GERMANY'S FINANCE.

Auckland Star, Volume LIII, Issue 171, 21 July 1922, Page 5

GERMANY'S FINANCE.

STABILISING THE CURRENCY. ACTION BY THE ALLIES. CHECKING CAPITAL EXPORT. (By Cable.—Press Association.—Copyright.) LONDON, July 20. The Berlin correspondent of the ""Daily News" understands that the Allied Guarantees Commission previous to leaving for Paris directed the German Government : — Firstly, to submit to the Reichstag a drastic measure to check the flight of capital. Secondly, to agree to accredit to the Finance Ministry two representatives of the Allied Guarantees Commission and to furnish them with, all information relating to taxation, expenditure, and official salaries. Thirdly, to publish more reliable statistics of German foreign trade. The Australian aud New Zealand Club tendered a luncheon to the Lord Chancellor, Lord Birkenhead, who expressed the opinion that the civilisation of Europe and the prosperity of England would never be restored until it became possible for Germany to make a contribution which that very remarkable, instructive, and sophisticated people could make to the peoples and commerce of Europe. He never associated himself with the view of those who boldly stated that the depression of the mark was the result of calculated German subtlety. It was largely the result of an unsound financial policy. He hoped it would be possible that the Allies of the war, upon whom would fall the responsibility of the steps which must be taken, would arrive at a solution which would make it possible for Germany to contribute a large punitive contribution without placing her in a situation that would make it ultimately impossible for her to pay anything. Mr. J. H. Thomas, M.P.,'opened the International Trades L'nion Conference. The executive reported that the German situation convinced them that the time had arrived to show a strong international Labour front in support of German Labour's fight to guard the German "Republic and prevent future Monarchical and reactionary attacks. Parts of the Versailles Treaty which distressed the world's labour and strengthened German reactionaries needed revision.—(A. and X.Z. Cable.)