DEBTS AND TARIFFS.
EFFECT ON EUROPEAN CREDIT. AX AMERICAN VIEW. CUHITEB PllSSa ASSOCIATION— BT ELECTJtIO telegbaph—copyright.) (Received November Ist, 5.5 p.m.) WASHINGTON, October 30. Mr Albert Wiggin, chairman of the Chase National Bank and the German Committee for the Bank of International Settlements, discussing tlie depression before the Senate Economic Committee, said: "Stripped of technicalities, the restoration of credit in Europe depends upon a rapprochement between France and Germany, and reductions in reparations and interAllied debts and tariffs." He asserted that the chief causes of the depression were "excessive tariffs and the other restrictive policies which were impeding international trade; abnormalities in certain commodity markets, which were due to Governmental and private attempts at the valorisation of low money rates, and excessive credit leading to the diversion of bank funds intp slow speculativn business, political difficulties, and the tardiness with which wholesale prices on iinished goods, retail prices, wages, and rentals adjusted themselves to last year's sharp fall."
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Press, Volume LXVII, Issue 20383, 2 November 1931, Page 9
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158DEBTS AND TARIFFS. Press, Volume LXVII, Issue 20383, 2 November 1931, Page 9
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