GERMAN CURRENCY

Greymouth Evening Star, 12 September 1934, Page 7

GERMAN CURRENCY

“NO CONFIDENCE” DEVELOPING LONDON ACCOUNT CLOSED [by cable—press ASSN.—COPYRIGHT.] I 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 German Reichsbank. The “Daily Express” city' editor says: “It had been hoped that the marks in the Bank of England would have been purchased by the buyers of goods from Germany, and used by them in settlement for purchases, hut these hopes have not materialised, and sonder-marks are now selling at a small discount. The German Government has asked the German exporters to accept payment in new 1 marks, but the Germans have no con- ; i'idence in their own currency, so it is not surprising that British people I are equally reluctant to accept, them.” 1 The “Daily Telegraph” says: “Ger- < many is buying large quaitities of sweepings from the cotton-spinning mills. Hitherto the only use for

these has been for the manufacture of gun-cotton, but during the present acute need of raw materials in Germany, the position may have suggested a use for the sweepings for the manufacture of coarse textiles.”

YORKSHIRE EXPECTATIONS. LONDON, September 11. The “Yorkshire Observer” says:— Bradford believes that Germany will not only arrange to pay old debts, but will to the raw wool markets sooner than is generally imagined. It is felt here that the yarn exporters’ action against Germany will eventually have the desired effect, because Germany must have material only producible in Yorkshire. This is essential to her exports, which must be maintained in order to prevent increased unemployment and further financial trouble. The entire wool textile trade supports the yarn section’s action. COMMODITIES CONTROL. BERLIN, September 11. Doctor Schacht now controls twenty-five bureaux, covering all of the basic products i and including those of food, clothing, coal, wood, chemicals and fodder and also luxury articles. Those commodities which can be entirely eliminated will disappear from the market. Thus, it will soon be impossible to purchase chewing gum. Simultanousiy, substitutes if native products will be marketed, such as German tobacco. BARTER MISSIONS. LONDON, September 11.

The German trade mission to Argentine is nearing the conclusion of its negotiations. It is understood that a number of agreements are in sight for the 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 the German exports, and to provide Germany with raw materials.