16 APRIL 1932, Page 38


to say anything very definite with regard to the Kreuger and Toll tragedy, for unquestionably the affair constitutes a Kreager commanded, especially in Sweden, that even the statement that he had committed suicide failed at first to arouse any serious apprehensions with-regard to the position of his group of companies. An investigation has, however, produced a preliminary report from the Auditors which has caused consternation throughout Europe, and even throughout the United States, and at present it looks as though the un- ravelling of the tangle which Mr. Kreuger left behind might be attended with very unpleasant consequences. Whatever may be the ultimate outcome of the investigation, there can be little doubt that very heavy losses will be entailed, and that yet another shock will have been imparted to international credit. Locally—that is to say in Stockholm—Mr.Kreuger seems to have commanded absolute confidence on the part of banks and public alike, while at foreign centres, and notably this country and the United States, the rapid absorption of Kreuger and Toll and Swedish Match securities was largely due to the fact that they were sponsored by financial quarters in which absolute trust was reposed. It would now seem that those quarters, equally with the public, were deceived as to the true position. * *

the respect and even admiration which the late Mr. 'vat'