GERMAN FINANCE IN IMMINENT PERIL

Bay of Plenty Times, Volume LII, Issue 8597, 21 May 1924, Page 5

GERMAN FINANCE IN IMMINENT PERIL

FORTY RANKS PIT OUT OF ACTION. Oy Tel. —Press A ..see. Copyright. Aust. and N.Z. Cable Assoc. Ike. .May 20, A2O a.:u. London, May 10. The Daily Chronicle's Berlin correspondent says the whole commercial financial structure of Germany stands in imminent peril of cdiapse. Representative city hu.viness men agree that at present tlie almost complete lack of credit and the numerous commercial hank failures are alarmingly increasing. Bankruptcies are the undoubted portents of a crisis, which may shake the country to the foundations. The credit filiation is aggravated by the heavy loss sustained by bank> and industrial. in French francs speculation, which, since April ]. has put forty banks, including some of the oldest, out of action. Money is only available at from tour to eight n.c. per mouth. Credits have been used heavily for the importation of large quantities of luxuries. Germany's exports arc only one .sixth of the 1013 figure, while imports are two-thmls thereof.

RFPA RAT TONS PRO BLTCM. Romo. May 19. Signor Mdnsolini (.Premier) mot Thennis and Hymans, xlie Belgian representatives at Milan at a preliminary conference. They discussed the reparation cjnestion on tho linos oi Belgiunvs' conversations at Pari* and London.