GERMAN SLUMP

Wairarapa Times-Age, 22 August 1938, Page 5

GERMAN SLUMP

DR. FUNK’S ANALYSIS DEFENCE OF NAZI ECONOMY. CRITICISM & SOME THREATS. (Recd This Day, 9.40 a.m.) BERLIN, August 21. Dr Funk, Minister of Economics, opening the Konisberg Industrial Fair, said over-anxious or malevolent persons had taken the recent decline oh the Bourse as a proof that the Ger--man economic position was critical. The recent depression had been caused by excessive selling, due in the first place, to Jews selling their securities under a false impression that they would, not be allowed to possess German .securities. Jews must not have an influence on German economy, but there was no reason why a Jew should not possess anonymous securities. To this selling movement was added trade and industry’s larger money requirements, due to a further heavy expansion of production. An increase in the corporation tax also had prevented the realisation of certain high dividend expectations. It was unbearable that irresponsible and malevolent elements should exploit Bourse movements to influence the general tone of the market unfavourably and create unrest. These endeavours originated from anti-German circles abroad, but Germans were showing unswerving confidence. '

“This is clearly shown,” the Minister declared, “in the recent increase in savings bank deposits to a record of over 17,000,000,000 marks. Those responsible for the conduct of National Socialist economy will never tolerate anything likely to jeopardise the financing of its great economic tasks and the State will relentlessly deal with the smallest attempt to disturb the mighty work of reconstruction.”