COMPANY’S LOSSES.
CREDITORS GRANT MORATORIUM
(Australian Press Association.) BERLIN, Aug. 24. The principal creditors have granted the Frankfort General Insurance Company a three months’ moratorium. The company’s losses are estimated at £2,500,000.
A message from Berlin, dated _ August 21, stated: Financial circles experienced a sensation when they learned that the General Insurance Company, the second largest company in Germany, was on the verge of disaster. Its purely insurance reserves are intact, but recently it engaged in outside business, including the financing of instalment sales of motor-cars, to support small banks, with the result that the company is now responsible for guarantees amounting to £8,000,000, including £2,000,000 to British and Swiss financiers.
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Bibliographic details
Manawatu Standard, Volume XLIX, Issue 228, 26 August 1929, Page 7
Word Count
111COMPANY’S LOSSES. Manawatu Standard, Volume XLIX, Issue 228, 26 August 1929, Page 7
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