1932-06-14 — Page 6

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The

Hongkong Telegraph.

TUESDAY, JUNE 14, 1972.

LAUSANNE HOPES

80

In commenting, a month or age, on the change of Government

TUESDAY, JUNE 14, 1932.

DAY BY DAY

of despond, in whistling for pay) ment of its European debts. And France, whose policy under her Poincares and Lavals und Tordles has frustrated efforts to stop the

PROVIDECE SOMETIMES ENTRUSTA rot, in herself reallsing the results

THE TORCH TO THE MOST CARELESS of a Pyrrhie victory. It looks as

HANDS IN ORDER THAT THE WORLD if M. Herriot has grasped the MAY EXPEQUENCE A BENEFICIAL CON- polnt that a whole-hearted policy FLAGRATION.--Heine. of appeasement on the part of 90 much France would be not generosity as plain horse-seanC.

It is, however, well to recognise that there are practical deulties about wiping the slate clean. As a British political journal has right-

Mrs. L. Dunbar was amongst the passengers arriving here by the m President Coolidge.

*

The "Clinic" motor van for the New Territories will be open for in- spection to the public at 6 pm. to-day at the Kowloon

Hospital,

Owing to the indisposition of Mr.

.

ly remarked, it is easier for the E. I Wynne-Jones, the Second Germans to repudiate their rapara-Magistrate, Mr. A. W. G. II. Grant- ham occupied the bench in the Small tions than for Europe to repudiate court this morning. her war debita. A great many

Suffering from disinfecting fluid' people in America, including some poisoning, a woman named Cheung of the nation's most eminent men, Ping, nged 25, of 110, Caine Road, the understand the position and would ground floor, was admitted tor

Government Civil Hospital last night." gladly see an all-round cancella-Iler condition ta nut serious. tion. But they are not yet in a

In falling whilst alighting from al trancar outside the Bay View Police Station. Li Churn, aged 21, coolie of 128, Whitfield, received injuries to his head and was rentoved to the Govern-| from ment Civil Hospital suffering concussion.

Whilst on duty in Staunton Street: yesterday, Lance Sergeant Wong Chiu was bitten in the leg by a log owned by a man living at 6, Staunton Street. The officer was taken to the Government Civil Hospital for treat- ment, while the dog was removed to Kennedy Town for observation.

| majority, although this solution of the problem is rapidly gaining favour. The plain fact in that tons of gold from Europe are no more ase than to of elephant tusks from Africa in curing America's economic troubles. Menawhile, 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-

The holy of Ip Kau-po, a man 60 tempt to squeeze more drops out of years of age, of 18, Stone Sullah Lane, was removed to the public! the German orange, a foundation mortuary yesterday after he had been stone Hillar will be laid on which to build.accidentally killed by a

him whilst at work in falling on And if M. Herriot presents his Left farding's coal yard in Great George| fare, and not his Right, to Ger-Street at about 11.30 last night. many, he will provide a better

A plumber and two coolies employed & Cn, were security for France than all the by Messrs. Dodwell armed forces for which the unfor-charged before Mr. Grantham at the Central Police Court this morning

PYRAMID ON SANDS OF

DECEPTION

BY PAUL HARRISON

MASLEY AN

IDAHOU

SUPERIOR SAFETY MATCHES

SIDEK

YMATCHES

An empire built of mutches has fallen to pieces......and above is the "emperor," Ivar Kreuger, showir in portrait made shortly before he killed himself.

in France, we suggested the protunate French taxpayer has to foot with stealing fair pieces of lead perings in Wall Street that Ivar

bability that there would be a wel- come swing towards a more liberai | the bill, outlook on the larger issues of the day, notably a toning down of that intense nationalism which hus made French collaboration in Europe somewhat difficult, and a greater

view-

Germany and the World

fortunes of Germany

been

Lender to Nations. For years there had been whis-

For instance, it long has belonging to the firm. The men were Kreuger, Swedish "match king" known that Kreuger became an in- arrested in Des Voeux Road attempt and reputedly one of the world's ternational money-leader because, the load. *1*1* first richest men, was not making his with his Swedish match monopoly

hass

only "The

The кая

:

Kang

enter-

everyone

he actually operated,

knew

or

ing to pawn

could obtain defendant

fined $50 or

backing him, he WAS

one money from the manufacture

on lower money from America month's hard labour and the other sale of matches. twa $10 or fourteen days each.

Wall Street little dreamed how terms of interest than most Euro- But it re-pean autions could borrow it di- true that legend was. There is happily a growing ap-

J'aramount's talking version of "The preciation of the fact that the mis-Miracle Mar", which is having its mained complacently satisfies. As rectly. So Kreuger borrowed money are every-concluding showings at the King's 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, is the tinued to show big profits and to pocketed the additional interest and

As a dramatic these sludios.

ditional investments, what did it thus assumed, match-selling con- Europe on a basis of mutual trusting presumably will temper the finest 1032 production to come from pay fat dividends which invited ad-received, in return for the risk he those profits were cessions from the debtor nations. and goodwill. The conversations objections to Germany's declara-tainment 1 has few equals, and among matter how

What has not been known, how- of American output of

Alms made? which Mr. Ramsay MacDonald has tion that réparations simply cannot this

Man 1 Killed" as

that ever, is the fact that some of these a Besides, had in Paris in regard to the continue. The world indeed

delicate The contemporary.

Kreuger was the financial mentor, concessions were not very valuable, had an object lesson as to how diffi- complex theme of a faith-healer, not of kings and presidents a mani- but that Kreuger made them ap Lausanne Conference have been so

miy

working mirarios with the halt

of pear so hy altering his financial satisfactory in character that there cullies in one country produce

bank-statements. Thus he could hold is small countries verging on souls of a

crooks, appears every prospect of these difficulties in other countries. The and lame, but in addition saving the pulator of millions, a saviour

present troubles have existed in a magnificently presented through the ruptey, an industrialist whose or them up as assets on which to hopes being realised. The British latent form for a long time, but the human touches of the director, Norganizations and influence were felt borrow more money and sell new

a securities. and French statesmen have given a actual shock which shook several which includes Sylvia Sidney, Chester mones-lender whose deals were no

McLeod, and a powerful cast throughout the givilized world,

Take, for example, the earliest case lo far discovered of his fraud- searching survey to the issues European countries, was provoked ris, John Wray, Hobart Bosworth, ast that they alone might account which figure most prominently in by the failure of an Austrian bank. and Net Sparks.

for the gana credited the various ulent tactics-a monopoly contract, match companies.

partially falsified, with Poland in the Lausanne agenda, and, realising Credit everywhere suffered.

Altogether such a romantle and 1925. The Dutch Garanta Com- that Germany cannot pay, they have weakness of central Europe

100 fabulous figure was Krenger that pany, a Kreuger subsidiary, was the control of match glaringly revealed. The fragility Germany to an excessive and reached such an accord in

of the German structure, dependent sudden rationalisation of industry the ordinary rules and precautions assigned

year showed profits now known to point as is likely to smooth the way OF

foreign capital, became ap-in an effort to find funds, with the of hard-headed business scarcely sales, and its balance sheets that for a final wiping out of war debis parent. The lending countries result that unemployment increased could be applied to him.

And that is precisely the reason have been purely Imaginary. Po- and reparations. If this is accom-were alarmed at the plight of the and the last state was worse than

countries. Currencies the first. Again, this spurt was why to-day, stunned Inventors are lish officials report that no sales plished, then we may be on the eve horrowing

one anuleted of something like

Falsity and Bribery. of a new era in international affairs which were regarded as solid were made possible only by borrowing on realizing that they have been were made.

Sometimes, when he was unable to which will go far towards lifting crowded off the gold standard. a scale that meant potential bank billion dollars. The Swedish Titan

either to buy concessions, or Tariffs were resorted to, aggravat- ruptcy. It has been duly pointed had been granted liberties that

bribe officials to grant them, the clouds of world depression.

ing the shrinkage of exports and out that Germany has received in never would have been accorded It has been said that Lausanne iperts. It has become buckeyed loans more than twice as much as less charming, though more honest, Kreager 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.

Now that Kreuger, is dead, in- or correspondence promising auch cuing Germany from perdition. It could not be otherwise. Those fact is not necessarily evidence of

vestigatory tracing the tangled web contracts, which he would display

whom he sought loans. That may be over-stating the case, nations which, for special reaisune. Germany's bad faith. It is evid-of his affairs are piecing together, in hushed secrecy to persons from since the same thing has been said, believed they were inmunc, have ence that such heavy reparations bit by bit, the true story of how and falsified, of a dozen conferences discovered that they, too are in-are an uncommercial proposition.

Lho in the past ten years. But it can- volved. Now the heart of

economic dislocation is in Germany. not be denied that the situation It is sometimes argued that if Ger- has become progressively worse,

many is in distress, it is her own and there in thus an obvious danger fault. Ifas it not deliberately de- in delaying R final adjustment. cided to create confusion-to fuldil 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

I view is unjustified. It would be France, cannot pay more. 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 Germann bankruptcy. As for M. economica and provocative Herriot, he declared so little time politics. But it has suffered far ago that he approved of generosity more than any other western towards Germany, but not of nation. 11 was defented in the stupidity. But the point does arise war, was left without foodstuffs whether anything short of unquali- for many months, underwent a re- fled generosity is not only another volution, saw its supply of capital obliterated, nud always, banging Hame for stupidity. All over it, was a hopeless roparations' the elaborate plans, with their con-

debt, though it had not even ccasions and scalings-down, that resources suficient for the financ- have been imposed on Germanying of its own industries. There havo 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- ing the Treaty of Versailles and sibility on foreign countries and the crop of mischief that it has urged a revolt against the imposed produced. Germany, poverly conditions. It. kowise argued siricken and torn with internal that reparations, after all, dissensions, Is tottering. Other Atitute a relatively small percentage States

that emerged from the of Germany's budgetary expend!-

ture. This is doubtless true, bu morodlarge-a-strumenhibiting-

the burden of reparations are better beken empty pockets and clamouring for

superimposed on an already Bigg-

or a

the

♫

in

con-

help, America, the universal gering load. Moreover, it forced

creditor, Itself now in the slough.

LIONS

"Serves him right, for trying to stual bananas from the monkeys.”

Again, he occasionally offered nothing more nubstantial 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 nover attempt- ed to identify them in any other way, but the three algebraic un Prowns presented no financial pro- blem to his Atde, ican bankers. So zure were they that the monopolies really existed that they floated $360,000,000 in Kreuger securities to the public, and bought $8,000,- 000 worth themselves!

to have deult Kreuzer seems hugely in bribery and often was a blacknall victim of those who knew of his malpractices. He is reported to have paid $250,000 to n Spanish offeinl for the latter's influence in securing a Kreuger monopoly in Spain. The official took the money and fled. Kreuger took lifa loss and said nothing. As a last resort, according to inves- tigators, he forged documents tending to slow 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 height of his power he was key man in more than 300 different corporations all over the world. They included mines, timber and power interests, realty and invest- ment companies, and banka.

It was a huge invested-pyramid, yo 80 deffentely had. Kroupor (Continued on Payo 4.)