BITTER PLAINT.

Auckland Star, Volume LXV, Issue 126, 30 May 1934, Page 7

BITTER PLAINT.

AGAINST THE WORLD.

German Rehabilitation Held Up By Other Nations. EXTREME ACTION MOOTED. (United P.A.—Electric Telegraph—Copyright) (Received 11 a.m.) BERLIN, May 20. Bitterly blaming the nations who are shutting out German exports, lierr Schmitt, Minister of Economy, in a speech at Frankfurt, threatened that Germany might be compelled to revolutionise her industrial economy in a manner tremendously affecting world trade. Germany, unless other nations cooperated in her rehabilitation efforts, would be forced to utilise her chemists and engineers to invent a substitute for raw materials which would not be a temporary palliative but a permanent transformation. At the meeting of tlie North German Lloyd at Bremen, the chairman said that tlie company's losses last year were £2,154,000, and the estimate for 1034 would be £2.300,000, as the result of devaluation of the pound and the dollar. He said thev would only be able to reach a pacifying solution of world trade when currencies were stable and Government subsidies stopped. "Then we can return to natural private competition," he added. /

CONFERENCE ENDS.

GERMANY AND HER DEBTS. (Received 1 p.m.) BERLIN, May 29. The conference at Berlin between Germany's creditors and representatives of the Reichsbank has concluded, after granting a six months' moratorium for German debts. FOR NEW ZEALAND. ♦ Sloop Wellington Launched in England. SIR JAMES PARR PRESENT. (Received 12.3'J p.m.) LONDON, May 29. - The sloop Wellington, which has been built for New Zealand, was launched at Devonport to-day. Vice-Admiral Fullerton's wife broke a bottle of wine over tho bows, Sir James Parr and Mrs. Stevens, were present. The now sloop will replace the Laburnum, which is the only ship of the Imperial Division of the Royal Navy on the New Zealand station since the departure of her sister-ship Veronica. The latter sloop left early in March for Chatham to be scrapped, and is to be replaced in October this year by a more modern type of sloop, the Leith. H.M.s. Wellington will probably not leave England until next year.