SCHACHT DROPPED

Wairarapa Times-Age, 21 January 1939, Page 5

SCHACHT DROPPED

RELIEVED OF REICHSBANK PRESIDENCY ECONOMIC UNIFICATION IN GERMANY. HERR FUNK AS SUCCESSOR. By Telegraph—Press Association—Copyright. (Received This Day, 10.5 a.m.) BERLIN, January 20. With the object of unifying economic, financial and capital and market policy, Herr Hitler has relieved Dr Schacht of the presidency of the Reichsbank and appointed Herr Funk (Minister of Economy) as his successor.

MORE TO FOLLOW CONSTERNATION IN BANKING CIRCLES. JEWISH CIRCLES MORE APPREHENSIVE. (Received This Day, 10.5 a.m.) LONDON, January 20. The British United Press correspondent at Berlin says it is understood that Herr Hitler decided upon Dr Schacht’s removal last night, after a long conference with Field-Marshal Goering. The dismissal has caused consternation in banking and industrial circles, where it is expected that Dr Schacht’s closest associates will also be transferred elsewhere. Jewish circles are more apprehensive of the future after the announcement of ‘the discontinuance of the Rublee discussions. CENTRAL BANK UNCONDITIONALLY SUBJECT TO STATE. THE FUEHRER’S ORDERS. (Received This Day, 10.5 a.m.) BERLIN, January 20. Herr Hitler has sent a letter to Herr Funk, ordering completion of the conversion of the Reichsbank into a Central Bank, unconditionally subject to the State’s sovereignty, also a guaran-| tee of the unconditional stability of wages and prices in order to secure the mark’s future.

Herr Hitler, in a letter to Dr Schacht, warmly thanked him for his services.

OPINION IN PARIS SIGNIFICANCE OF REMOVAL FINANCIAL AND ECONOMIC DIFFICULTIES. (Received This Day, 10.40 a.m.) PARIS, January 20. Dr. Schacht’s removal is regarded as symptomatic of Germany’s growing financial and economic difficulties. CUTS AND ECONOMIES. EXPECTATION OF DRASTIC ACTION. (Independent Cable Service.) (Received This Day, 10.40 a.m.) LONDON. January 20. The “Evening Standard” learns that drastic cuts and economies are pending in Berlin to replenish the exchequer, which Jewish confiscations have failed to fill. To avoid further taxation of the people who are already hard pressed, Government Departments and fighting services will bear the brunt of economies. It is reported that the production of planes is already being slowed down.