GERMAN DEBTS.

Ashburton Guardian, Volume 53, Issue 212, 20 June 1933, Page 5

GERMAN DEBTS.

CONFERENCE IN LONDON.

MARKET RESPONDS QUICKLY

(United Press Association—Copyright) LONDON, June 17.

While uncertainty regarding international affairs has been mainly responsible for keeping business on the Stock Exchange within moderate' proportions, there was to-day x a noteworthy recovery in German bonds. Yesterday the 7 per cent. Dawes bonds fell to 745, and the 5i per cent. Young bonds to 50. This morning they were strong at 80 and 56 respectively. The improvement yesterday - follows a meeting in London between Dr. Schacht (President of the Reichsbank) and Germany's long-term creditors from Britain, Sweden, Holland, Switzerland and the United States.

The meeting was not of such a character that any binding agreement could be reached, but Dr. Schacht agreed to the important principle of priority for the Dawes 7 per cent, loan. He did not; agree to similar treatment for the Young 5J per cent, loan, but expressed a desire to have the opportunity of considering all the arguments submitted. The; suggestion for postponing the sinking-fund payments on the Young loan is being referred to the Bank of International Settlements. ' >

The conference also agreed that, apart from consideration affecting the Dawes and Young loans, transfer for interest payment should, both on long and Short term credits, have priority over any transfer for capital payment. Another meeting will be held shortly. —British Official Wireless.