Schacht Resigns

Hawke's Bay Herald-Tribune, Issue 201, 10 September 1937, Page 5

Schacht Resigns

-Prese Aaan.-

HITLER'S ECONOMIC EXPERT Qisagreement With Nazi Policy MANUFACTURE OR ARMS?

(By Telegraph-

-Copyright.

(Received 10, 10.50 a.m.) BERLIN, Sept. 9. Dr. Schacht has handed in his resignation as Minister of National Ecouomy to Herr Ilitler ou account of his disapproval of the Nazi economic policy. The British United Press Berlin correspondent says it is revealcd that Dr. Schacht recently sent a mcmorandum to Herr Hitler demanding measures for the stimulation of exports and tho diversion of more raw materials to manufactures instcad of rearmanient and Public Works. It is not known whether his resignation will affect the presidency of the Reiclis Bank. Dr Hjalmar Schacht, president of tho Reichis Bank, is rcgarded as Genhany's greatest economist He holds the rank

of Minister of National Economy, and most of the Nazi economic policy measures are said' to have been suggested by him. Dr Schacht played a leading role in the stabilisation of German currency after the financial collapse of 1923. This is not tlie first quarrel he lias had with the Nazi regime. He has been at odds on other occasions with General Goering and with Dr Goebbels on aspects of Nazi policy. Dr. Seliacht, too, opposed the entry of German troops into the Rhineland and so incurred Herr Hitler 's displeasure. He has on other occasions epposed Nazi measures against the Jews. He. has had a lifelong banking experience. Ho started work as a clerk in a private bank. He rose to be Director of the Reichsbank, where his grasp and power of prompt, firin decision cnade him the ■ outstanding man on financial questions in Germany. He negotiated the Young Plan, an arrangement to enable Germany to pay reparations. Politically he was a "young Liboral," later Democrat, and then Nationalist, although he has never been a strong party man. He was sent to Washington for preliminary talks with President Roosevelt in preparation for tho World Economic Conference of 1933. It has been known for some timo that he does not approve of many of the acts of Herr Hitler, particularly where such actions touch finance.