Schacht Works Out Bright Dollar Deal

Bay of Plenty Beacon, Volume 13, Issue 8, 15 October 1948, Page 4

Schacht Works Out Bright Dollar Deal

A group of Germans, trained by Germany’s ace economist Hjalmar i Schacht, are working for a Dutch syndicate to cheat Britain of millions of dollars a year. At the centre of Amsterdam’s money market, they are buying English pounds (foreigners dp not like holding. English pounds) at a cut rate of three dollars to the pound. With this sterling they buy English goods for shipment to Holland, but the goods are then reshipped to America, and sold there for dollars. On £IOOO worth of goods, anything over 3000 dollars is gross pror fit. * A genuine British exporter, working on the official rate of four dollars to the'pound, has to sell similar goods at 4000 dollars before he can break even. City experts believe similar practices are going on in many world capitals. ) One expert estimates that Italians, operating on a free currency market in Milan, are milking Britain of 24,000,000,000 dollars a year. The French, he says, are doing even better since they opened the fre'e market in Paris early this year on the Italian model.