EXTRA EDITION LATE NEWS

Evening Post, Volume CVII, Issue 86, 10 April 1924, Page 6

EXTRA EDITION LATE NEWS

A NEW BANK

AND NEW CURRENCY

SOLUTION OF GERMAN PROBLEM

FURTHER EXPERT PROPOSALS.

(MUTED PEES 3 ASSOCIATION.—COPYRIGHT.) (REUTBB'S TELEGBAH.) (Received 10th April, 1 p.m.) PARIS, 10th April. The bank proposals in the Dawes' report (part of which is reported on the preceding page) to assist in the stabilisation of the German economic position, would have a,monopoly of the right to issue notes in Germany for half a century,, and the present paper money would be withdrawn and ! replaced. -by the single uniform curre'ney, the new. bank's, bank-notes. .This currency would be kept stable in relation to gold l but would not be convertible. At the commencement it would be protected by a reserve ol 33 1-3 per cent, and other liquid assets. The reserve would be held largely in the form of deposits in foreign banks. The bank would bo the fiscal agent of the German Government, and would be allowed to make short-term loans to- the Government; but the amount and character of such loans would be carefully limited and safeguarded. The relations of the Repara-" ations Commission towards the • bank would be those of a private client ann -,rnk would have- a capital-of ™' m! ! on gold marks, of which 300 million -. marks would be subscribed in Germany and abroad, and the remamder issued in.the purchase of the real.property of the Reichsbank.