Word: viscountal
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Trade. The opening of large South American markets to British goods was predicted by Viscount D'Abernon of Stoke D'Abernon, oldtime diplomat, just back from a trade mission (TIME, Sept. 23) to that continent...
Said he: "Our arrangements, if completed, should give profitable employment to tens of thousands of Britons." Viscount D'Abernon's "arrangements" were: 1) an agreement with Argentina by which that country is to buy $38,880,000 worth of manufactured goods from Great Britain over a period of two years, and reciprocally Britain is to take an equal amount in raw material from Argentina; 2) an Anglo-Argentine floating credit of $77,760,000; 3) a British loan of $200,000,000 to the Argentine government for road building...
When they think the stock of their companies is selling too high, conscientious tycoons will often sound a warning. But mum is the traditional word when they deem it is going too cheap. Last week this convention of high finance was crisply broken by potent, unconventional Viscount Rothermere, dynamic chairman of the largest chain of British newspapers and allied interests...
...Just now the Stock Market is badly run down," pontificated the Viscount in his Daily Mail, Britain's daily of largest circulation (1,989,043). "I am sorry to see that the wave of apprehension . . . is deluding some of the shareholders in my group of companies into throwing away their shares at prices which I can assure them are much below their real worth. . . . It is almost tragically humorous...
...common with most British fiscal authorities Viscount Rothermere blamed the present London Exchange break-which has undoubtedly depressed many sound shares below their real value-on "the Hatry crash and the increase in the Bank rate."* Throughout the week all Britain continued agog over the astounding collapse of the numerous corporations fathered by daring, astute, masterful Clarence Charles Hatry. He sat in jail. But so many great personages are involved (Exhibit A: the Marquis of Winchester, chairman of one of the companies in the Hatry group) that details of the liquidation were kept hushed with a success only possible among...