GERMANY’S DECISION

Evening Star, Issue 22458, 1 October 1936, Page 11

GERMANY’S DECISION

WILL NOT DEVALUATE REICHBBANK PRESIDENT'S EXPLANATION Press Association—By Telegraph—Copyright BERLIN, September 30. (Received October 1, at noon.) Dr Schacht told the Reichsbank Committee that Germany will not devaluate. “ The reason for the control of the German currency,” he said, “ is the burden of debts imposed by the Versailles Treaty and the injustice and difficulties connected with the purchase of raw materials.” He added that Germany was prepared to participate in international negotiations aimed at a free economic system, and would be ready to re-examine her attitude should such possibilities be opened by the English, French, and American Governments. FRENCH SENATE PASSES BILL PARIS, September 30. (Received October 1, at 10.5 a.m.) The Senate passed the devaluation clauses. ITALIAN BOURSES ROME, September 30. (Received October 1, at noon.) It is officially announced that the bourses, which were expected to have reopened to-morrow, will remain closed until further orders. INDIA TO MAINTAIN STERLING PARITY SIMLA, September 30. (Received October 1, at 1.30 a.m.) Sir James Grigg (finance member of the Executive Council) says the Government has decided not to lend itself to competitive depreciation of the currency, and intends to maintain the present sterling parity. CONDITION QUIET FOREIGN EXCHANGE MARKETS. (British Official Wireless.) RUGBY, September 30. (Received October 1, at noon.) A quiet condition prevails on the foreign exchange markc '. The latest rates in sterling are:— On New York, 4.96; Brussels, 29.335; Amsterdam, 9.05; Geneva, 21.555; and Berlin, 12.70. British Government stocks have improved, War Loan 3J per cent, being £lO7 1-26. About 408 bars of gold of an approximate value of £1,150,C20, were disposed of to-day at £7 0s 2d per fine ounce. NO CHANGE IN JAPAN TOKIO, September 30. The Government has decided not to alter Japan’s currency policy and the purchase price of gold. SWISS ACTION APPROVED BERNE, September 30. The Lower Chamber of the Swiss Parliament, by 99 votes to 60, approved jf the Government’s action in devaluing die Swiss franc and imposing a temporary gold embargo.