1929-12-20 — Page 11

Danger of

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PEPS

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SOCONY FLO-WAX

THE HONGKONG TELEGRAPH,

One Dollar per one pound tin

Lane, Crawford, Ltd.

COME and SEE OUR NEW HATS- -ONLY.

JUST UNPACKED!

IN ORDER TO CLEAR THESE BEFORE CHRISTMAS, WE ARE OFFERING THEM-

Below Half Price.

ALSO A VERY BIG SELECTION OF

HAND BAGS

NEWEST DESIGNS

ELITE

LOW PRICES

STYLES

A. P. B. BUILDING,

MASSAGE HALL MRS. S. UZUNOYE

Expert Masseure

Queen's Road C., 2nd floor,

MRS. MOTONO

HAND & ELECTRIC MASSAGE

CHARITY SOCCER.

NAVY DEFEAT THE ARMY YESTERDAY.

The annual match between the Navy and Army was played at Soo- kunjoo yesterday before a fair nt tendance. Prior to the commence- mont of the match, massed naval bands played selections on the field. The ball for the match was presented by Lane Crawford, Ltd. This raffled, and was won by Miss Baskets with ticket No. 1553. The teams lined up as under:

Navy,-Jurvis; McGregor and Jones; Pugsley, Tilley and Sturdivant; Van Tromp, Firth, Cann, Stephenson and Dickenson..

Army-Fletcher; Oliver and Reeves; Everest, Davey and Joyce: Itayson, Stock, Gill, Bewley-Bull and Butcher.

FRIDAY, DECEMBER 20, 1929.

KREUGER'S PRO-

GRAMME.

ANALYSIS BY FINANCIAL WRITER.

"Kreuger's Programme is the title of a highly interesting article dealing mainly with the Kreuger & Toll Company, just published in the leading Swedish financial weekly "Affaersvneriden"

(The Business World") by the chief editor of the paper, who is known to possess Intimate knowledge of the transactions and structure of the Kreuger concern, the activity of which he has analyzed and studied for years.

He points out that the Kreuger Referee Mr. W. ExHollands. Liner-centre and backbone of the entire & Tell Company, which is the men Mesars,, Smith and Stokes,

Kreuger combine; calls itself "an Bewley-Bull won the toss and elected to play against the wind, and prganizing, managing and franc H. E. the Governor Sir Cecil Clementing company's Mr. Kreuger re- K.C.M.G., kicked off for the Navy, cently stated that he prefers few 11. E. the Governor remained unit but big" interests, since he con- the Bund whistle sounded. I. E. the siders the small ones to demand. General Officer Commanding, Major General J. W. Sandilands, C.B..

as much work as the big C.M.G. D.S.O., was also pleren Kreuger often buys real estate and throughout the match.

securities at favourable opportuni- ties, but seldom sells anything of importance.

ones.

The Army were the first to attack but were not dangerims. The Navy backs were very safe and cleared well. A dash by the Navy right wing found A clear impression is given that Cann in possession cluse in but Fiet Kreuger's programme is to build cher saved the shot. Another visitap a convern consisting of a limit by the Army gave Butcher an open-

ing but his centre was cleared by ed number of well-chosen big in- Jones. The Navy now settled downterests, in the development of and Flatcher was the hero of the which the Kreuger & Toll Com- match stopping shots from all, the pany, often takes an active part Navy forwards and from all angles, with continually increasing capi About halfway through the first half the Navy took the lend. Fletcher tal power. failing to clear properly from by Van Tromp. Fletcher threw out to the left and Dickenson seul in'n cross shot which Reeves assisted into the net, deflecting the ball out af Fletcher's reuch.

shot

The Army took up the attack but failed to pierce the Navy defence, At the other end the Navy forced several earners and Stephenson added to their score with a fast shot. Tho remaining minutes of the first half were desperately fought out but the Navy held on to their advantage and at the interval were leafing by two clear goals.

During the interval the massed bands again played selections which were well received,

Second Half.

but

Resuming, the Army set persistent attack on the Navy ga and Jarvis was very unsteady, the Army forwards failed to follow up. From a corner kick Gill heade! over the bar.

undertaking of the same type as "We do not know of any large Kreuger & Toll", the author says. It is an undertaking, whose securi- ties are now quoted on more stock exchanges than those of any other concern. Kreuger"& Toll's holdings of shares consist as far HR can

be seen, of securi- ties of the highest classification, and those which cannot be given the highest elassification show a correspondingly higher yield and are safeguarded by additional security,

"When, for instance, there is a weaker Government loan in con- nexion with a match monopoly the mortgaged in one way or another consumption taxes on matches are

as additional security for the loan."

Dickenson got away on the left The author distinguishes four and sent in a long shot which was corner stones of the Kreuger &. cleared by Fle.cher. At the otherToll Structure: on the one hand end the Army had a free kick thirty real estate and Government bonds, yards but the Navy cleared. Reeves

labbed the hall in frani the halfway on the other industrial and bank- Ine and Gill sent in a shot that Jarvising interests. These interests are falled to hold, and the hall entered, the net.

The Navy were soon at the other end but shooting was wild, Joner miskicked close in but Gill lifted the ball over the bar. A shot from Stock was turned behind by Jarvis and following the Angkick Bewley-Buli Just cleared the upright,

Dickenson bant Everest and Oliver and centred, Firth turning the ball Into the net. This practically put an end to the game for play on both sides

fell off.

increasingly assuming the charac ter of "safe and sound invest- ments" with considerable future appreciation of value and yield.'] The first pair of corner stones are predominently characterized by security and good yield, the second pair has somewhat more specula- tive character and depends upon a continued development of the most important branches of the world trade. But these two pairs al- The Navy backs played woll up the ternatively come to the fore de- feld and the Army forwarde were pending on whether trade is boom constantly pulled up for offside. Aing or whether there is a period of breakaway by the Army found Stock depression and thus maintain the in passession close in but he cleared the bar. The Army left wing did well

balance. at Jarvis had fairly an easy time with McGregor and Jones playing safe. Neat work by the Navy for. wards took the ball down and Firth tipping to Cann unmarked, the Navy centre forward beat Fletcher with a well placed shet.

There was no farther scoring, and on the general run of the game the Navy deserved their win by four goals to one.

#

LETTER GOLF.

You may find it uphill work to # DOWN this HILL in par seven.

DOWN

FJ

HILL

1.The idea of letter golf it to change one word to another and, do it in par, a given number of strokes. Thus to change COW to HEN, in three strokes, COW, HOW, HEW, HEN.

the

An analysis of the assets of Kreuger & Toll, aniounting to a book value of over £15,000,000 show how the risks have hitherto been distributed between sist of Government loans, 10% of various groups. Thus 30%" cen-

real estate, 25% of Industrial shares, 7% of bank shares, 80% of other shares, and bonds and some- thing over 142 of accounts re- ceivable.

The author points out that the two large transactions carried out this year will bring the Company a new capital of about 600,000,000 kronor. At the same time through. the realization of previous assets large sums can be raised, first of all the £15,000,000 5%%%% French Government bonds, now having a value above par,, which may be -issued to the general public after March 31, 1930.

The author points out that the capital power of the Company grows continually and that a con- rern with such an independent and highly centralized management will be able to reach a scope of activity, of whteli an older genera. tion hardly dared to dream.

MINISTER BARRED.

NANKING REJECTS' JAPAN'S APPOINTMENT.

Nanking, Dec. 19. The Central Daily News, the. official ofgan" of the National Gov- 2-You can change only enemont has decided not to agree to ernment, states that the, Govern- Jotter at a time."

the appointment of Mr. Obata ás Japanese Minister, and. the Foreign Office has been instructed the Japanese Government, to communiente #hik, decision to

3.-You must have a complete word, of common usage, for each jump. Slang words and abbrevia

tlons dont's count.

This action is stated to have 4.-The order of lettera cannot been taken following opposition by be changed.

numerous Chinese: public bodies One solution is printed on to the appointment of Mr. Obata.

-Reuter.

No. 818, Top Floor, Wyndham St. another page.

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