SWEDEN: Glorified I. O. U.'s

Money lenders to sovereign States are the firm of Kreuger & Toll, financing company of "The Swedish Match Trust."

Three years ago they helped to stabilize the French franc by letting Prime Minister Raymond Poincaré have 1,875,000,000 francs ($75,000,000). He let them have as security, as glorified I. O. U.'s, a French Treasury bond issue. In the polite language of financiers the Swedes "bought"' this paper at $93 1/2 per bond.

Last week the new and dynamic Prime Minister of France, M. André ("L'Americain") Tardieu completed arrangements to buy back the French...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!