16 APRIL 1932, Page 32


To-day, therefore, and at a moment when conditions in this country are showing some small signs of improvement, conditions at many foreign centres, not excluding the United States, are serious to the point of acute crisis, Moreover, from time to time financial distrust has been increased by maladministration of undertakings which has resulted in colossal losses to institutions and individuals. The latest of these events which have inflicted a blow upon credit has been furnished by the sensational deVelopments in connexion with the affairs of the Kreuger and Toll group. What may be the full extent of those disclosures has still to be seen, but even judged from the standpoint of the collapse which has taken place in market values of securities of the group since the boom period, the losses of holders of securities run almost into hundreds of millions, and while, perhaps, in this particular. instance the losses fall more severely upon .Sweden.than

(Continued or page 574) Finance—Public and Private (Continued from page 572.).

upon any other country, there. are few 'countries which escape the effect of actual loss and of shock to credit.