Ashburton Guardian Magna est Veritas et Prævalebit MONDAY, NOVEMBER 29, 1937. DR. SCHACHT'S RETIREMENT.

Ashburton Guardian, Volume 58, Issue 42, 29 November 1937, Page 4

Ashburton Guardian Magna est Veritas et Prævalebit MONDAY, NOVEMBER 29, 1937. DR. SCHACHT'S RETIREMENT.

Herr Hitler has accepted Dr. Schacht’s resignation as Minister of Economics, but the ex-Minister continues to be the Fuhrer’s personal adviser as Reich Minister without portfolio. The resignation was forecast about a month ago as indicating repudiation of responsibility for the four-year plan. For some time Dr. Schacht has been desirous of leaving the Ministry, for he could not tolerate political interference that in his opinion threatened the country with economic ruin. Whatever might have been the result of a policy in which he had an absolutely free hand, there is no doubt that frustration of his plans contributed greatly to the increasing scarcity of foodstuffs, raw materials and textiles. Throughout his career, which became an eminent one when in -1923 he was first appointed head of the Reichsbank, Dr. Schacht has proved himself a devoted public servant, strongly nationalist in outlook. Again and again he has exerted himself to put German industry and finance on a secure footing, only to arouse political opposition so vehement that he has had to face a choice between giving up position or giving up principles. He has preferred to sacrifice position. Dr. Hans Luther consequently superseded him in 1930. In January, 1933, when the Nazis attained power, he was again given the Reichsbank post, on the understanding that he should have considerable freedom of action. Stoutly determined to curb foreign borrowing, to stop depreciation of currency and to hinder lavish expenditure on non-productive enterprises, he incurred the ire of prominent industrialists and the politicians in league with them. Eventually Herr Hitler, himself without commercial and financial skill, made him dictator of all economic and trade organisations, but not before the battle was joined between him and some members of the Cabinet. He had stopped Herr Goebbels’ outlay of £10,000,000 on national propaganda, thereby encountering the enmity of one of Herr Hitler’s two leading henchmen. As Minister of Economics he was in control of the Ministers of Finance, Agriculture and Food, a supreme responsibility that further exposed him to antagonism within the Cabinet. It has long been, chiefly on this account, an unhappy family. As personal adviser to Herr Hitler Dr. Schacht’s position, it is to be feared, will not be an enviable one. The atmosphere of opposition will still exist and in Herr Funk he will not have a successor who will take a decided stand against influences favouring a policy of doubtful benefit to the country. Germany will be the poorer for Dr. Schacht’s retirement.