GERMAN NEWS.

Hokitika Guardian, 13 October 1922, Page 3

GERMAN NEWS.

AUSTRALIAN AND N.Z. CABLE ASSOCIATION. GERMAN FINANCE. Received this day at 12.25 p.m.) PARIS, Oct. 12. The "Matin” referring to Sir R. Enulbury’s proposal for control of German finances now before the Reparation Commission, says Bradhury is of opinion that the deprivation of Govei'iiment’s linancial powers is the only remedy for the catastrophic condition of German finances. At the present rate of three thousand marks to the dollar, Germany’s total fiduciary circulation of 350 milliards paper marks at present are only worth 115 million dollars, which any country whose resources have been so thoroughly utilised as Germany’s could find with less difficulty. It is necessary that the unwise phrasing of the treaty proving Germany shall pay according to ability, shall tease to he dogmatically interrupted by certain Allies, and the conducting of a new money system is -ess'ntial. Germany’s restoration would become possible by real eonlrol. GERMAN PROPOSA Li-. - Received this day at 12.25 p.ni.) BERLIN, Oct. 12. Government lias decided to inlruduedrastic legislation to prevent specula, tivo traffic in foreign exchange. It i-' proposed that every contemplated transaction in foreign exchange shall first he submitted to finance officers, who shall have power of veto. It is also proposed to issue a loan of four hundred million gold marks payable in foreign currency or paper marks at the gold rate, hills ot be repaid in paper marks at gold rate, bearing four per cent interest in gold. The loan will be issued on tbe security Of an export duty and coal tax. GERMAN MOVE. (Received this day at 1.5 p.m). RERUN, Oct. 12. President Ebert decreed all speculative dealings in foreign currency to be punishable with imprisonment. This is regarded as the first genuine attempt to reestablish the mark and meet reparations.