THE BARTER SCHEME.
SOUTH AFRICA AND GERMANY. LOSS TO THE UNION TREASURY. i (United Press Association—Copyright). LONDON, February 24. The Johannesburg correspondent of the “Morning Post” says there is likely to be severe criticism in Parliament when the barter agreement with Germany comes up in the estimates. The agreement has caused a piling up of credits on the German side, on which South African banks are unable to earn interest. The Union Reserve Bank has paid out to the commercial banks in Union currency, making the State the loser on the frozen credits. The losses thus sustained by the Treasury amount to £4OOO, which is expected to be doubled next year. It amounts virtually to a subsidy paid by South Africa to Germany to enable her to purchase wool.
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Ashburton Guardian, Volume 56, Issue 114, 25 February 1936, Page 5
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129THE BARTER SCHEME. Ashburton Guardian, Volume 56, Issue 114, 25 February 1936, Page 5
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