GERMAN POLITICS

Hokitika Guardian, 23 December 1932, Page 5

GERMAN POLITICS

REDUCED INTEREST SCHEME

FOREIGN AND PRIVATE DEBTS

(United Press Association—By Electric Telegraph—Copyright.)

BERLIN, December 22. “Germany ia consulting her capital, and'she '.is continually getting poorer,” said Dr Hungenberg in propounding a new gcMeme for the reduction of the interest vote s on Germany’s foreign •and private debts, from five per cent, to one and a half per cent. Ha suggested that negotiations thereon should begin at the expiration of the < “standstill” agreement in February, when the fate of three hundred million sterling of ,short term credits would be involved. 'He added: “Our creditors must dhoose between gett’ng their capital back >and receiving interest. If a iWutual agreement is impossible, Germany might be foiled to act alone. In addition to the reduction of interest, the amortisation payments should not exceed the value of our export surplus. AM? could dump our goods, but. we want to avoid that in the interests of our creditors and of our- _ selves.”. INCREASE IN UNEMPLOYMENT. BERLIN. December 21. After retying on hope s that unemployment in Germany was declining, it ha« been found that the unemployed -dflrifig the first half of December have increased by 249,000 t 0 5,604, C00. The Cabinet hag now approved of an agreemeatdsetween the Beichbank and tne Ministries of Finance and of Economics to provide Herr Gereke, Commissioner for Unemployment, with five hundred million marks for th e immediate provision of work.