LONDON BARTER SCHEME

Press, Volume LXXII, Issue 21977, 29 December 1936, Page 7

LONDON BARTER SCHEME

*— A CHECK ON ECONOMIC NATIONALISM OPERATIONS NOT CONFINED TO GERMANY a'JUT ED FBJCSS ASSOCIATION—COPYRIGHT.) (Received December 28, 11.30 a.m.) LONDON, December 27. The new barter company will not confine its operations to Germany, but will extend to Turkey, Rumania, Bulgaria, and Jugoslavia, where normal trade is curtailed by currency restrictions. It is emphasised that the scheme will not involve the granting of new credits to Germany nor will it be employed to facilitate the production of armaments. It is understood to have been approved by the British and Dominion Governments, in addition to the foreign Governments concerned. Germany normally buys a substantial quantity of Empire raw materials, notably wool, rubber, vegetable oils, skins, hides, and jute. All the efforts of the nation are at present concentrated on obtaining substitutes for them, but the quest has not met with any great .success. Thus the barter scheme should be to the advantage of both Germany and the Empire. Credits will be given to Empire merchants who make immediate deliveries of raw materials against manufactures which cannot be delivered for several months. City men consider that, in so far as the scheme checks the tendency towards economic nationalism, it should mitigate the risks of war. A WHOLLY BRITISH COMPANY DIRECTORS ANNOUNCED (Received December 29, 1.30 a.m.) LONDON, December 28. The promoters of Compensation Brokers are Anglo Foreign Securities, Ltd., a subsidiary of the banking houses, J. Henry Schroder and Company and the Hambros Bank. The new company is wholly British. The chairman is Lord Glenconner. The directors are Mr E. W. D. Tennant, a director of Charles Tennant, Sons and Company, and Mr Peter Tiarks. Mr Julian Piggott, general manager of the British Iron and Steel Company's export department, is the managing director.