GERMANY'S PLIGHT
(Press Assn.-
AMERICAN FINANCIER SAYS SHORT TERM DEBTS TO U.S. NOT MENACE EVIDENCE BEFORE SENATE
— By Telegraph — Copyright)
WASHINGTON, Friday. The Finance Committee of the Senate to-day heard Mr. Lamont, of the J. Pierpont Mofgan Company, concerning foreign securities held in America and bearing on debts and the moratorium. Mr. Lamont said that the seriousness of the German situation was exaggerated beyond the realm of common sense. Ninety per cent. of the American banks had participated in financing Germany, and though there was a cumbersome amount of short term German "credit in the United States it really did not endanger the American banks. The largest holding was £4,000,000 and the bank which holds that is so large that it does not Constitute a menace. The Pierpont Morgan Company alone floated loans for sixteen foreign Governments since the war totalling £340,000,000. Of this lluge total, £275,000,000 is still outstanding. France got £60,000,000 and had repaid nearly one-half.
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Rotorua Morning Post, Volume 1, Issue 102, 21 December 1931, Page 5
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158GERMANY'S PLIGHT Rotorua Morning Post, Volume 1, Issue 102, 21 December 1931, Page 5
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