UNEQUITABLE AGREEMENT
SOUTH AFRICA AND GERMANY | UNION LOSES ON FROZEN CREDITS Prow Association—-By Telegraph—Copyright LONDON, February 24. The ‘ Morning Post’s ’ Johannesburg correspondent says: “There is likely to be severe criticism in Parliament when the barter agreement with Germany comes up in the Estimates. The agreement resulted in piling up credits on the German side, on which South African banks were unable to earn interest. The Union Reserve Bank paid out to commercial banks In Union currency, resulting in the State becoming a loser on frozen credits. The losses thus suffered by the Treasury amount to £4,000, which is expected to be double next year. It virtually amounts to a subsidy paid by South Africa to Germany to enable her to purchase wool.”
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Bibliographic details
Evening Star, Issue 22272, 25 February 1936, Page 9
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122UNEQUITABLE AGREEMENT Evening Star, Issue 22272, 25 February 1936, Page 9
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