GERMAN'FINANCES

Hokitika Guardian, 18 May 1933, Page 5

GERMAN'FINANCES

A SERIOUS POSITION

OVERSEA INTEREST HELD UP,

(United Ureas Association-—By Electric j Telegraph—Copyright,’

LONDON, May 16,

! The Reichsbank has cabled to the ! Bank of England, regretting that the German exchange position is so un- . favourable that- it seriously affects the I further transfer of funds for debt serI vice, necessitating direct discussion with creditors. It requests the hank to invite English bank committees, issuing houses, and trustees of German issues, to send representatives to ! a meeting at Berlin on May 26. j The intimation to the Bank of ! England by the Reiclisbfudc, regard--j-irr the adverse exchange and the ' effect on oversea debt payments, covers a wide field, notably that of the stand still agreements, which, although materially reduced during the i last eighteen months, are showing a ' discount on sterling, believed to be between 30 and 35 millions sterling.

“The Times” city editor says: “This development is, not unexpected in view of the recent decline in the German export surplus, and the virtual cessation of foreign lending by the creditor countries. Two important lessens are to be drawn from the development. Firstly. Germany should pursue a policy calculated to create, not to destroy confidence, and enabling a resumption of international trade and finance. Secondly the stabilisation cf currencies in the terms of a common international monetary standard is daily more urgent.

HITLER’S SPEECH,

(Received May 18 at 9.30 a.m.)

LONDON, May 17. It is expected that Herr HiMer will commence at 3 p.m.

Berlin offices at Willhelmstrasse were busy long after midnight, digesting the message. Nadolny is returning to Geneva forthwith. It is understood he will accent Mr MacDonald’s plan as the basis for negotiations.