NEAE BREAKING POINT

Evening Post, Volume CXII, Issue 11, 13 July 1931, Page 9

NEAE BREAKING POINT

URGENT CALL FOR HELP

BERLLST, 12th July. It is stated that tlio situation is so grave that unless international credit is .available before Tuesday doubt is entertained-whether tho national'and private financial situation can be controlled. . .. , Tho outcome of a meeting of Cabinet, which adjourned until Sunday after an eight-hour sitting, may 1)0 tho declaration of a moratorium on Gorman ■ private- debts, iutornal and foreign. ; • When .tho discussion was resumed to-day it was learned that tjio amount of credit sought by Dr. Hans Luther, . president of the Reichbank, is £60,000,000. Tho Government requested the American Ambassador to cable to Washington appealing for tho aid fit the Federal Bcservo Bank,,and stating that financial collapso was inevitable unless credits wore granted with the utmost speed. The bank replied 1 that it was adhering to its decision to participate in' a £60,000,000* loan if France will take her share of tho credit. Germany cannot accede'>to Franco's demand for tho, abandonment!' of tho Customs Union and tho suspension of the construction of the second "pocket" battleship. Therefore, un-, less the Federal Reserve Bank changes its decision, momentous events arc inevitable. . :.-.,.