THE Wairarapa Age MORNING DAILY. THURSDAY, JANUARY 2, 1913. AMAZING FRAUDS.

Wairarapa Age, 2 January 1913, Page 4

THE Wairarapa Age MORNING DAILY. THURSDAY, JANUARY 2, 1913. AMAZING FRAUDS.

The most astonishing feature of some frauds is that they are possible. Take, for instance, the series of Belgian railway frauds, of ■which we had news by cable some weeks ago. Wilmart, the managing director of the GhentTern euzen Railway, forged bonds of the company's shares to the extent of several millions, and carried on his operations for fifteen years. That banks, stock-brokers, and the business world generally should have been so long is amazing. The actual capital of tho railway was, according to a contemporary, only £185,000, and people are naturally wondering how it was that din the face of tin's, tho enormous number of shares issued did not attract attention years ago. Wilmart*employed agents to sell this worthless scrip all over Holland and Belgium; and in parts of France. He contrived to issue new scrip as shares which had been already paid off many years before and to carry audacity still farther, repeated the various numbers as often as he felt inclined. A,s the State bad been trying in vaiiu to buy the railway for some years. the purchasers in most cases quietly held these shares, tempted by the proposal of an eventual high price. Whenever shares came into the market Wilmart paid them off, and promptly issued more worthless paper. He had the scrip printed l>v many printers in Brussels, a.nd signed by his brother, cousin, and the managing director of the company, or by innocent and dummy directors. the worthless scrip was duly stamped at the Ghent stamping office. This office accepted without question the ! largo quantity of such paper that i came in even- month from Wilmart, as they knew he way the only person who had it in his power to issue «- fresh loan, i Exposure came by tho I merest accident. A Brussels stockbroker's clerk absconded with fifty of the railway shares, and his employer fura'.shed a list of the shares to the police. A magistrate examined the Kst, arid found that several shares Sad duplicate numbers, and inquiries were pushed i*o far that Wilmart fled the country. It would he interesting to know what Wilmairt'himself thought of the chances of detection. One might think he must 'liave realised that detection was inevitahle sooner or Hater, but' crkne »? Sfiis kfcid seems to fee a*,?ort of intoxication.