LORD KYLSANT CASE

Hokitika Guardian, 1 August 1931, Page 5

LORD KYLSANT CASE

HEAVY COSTS. [United Press Association—By Electric 'telegraph.—Copyright.] LONDON, July 30. The verdict in Lord Kylsant s case has caused a sensat.on in London. -Not one in ten businessmen expecud a convict.on, though the tone of the uiiUges suinm.ug was unexpectedly severe. .\iuch sympathy is expressed for Lord hy.daiii, ilio c.ty men remember Unit in: cu.umeiu-.d l.i- as a humble clerk at .Newcastle. Mima Lord Kylsant purchased the Au:-.iraiiiin-t.onimoiiW'.alth lane, he haci the greatest shipowamg combinat.on in the world, and he was Chairman of no fower than thafy-two companies. l.oid lvyisant was obviousiy shaken by the vent.cl and the sentence. The Judge’s voice’ was so low that it was scarcely audible. The previous convictions of Peers include those of Earl Ferrers in 1760, Lord Byron in 1(65 Karl Russell in 1901 and Lord Ferrington in 1928. Morland, the' accountant, was the recipient of many congratulations, and he was cheered in the streets. Lady Kylsant and her daughters waited for the verdict all day long. Une of the daughters of Lord Kylsant is married to Jsarl Coventry, and the other to Lord Sheffield. , Later there was a pathetic meeting between Lord Kylsant and Lady Kylsant at Old Bailey, the latter leaving the Court in tears. The warders took Lord Kylsant in a taxi and drove him to Wormwood Scrubs, where his sentence will probably be seiietl, if his appeal does not succeed. The comment on the Kylsant case is necessarily restricted, in view of the appeal, but, mainly, it stresses the importance of the issues to the business world. the necessity of saleguarding the interests of investors ol clarifying the balance sheets and ot strengthening the authority of auditors. (Received this day at 9.-i-> a.in) LONDON, July 31. The costs in the Kylsant case are believed to be the heaviset for years by both sides, owing to the detailed evidence and dcumentniy searches. It is estimated the defence alone cost fifty thousand. bail allowed. LONDON, July 31. Lord Kylsant was granted bail of CQIO,OOO.