UNPAID DEBTS

Evening Star, Issue 21821, 10 September 1934, Page 12

UNPAID DEBTS

GERMAN WOOL PURCHASES BRADFORD PROPOSES BOYCOTT. Press Association—By Telegraph—Copyright LONDON, September 7. The Bradford spinners passed a resolution that there should be no further yarn deliveries to Germany until the liquidation of old debts is arranged. GERMAN PRESS COMMENT. BERLIN, September 8. The German Press says Yorkshire’s boycott has no significance. The ‘ Tageblatt ’ declares that the decision is only an expression of feeling, and is of no real importance, as Germany has practically ceased wool buying on the world market. SETTLEMENT INSISTED UPON. (British Official Wireless.) RUGBY, September 8. (Received Sept. 10, at noon.) At a largely-attended meeting of yarn merchants and spinners at the Bradford Chamber of Commerce, the following resolution was unanimously passed:— “ From the date of this meeting no further arrangements will be entered into to make yarn deliveries direct or indirect to Germany pending a settlement for liquidation of old debts.” The feeling expressed at the meeting was that although suppliers had confidence in the financial strength and integrity of their individual customers, the recent actions of the German Government in making arrangements on behalf of German importers to obtain sterling to meet their debts had been so unsatisfactory, and was resulting in such serious dislocation to merchants and spinners in the West Riding, that traders involved felt themselves bound to insist upon arrangements for a* settlement of the old-debt question being treated as essential, and taking precedence over all questions of new deliveries of yarns. It was stated that Germany owes the West Riding about £500,000 for wool tops yarn. She was pressing for new deliveries without making any proposal as to how and when the old debt should be liquidated.