The Archive · 1938

Millions of Marks

HELD ABROAD

Offence Against German Law Discovered After Death Hamburg, Feb. 26.

A serious offence against the German foreign exchange regular has now been discovered, here. twelve months after the death of the delinquent, Herr Paul Kroenke. who was a prominent and esteemed Hamburg merchant.

It has now transpired that Kroenke possessed a fortune, amounting 10 approximately 5500000 Reichsmarks abroad, the existence of which h had concealed from the German authorities. Of this sum 3,500,000 consisted of gold bars deposited in the Bank of Holland.

It is stated that the German authorities have been able to obtain possession of the fortune thus illegal transferred. Under the German law of December 1, 1936, the offence against foreign exchange regulations committed by Herr Kroenke is a capital crime but his death saved him from the executioner.—Trans-Ocean. prehensive report on the entire subject of Philippine-American affairs, in the light of economic facts as well as international developments in the Orient. He pointed out that such a report would require a number of conferences to complete.

Mr. McNutt said that it was unavoidable that the Philippine prob-Jem should be "related in many ways to the situation in China." He did not reveal the contents of his report on the international implications of the Philippine situation, however.

Text read from the printed page and cleaned; old type leaves the occasional error.

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