Word: kylsant
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...Owen Cosby Philipps, first baron Kylsant of Camarthen, the defendant, has been a Peer of Britain only since 1923. In revenge for that he traces his ancestry back to Vortigern, King of the Britons (who in turn reputedly traced his ancestry back to the Emperor Maximus), and at 40 had made himself master of Royal Mail Steam Packet Co., virtual owner of the Union Castle, White Star, Lamport & Holt and half a dozen other lines, the most powerful figure in the world's mercantile marine...
Over a month ago Lord Kylsant's trial began (TIME, June 15). He was accused on two counts: 1) misleading Royal Mail stockholders in 1926 and 1927 by publishing statements showing annual net profits of over a million dollars, when the company was actually losing nearly three times that much and dividends were being paid from a secret reserve fund of which the stockholders had no knowledge; 2) issuing a false prospectus of debenture stocks "with intent to induce persons to entrust or advance property to the company...
...simple, the trial extremely complex. Conducted by Attorney General Sir William Jowitt and defended by "Britain's foremost barrister," Sir John Simon of Indian Commission fame, the trial resolved itself into a debate on business ethics with the text: Should a company director tell-and how much? Lord Kylsant thought a director should not tell...
...trial of Lord K. (except for its pomp and circumstance) was anticlimax. At that time the preferred shareholders of White Star Line, all of whose common stock was held by Royal Mail, discovered that their own company was in horrid condition and Royal Mail was worse off. Lord Kylsant, controller of 34 shipping companies and 2,770,000 tons of craft, was roundly vilified by the shareholders (TIME...
...case did not warm up last week. When it does, Lord Kylsant will be defended by Britain's No. 2 Liberal (Lloyd George is No. 1), famed Sir John Simon. The Crown's major champion will be a former Liberal who suddenly switched into the Labor Party when Scot MacDonald offered him the post of Attorney General of Great Britain in the second Labor Government. Switcher Sir William Jowitt was elected a Liberal M. P. at the last general election (1929), but later in a by-election was returned as Labor M. P. by his old constituents...