THE MATCH KING

Wairarapa Daily Times, 15 March 1932, Page 5

THE MATCH KING

WORLD-WIDE DISASTER FEARED IN BERLIN. Press Association Electric Telegraph—Copyright (Received Tuesday, 9.25 a.m.) PARIS, Monday. That the banks were pressing Kreuger (the Swedish "Match King,” who committed suicide), is denied. It is known that he failed to obtain in America £6,500,000 due to Swedish banks on Ist April, the failure to pay which involved their withholding sums to meet dividends. Financiers in Berlin fear a worldwide disaster, but London’s only precaution is marking down all internationals. THE REAL TRAGEDY. LONDON, Monday. Mr Kreuger’s suicide has caused a sensation in two continents. A prominent Parisian business man says that the real tragedy is that the suicide was unnecessary. Mr Kreuger could have pulled through with his innumerable undertakings individually sound, but the impossibility of remitting moneys from certain countries hampered his transactions, while ill-health sapped his courage. It is believed that Mr Kreuger met a number of big business men in Paris, and reached the conviction that a French financial group was trying to wreck his companies. Two years ago the concerns were valued at £160,000,000. On Saturday the Stock Exchange valuation was £45,000,000. His loans to foreign countries included £7,000,000 to Hungary, £4,500,000 to Jugo-Slavia, £6,000,000 to Boumanin, and £2,000,000 to Turkey. The “Financial News” says that had his death occurred three months ago it would have had a catastrophic effect, and probably caused a suspension of the gold standard in several countries, but in the meantime the international monetary situation has become less unstable. LAST-MINUTE DECISION. PARIS, Monday. M. Lit-torin, assistant managing director of the Swedish Match Company, who was one of Mr Kreuger’s oldest friends, says he believes that . Mr Kreuger only decided to take his life a few minutes before ho fired. Ho left a scribbled note saying that he had tried, but could not see the use of going on.