STINNES’ TRUST

Hawera Star, Volume XLV, 10 August 1925, Page 5

STINNES’ TRUST

LIQUIDATION OF CONCERNS,

DISPUTES WITH BANKS

RAN KRUPTCY THREATENED

BY CABLE—PRESS ASSOCIATION—COPYRIGHI Received August 10, 11.45 a.m. BERLIN, August 9.

While the baukiug group which is conducting the liquidation of Stinnes concerns emphatically denies that a difference has arisen with the Stinnes family, the Rheinisch Westfaersche Zeitung, the mouthpiece of the family, says that the banks are unwilling to assume additional obligations, on the ground that fresh liabilities are continually being discovered. The paper adds that un’ess the banks alter their, methods the concern will dec 1 are bankruptcy, or request the court to supervise liquidation. It asserts That Schacht, the president of the Reichsbank, approves of the action of the banks, thereby surrendering German economic life to ruin. The paper also declares that if the concern declares bankruptcy the bank c themselves will require assistance. —Reuter.

DISPOSAL PROCEEDING- SLOWLY

BERLIN, Aug. 7

Reconstruction of Stinnes’ concern, the final aim of which is to revert to the original business of the late Hugo Stinnes, namely, coal trading at Mulheim and working the Stinnes mines in West Germany, is progressing only slowly, owing to the all-round fall of the Stock Exchange quotations for mining and industrial shares and the difficulty of selling Stinnes shares en bloc to one holder, to avoid weakening the market by throwing them_ on the Stock Exchange. Stinnes’ obligations are now stated to be 180,000,000 marks, of which 40,000,000 marks have already been paid by sales of some of Stinnes’ property. It is calculated that there will be still a surplus of assets over liabilities, if the entire Stinnes property is regarded as an asset. Negotiations are proceeding for the sale of Stinnes’ Riebeck mining and 1 oil works. Prospects of disposing of the Stinnes fleet of 250,000 tons areapparently small. Plans for the formation of a new company to take over the fleet at a price of 25,000.000 mark 6 are now being discussed.—Reuter.