NAZI REPUDIATION

Hokitika Guardian, 16 May 1933, Page 5

NAZI REPUDIATION

INTEREST PAYMENT

IN PAPER INSTEAD OF GOLD

United Press Association —By Electric

Telegraph—Copy right.)

LONDON, May 15

A message from Basle states that Germany has intimated to the Bank of International Settlements that she intends to follow th. 3 British-Amei ican decisions to pay interests on the Young Loan in paper dollars, instead of in gold. The bank has replied that it cannot recognise such a change, which would bo contrary to Germany’s obligation. The “Financial Times” says: London city circles take an extremely severe view of Gei many’s repudiation. There is a widespread selling of German securities of all descriptions.

It adds: • ‘ ‘To make these' interest payments in the depreciated currencies cannot be defended. It creates fmacial distrust.”

STOCK MARKET DEPRESSED,

OWING TO POLITICAL EVENTS

(Per British Official Wireless.)

RUGBY, May 14

Business on the Stock Exchange on Saturday was very restricted owing to political events. The ohnnges were small, but the general tendency was a reactionary one. Some British funds dropped, but war loan 3}- per cent was unchanged. German bonds showed a marked weakening on the report that the Young Plan payments falling due on May 15th, and quoted in depreciated currencies, will be met in the nominal amount due, irrespective of the gold clauses. They closed little above their worst level.

Leading internationals showed a slight fall. Home industrials weie irregular, hut iron and steel shares were firm. -

GERMANS MANUFACTURING 'GUNS.

CONCERN EXPRESSED IN FRANCE

LONDON. .May 15

The “Dai'jy Herald’s” diplomatic correspondent says: “The Frehch general staff are perturbed by the information that Germany for the past few months has been manufacturing six-inch howitzer guns at the Rhine metal works at Dusseldorf, though this type is prohibited by the Versailles Treaty. The Dusseldorf works are manned by picked Nazis. No other person is allowed near the machine s helps.

FRENCH ' FRONTIER DEFENCES.

NOW NEARING COMPLETION

LONDON, May 14

The “Daily Mail’s” Paris correspondent says: There was the traditional prpcession to celebrate 'Saint Joan of Arc’s Day.

The participating patriots were impressed* by M. Deladierls statement that the girdle of France’s eastern fortresses and fortified lines of almost impassable design were nearly complete, and that the war factories were •busily producing the armaments and equipment for them in preference to manufacturing offensive armaments, thus -ensuring the adequacy of the national defences in any eventuality.

PAPEN’S SPEECH CRITICISED

LONDON. May 15

The London “News Chronicle” in a leading article compares vice-Chan-cellor von. Papen’s speech to the utterance of the chief of a savage tiibe, to fellow barbarians,” and it suggests that there are thousands of Germans to which this bloody-minded nonsense is as* repulsive as it is to intelligent foreigners.” It ' asks whether the ’speech reflects Herr Hitler’s mind and policy. ' '