The prospectus that counted reserve transfers as "earnings" exposed the lie
カートのアイテムが多すぎます
ご購入は五十タイトルがカートに入っている場合のみです。
カートに追加できませんでした。
しばらく経ってから再度お試しください。
ウィッシュリストに追加できませんでした。
しばらく経ってから再度お試しください。
ほしい物リストの削除に失敗しました。
しばらく経ってから再度お試しください。
ポッドキャストのフォローに失敗しました
ポッドキャストのフォロー解除に失敗しました
The prospectus that counted reserve transfers as "earnings" exposed the lie
-
ナレーター：
-
著者：
The prospectus that counted reserve transfers as "earnings" exposed the lie
In this episode, we present a close look at the document, the figures it used, and the corporate practices that let a hulking shipping empire dress losses as profits. How did transfers from a hidden reserve become the basis for public investment, and what questions did that raise about truthful accounting?
Company: Royal Mail Steam Packet Company
Person: Lord Kylsant
Date: 1928 prospectus; trading losses since 1925; 1931 Court of Appeal verdict referenced
Event: 1928 debenture prospectus claiming average annual earnings of £500,000 based on prior decade figures
Location: United Kingdom
- The prospectus asserted the company had averaged £500,000 per year over the previous ten years, printed and signed by respected men.
- The company had a hidden reserve-about £1 million remaining after wartime government payments and tax provisions-kept off public accounts.
- From 1926 onward, reported profits relied on transfers from that secret reserve rather than genuine trading profits.
- 1926 accounts showed a reported profit of £439,000 that included a £750,000 withdrawal from the reserve; without it the year was a loss.
- The 1928 debenture prospectus used the ten-year earnings claim to raise money from the public, setting up a legal challenge about whether all-true statements can nevertheless constitute a lie.
To listen to this podcast ad-free and access premium episodes, try our subscription with a 14-day free trial at obomedia.com.
© 2026 OBOMEDIA. All rights reserved.
This episode and its content (audio, text, and related materials) are the exclusive property of OBOMEDIA and are protected by applicable copyright laws. Reproduction, distribution, editing, or commercial use, in whole or in part, without prior written permission from OBOMEDIA is prohibited. For permissions, licensing, and business inquiries: business@obomedia.com.
adbl_web_anon_alc_button_suppression_t1
まだレビューはありません