BAD TO WORSE

Evening Star, Issue 21823, 12 September 1934, Page 9

BAD TO WORSE

GERMANY'S ECONOMIC POSITION NO FAITH IN OWN CURRENCY Press Association—By Telegraph—Copyright LONDON, September 11. Judging from all accounts, Germany's economic situation is going from had to worse. The latest development is the closing of the special Bank of England account of the Gorman Rcichsbank. The ‘ Daily Express’s ’ City editor says: “It was hoped that the marks in the Bank of England would be purchased by buyers of goods from Germany and used in the settlement for purchases, but these hopes have not materialised, and sonder-marks aro now selling at a small discount. The German Government has asked German exporters to accept payment in new marks, but Germans have no confidence in their own currency, so it is not surprising that the British aro equally reluctant.” The ‘Daily Telegraph’ says: “Germany is buying large quantities of sweepings from cotton spinning mills. Hitherto the only uso for sweepings has been the manufacture of gun cotton, hut during the present acute need of raw. material in Germany it may./ be suggested that the sweepings are for the manufacture of coarse textiles.” EXCHANGE OF GOODS TRADE MISSIONS ABROAD. BERLIN, September 11. Dr Schacht now controls twenty-five bureaux, covering all the basic products, including food, clothing, coal, wood, chemicals, fodder, and luxury articles. Commodities which can bo entirely eliminated will disappear from the market. Thus it will soon be impossible to purchase chewing gum. Simultaneously substitutes for native products will be marketed, such as German tobacco. Negotiations by the German trade mission to Argentina are nearing their conclusion, and it is understood that a number of agreements are in sight for an exchange of German coal, chemicals, dyes, and electrical goods for Argentine wool and grain. This is the first of several German missions, which are being planned to various countries to increase German exports and provide her with raw materials.