“BREATHING SPACE”

Dominion, Volume 15, Issue 42, 12 November 1921, Page 7

“BREATHING SPACE”

GERMANY UNABLE TO MEET PRESENT DEMANDS A BANKER’S ASSERTIONS ■y Telerraoh—Pre«» AHooiation—Ooar right (Rec. November 11, 5.5 p.m.) London, November 10. The Berlin correspondent of the "Daily Chronicle” reports that .von Gwinner, one of tho creators of the Deutsche Bank, when interviewed on the financial' situation, said: "The position, is almost as black as it can be. It is preposterous to expect Germany to pay unthinkable sums. People talk glibly p.bout reparations, but Germany is asked to pay 132 milliards ot gold marks, representing' eight thousand milliards cf paper marks. The absurdity of it can be siren when it is remembered that all the vast amount of paper money Germany has thus far printed is only one hundred milliards. . The army of occupation is costing eleven times the number cf marks we spent on our army and navy before the war. "The only remedy is that the world must return to its senses. Germany must have breathing space for at least a year, otherwise riiere will be a smash,, and perhaps the end of the white race in Europe. If our industries suf-, fer badly, it will be our Moscow and the end of Germany. "It is stupid to accuse the German Government of bringing about the fall of ths mark. The- real cause is that (he Government,had to burrow 27 per cent, of the last reparation payments by means of short loans which are now being repaid. There is only one way out; we must get together and work the whole thing out. If we don’t, we shall be faced with European disaster.”—Aus.N.Z. Cable Assn. ’ EARLY CRASH PPtEDICTED. London, November 10. The Financial Editor of “The Times” predicts on early financial crash in Germany.—" Times.” Berlin, November 10. The Reparations Commission lias arrived from Paris to closely examine Germany’s financial position—Aus.-N.Z. Cable Assn.