of rach £100,

How

Exchequer, believed strongly Loan,

annual

That if only the heavy interest charge on War Lean

otimulus

would be given

the recuvery movement

yeurs-and then

So, on that evening of Jane get their money back in tol 20, be

dramatic sprang the

news in the House of Com- mone that Five per Cant War Loan would be pala s in the following December.

But holders would be invited to continue in the loan at the

reduced interest rate of 3 per cent, which-if all esponded- would save the Government

£30,0000,000 a year.

At any time

and'

Unnoticed

And so the response to Mr Chamberlain's moving letter was verwhelming. Holders of more than £1,000 million of Wer Loan kept faith with Britain- and retained their investment.

But what many people had nat noticed were the words "ar at any time thereafter?'

For look what has happened. December 1, 1952, has long since come and gone. And not bennyworth of the loan has been repaid.

Within 24 hours of that ans nouncemen the Bank of England had helped an print

Nor 35 there any sign 15,000,000 forms

send them off to the 3,000,000 people whatever that the debt will be

repaid oven in this century.

Who,

these elream stances, can be surprised that cach £100 of the stock has becoma - worth only a miser- ablo £687

who held War Loan

With the

forme

a went personal letter from Mr Cham-

QUOTE

by Mr Anthony Tuke, chair-every £100

mon

of Barclays Bank, Harrogate, Yorkshire-

THE

that

the was

the so cheap for

On the right of the slide- rule are listed 337 diseases and conditions covering almost every known

ail-

the

Working to rule the medical way. Mathematics provide a how way of relating symptoms to probable cause.

by Chapman Pincher

After questioning Treasury patient and observing the able to get away with a loan symptoms the doctor ways on the left of the diseases which was Government and so costly for selects certain plastic strips slide-rule.

and inserts them those who put up the cash?

in On each strip there are Only a one way-by what grooves running length- eroulines pointing to the

virtually to fraud.

amounts By rigging the gilt-edged market, by the artificial cres- Hon of bank cred!!, by forelag to Government departments

buy 'gill-edged stocks and so force up their price.

Indeed it can be said that the Treasury pursued 011 grand scale the fetics of the shadiest share manipulator,

And I believe with the utmost conviction that the credit of the British Goverument will never stand ns high as It might

mul the smear of the fraudulent

business in 1918 has been cleaned of the slate.

Can it be done?

The answer

Have nu doubt About that.

whatever

Giant planes to take buildings

to Antarctic

A

MASS assault on

the

place where all the lines on

Though too long to go in

the strips point to one or the conventional black bag,

possibly two complainta.

it la a lot less bulky than a

With this guidance the medical encyclopedia.

doctor can check against

experience and examine the

it looks professional.

which particular symptoms known to occur. The doctor

the patient again if necessary.

are

finds

And

Dr Nash has no plans at

The slide-rule, which the moment for costs HK$165, is selling panion slide-rule one well, especially in the U.S. dicate the right treatment.

Paris

#

com- to in-

The disowned Count

JOB hunting in Paris

is a man who has been disinherited from one of the world's great- est and most mysterious fortunes.

Antarctic by the U.S. Navy has started. Three thousand men, eight ships Long overdue justice can be and 36 aircraft are involved. Allow

done to the holders of War With the appropriate name Loan and "Daltons" by putting "Deep Freeze,'

this is the a definate redemption date on annual

operation which both these stocks--by giving the holders a day to look forward to takes in relief parties and more supplies for the South Polc station and the three other scientific stations

Even that £32 loss or every £100 invested does not end the tragic story. For inflation has been abling away at the capital that is left. for this, and you find

invested in 103% ut shows a loss today of £70.

Can

you wonder that letters reach t

every week middle-class from

folk and pensioners who

belleve debt from with complete sincerity that they have been robbed"

Hobbet

E luxuries of today are the essentials of tomorrow. That rising standard of

le what a Uving means.

*

--by Mr J. Hurst, a member of the National Savings committee, at a conference in Malvern:--

I

DON'T think the youth of

today is any different to when I don't think I was a youth.

youth will ever be any different.

of

by asbarepusher but by the British Government itself.

And holders of War Loan ore not alone in their plight.

There are many more who have suffered just as severely by listening to the blandishments cf a Labour Chancellor, Mr Hugh

Dallon.

No promise

on which every penny of

paid.

owing to them will be

That action would imme-

dittely restore a substantial part maintained by the United

States in Antarctica.

of the lost capital.

You may say that such a de- cision would be a heavy burden on the taxpayer. You may say that it would mean an un-

deserved profit for those people who have only recently tought

these securities.

There is a big building plan for the station at the £copra phical pole which is nearly 10,000 ft, above sea level, When the weather improves, new

seven

A

buildings, including gurate and CINESGEBCY living buildings are to go up.

171

de

Bentkern

is searching

a job now

for

tax.

He 52-year-old Count John fortner British amateur golf champion, who was the adopted son of the Austrian once inarried to Lady Patricia Jewish financier, and friend of devoted to only

This one-time radical is now heavy clatter on the marble Douglas, daughter of the

one political foor as his revolver dropped late King Edward VII, Baron Hirsch. eause the abolition of income out. Lord Queensberry.

As a result, he inherited two De Bendern is the son of an enormous fortunes Hirech's, and eccentric recluse Count Maurice later that of Hirsch's wife, who ★ Academician Pierre de Forest, who foresook British was a Bischoffsheim.

Gazette: "What is the

is affectionately remem→ nationality in the thirties to

bero there that in the good old an height of intelligence for days French MPs used to be shot become citizen

His original Lerony is of tax-free Lichtenstein.

Austrian one and was confined man? Surely talling his wife by jealous mistresses with Great Britain by Royal that she is too stout for a trayed wives. decree in 1900.

mink coat."

Д

Liberal

M.P.

He

relinquished British citizenship in 1932 and

on

adopting Lichter.stein national- On guard

wus

also alven the

Parental wrath broke on the unfortunate de Bender seven ity years ago when he defied his Lichtenstein title 80-year-oki father by marrying Bendern.

beauty. a Spanish

Mercedes Gorina, daughter of a Barcelons businessman.

of Count de

The Ambassador's aide, pale with eyes popping, had to be revived with a stiff drink.

IL

or be-

Obviously now any assassina- tion from such motives would be considered politically speak- ing.

being in the worst possible taste.

He acts as the principality's Francois Mitterand the other Playwright Jacques

Count de week

diplomatie adviser. Forest spent the war years

There were

My answer is that the cost need not be heavy since this get of simple justice would produce

Tractor by air

As a result of the assassina- such an improvement in Govern→. Huge prop-jet Hércules air-

tion attempt against Senator mant credit that future loans craft will take the On October 16, 1944, Mr Dal- could

building be raised on ton uncurled himselt from the terms.

cheaper sections to the Pole. To help

there has been a sharp

Prevert: prepare the runway for them, a

in increase in the mumber of gun

"I work just Government Front Bench in the

And it a few people made a 10,000lb, fracter will make

hard enough to pay for the House of Commons to antio profit it would be a small price air-drop from a

Who is the Count de Forest? a hotel room in Zurich which toting French MP9. by Sir Lionel Fox, chairman important development in

Globemaster. Thereby hungs a fascinating he converted into an aviary. to pay for bringing happiness Central After-Care our borrowing programme." the

With the naval surface forces and little-known

I was in the bar of the French luxury of not doing any- story. His and security to many thousands wit! Еже the destroyer escort Association

and it thing." known

recently, birds Parliament so many That "development"

name has hardly been was of people in the evening of their Peterson. She is to the issue of ↓ 2% per cent Ilves.

maintain in England for 30 years, yet he about that finally he was left in was startling to see the murther station halfway Treasury stock at par with no

between was a former Left-wing Liberal sole possession of the hotel, and of MPs whose relaxed postures st The Government cannot McMurdo Sound and New Zea. MP for Wen Han and one of now he spends most of the year the

revealed revalver PTC mise that it would ever be

justly claim that people "never and while aircraft maxe the the chief beckers of the Dally in his villa at Blareitz with his holsters under their armpits. had it so good" so long as it 2,100 miles over-water hop. Herald when it was founded by second wife, daughter condones the suffering and

late Lord Gerrard. The winter population of the George Lansbury. caused to those who four stations 19 103 naval their In two of

offfects al ratings and of the securities for which it has His inherited responsibility.

scientists,

-London Express Servier).

WE

WE recognise that in lizes of difficulty when work is scarce the ex-prisoner

cannot repaid. expect to be given preference Mr Dalton smiled gealaliy.

over others who many bẹ week- "A landmark

been hardship has ing employment. But....be reached," he sold. "For the put should not de prejudiced just first time in the history because he has been in prison.

National Debt

心

the

ARTOO

KILMAR

PECKER

"All right then......... What do you think ke 187"

20

1

His origin was comething of mystery. All that is known for certain is that he became

"According to my figures, you agent mony at the rate of two conlas mitmete, last ministke"

CONTIONA

Ambitions

of the

bar

Seat guide

Probably no better guide to It was even more startling present-day Parisienne

BGW one

social

accorded at new

when, wandering through the standing has ever been provided

than the seating lobbles,

MP the gala opening of the

French national theatre actually brandishing

volver at another.

This is 4

new

a recently, which was attended by

General de Gaulle.

For example, Baron E3 de Rothschlid had E better seat

Ethior

He does not acknowledge kiş first marriage to a daughter of the French chocolate family, the Metiers, by whom he had а daughter who later married the

feature of than M. Bousste, who had a

the and expert better sent them tennis champion, Jean Borotra, political life here

Lobby correspondents now Rothschild, Baron Guy Little-known detail concern divide the House between those (divorced), who had a botter ing de Forest is that, 10 who have notable bulges in seat than Arturo Lopez, who

scat the region of their right arm- had a better with that other

a the Communist poet Louis Aragon, patriot financier, the late Ben- pit and those who, don't. Jauda. Gufuness, he acted as I should say that a good 30 Anancial adviser to the late per cent of the present Parlia- Dutt Cooper. He has had two ment carries guns, the majority oid ambitions for his son and of thons being ferocious Rights- holr, John.

wingern whose licences have been secured because their lives me

posedly in danger from non- gradov, had the best box in the European Algerian terrorists, as house after that of General do distinct from Exoptan Algerian Gaulle. counter-terrorists.

The play was by that French astablished playwright, Claudel,

Not amused

Among maribasandore sho Russian ambassador, M. Vinow

One WILE that he should Become a golf champion, which he duly did the other after the failure of his first marriage, was that he shanuld once again marry Into the Britsu aristocracy". This situation has led probably the most agonisingly There his son disappointed him, some political observers to boring playwright ever inniéted looking the beach at Biarritz, is be a separate cloakroom for of a certain topicality and at

His villa, on high cliny over- suggest that thire ought to on an audience.

It was full of political allumiona

the aadikepon un-carrying MPx, with a each of those notice asking that all guns timed towards de Gaulle's box should be left outside before

to watch his reactions.

*Like an earlier monarch, he entering the Chamber.

was not semised.

| something of a TRUDELEN with hungtreds of valuable paintings, precious furniture book

rare

Ho detests oociát, itfe and has never been inside the Casino a teetotaller and vegetarian.

وا

This gun-carrying iubit can sometimes be miskiängnosing..

For example, igt: arcerit Ho occupies himself with American embassy receptior en campaigns against butlighting important Right-wing

Me and looking after his hugzó and dropped his car keys, varied collection of buds which He stooped to pick them up dre fett on clioice grapée.

and is hề did so there was

M. Bidault, accused of platting: "Tha. Primà Misliter, M. Debre, is much greater expert plotting, thún ), emaz

**(Landen' Kipras serosné).