MAY LAST MONTHS.
Trial of German Woollen Trade Magnates. ALLEGED FALSIFICATION. BREMEN, August 30. The trial of the brothers Carl and Heinz Lahusen, joint owners of the Nordwolle woollen concern, the biggest in Germany, with a capital of £12,500,000, has opened. The brothers are charged with being responsible for the failure of the company. The trial is expected to last for months. The brothers are accused of the falsification of records and balancesheets, and with issuing misleading information to creditors. The trial recalls that the failure of the Nordwolle concern precipitated the great German banking crisis of 1931. Just at the time when the foreign debts threatened disaster to German finances in 1931, the largest German textile manufacturing firm collapsed. The North German wool-combing and yarn spinning firm of Lahuaen Brothers in Bremen certified a loss of 200,000,000 marks (£10,000,000 at par). Confidence m the stability of German commerce received a shock, aa prominent German and foreign banks were interested in the undertaking. The German banking crisis followed soon after.
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Bibliographic details
Auckland Star, Volume LXIV, Issue 205, 31 August 1933, Page 7
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170MAY LAST MONTHS. Auckland Star, Volume LXIV, Issue 205, 31 August 1933, Page 7
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