If international “temporary” loans, and the default arising therefrom, are the top story of an extended credit structure, Kreuger's bogus Government bonds are certainly the top note in forgery. When it is remembered that the Stock Exchange values of Kreuger companies were at one time over 200 millions, and that many millions of the securities never existed (being either forged bonds, or mere assertions of the existence of vast contracts that were never completed), it is obvious that international finance can receive blows apart from those incidental to Government default. But how is it that forged Governmental bonds and non-existent Governmental contracts can be pledged as securities without the knowledge and protest of the Government concerned?