EUROPEAN CREDITS
(Press Assn.-
AMERICAN FINANCIER'S YIEWS ON CAUSES OF DEPRESSION DEBTS, REPARATIONS, TARIFFS
— By Telegraph — Copyright).
Rec. Oct. 31, 5.5 p.m. WASHINGTON, Friday. Mr. Albert Wiggins, chairman of the Chase National Bank, and of the committee of the Bank of International -Settlements, discussing the depression before the Senate Economic Committee said: "Stripped of technicalities, the restoration of credit in Europe depends upon a rapprochement between France and Germany, and reductions in reparations, interallied debts, and tariffs." Mr. Wiggins asserted that the chief causes of the depression were excessive tariffs and other restrictive policies in international trade. Abnormalities in certain commodity markets due to governmental and private attempts at control of values, low money rates, and excessive credit led to the devaluation of bank funds into slow speculative business, and political difficulties and the tardiness with which wholesale prices followed the fall of retail prices, wages and rentals were chiefly responsible for last year's sharp falls.
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Bibliographic details
Rotorua Morning Post, Volume 1, Issue 60, 2 November 1931, Page 3
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156EUROPEAN CREDITS Rotorua Morning Post, Volume 1, Issue 60, 2 November 1931, Page 3
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