GERMAN RAILWAYS
BIG COMPANY TAKES OVER STATE LINES. The German railway system is the biggest in the world, having a length of about 36,000 miles, of which 33,434 are operated by the German National Railways Company (Deutsche Reichsbahn Gesellschaft), which was formed in 1924 under the Dawes Plan to talce over the former State railways. Its assets exceed 27,465,000,000 Riechsmark (approximately £1,373,250,000). Under the Dawes Plan an issue of Reparation bonds was made for approximately £550,000,000 and held by the Trustees of the Reparations Commission against future payments, the bond being guaranteed by the German Government. The Young Plan, which took effect in September, 1929, provided for the aholition of these bonds. The railway company, instead of having to meet interest on the bonds, had to pay a special tax, for a period of 37 years, to the account of the Bank of International Settlements, equal to the annual amount of the unconditional Reparations annuity (£23,000,000).
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Bibliographic details
Rotorua Morning Post, Volume 2, Issue 301, 15 August 1932, Page 6
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156GERMAN RAILWAYS Rotorua Morning Post, Volume 2, Issue 301, 15 August 1932, Page 6
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