RIGID CONTROL

Auckland Star, Volume LXIX, Issue 85, 11 April 1938, Page 9

RIGID CONTROL

MONEY IN GERMANY.

TOURISTS' RESTRICTION-

BANKER SATS GOLD SCARCE While asserting that German finances were in exceedingly good order, Mr. J. Hasslacher, chairman of the board of directors of the Deutsche Bank, Berlin, who is a tourist on the cruise ship Reliance, which arrived in Auckland this morning, regretted that his country had so little gold. "The winner nations took all our bullion away after the war," lie said. Mr. Hasslacher, who appears in the distinguished passenger list as "captain of industrie," is accompanied by his wife. He does not speak English fluently and his interview was. given with the aid of an interpreter. "Of course, the value of the mark is always being held to the gold standard." he said. "The control of money is under strict regulation; this applies l>oth in respect to money coming in as well as leaving the country."

To illustrate this rigid control Mr. Hasslacher said that the passengers on the Reliance who lived in Germany were only permitted an allowance of 200 dollars to spend during the cruise. "It is pin money, so to speak." he added. "Of course all the standard trips that the excursionists make in the various countries visited are included in the cost of the tour."

When tlie interviewer suggested that 200 dollars was a small sum for a tourist to spend during a world tour lasting over four months and that some tourists who eame to New Zealand spent that much in a day. the hanker smiled and remarked that a German could spend that sum in a day also provided he had the money, hut the money control he had referred to prevented anything of the kind.

Asked to express an opinion concerning the trade agreement between Germany and New Zealand Mr. Hasslacher said it was concluded on a sound basis.

"By Mich agreements Germany is using the only means at her disposal of extending her trade," he continued. "The agreement arranged through your Minister of Finance was favourably commented upon in commercial circles in Germany."

Referring to the Hitler regime Mr. Hasslacher said that compared with former years the banking business of Germany was showing an upward tendency. "The reason is not far to seek,'' he said. '"It is because industry is flourishing and there are no unemployed. Industrial concerns have a great turnover and there is a feeling of general satisfaction throughout the country."

Mr. Hasslacher is a lawyer by profession, but for many years before he joined the directorate of the Deutsche Bank was engaged in the iron and coal industry.