GERMAN AFFAIRS

Greymouth Evening Star, 13 September 1934, Page 7

GERMAN AFFAIRS

INDUSTRIES AND FINANCE. [BY CABLE —PRESS ASSN. —COPYRIGHT.] LONDON, September 12. The economic isolation of Germany is now complete. At its meeting, the Reichsbank yesterday discussed ways and means of financing new machinery for the German factories for the manufacture of substitute materials. German business men generally refuse to manufacture substitutes, owing io -the. expense involved. Every article that is imported of a value over ISs requires a certificate from one of the control officers of Dr. Schacht, Finance Minister and Reiehsbank head. The certificate entitles the importer to the foreign currency needed to pay for his purchases. The “Daily Telegraph’s” correspondent says: “The Anglo-German Exchange agreement is working sluggishly, owing to a German decision in favour of a permanent policy of restricting imports into the country. The British exporters are also anxious regarding two millions sterling that is owing for goods that were exported to Germany fromßritain before the Exchange agreement.

EXCHANGE ACCOUNT. RUGBY, September 12. The Treasury announces that the Reichsbank, in accordance with Article 2 of the Anglo-German exchange agreement, has temporarily suspended payments into the special account opened by them in the name of the Bank of England. It will he recalled that the agreement set up machinery to overcome the difficulties experienced by German firms in obtaining sterling to pay their debts for imports . from Britain. Article 2 of the agreement provides that the payment of marks into the special account may be suspended, when the amount of Reichsmarks on that account exceeds 5,000,000, and it is in accordance with this provision the payments into the account, have now been temporarily suspended. It. is stated that the Bank of England will continue to sell marks, and as soon as the balance of the special account at the Reichsbank is reduced below 5.000,000 Reichsmarks, further payments into the account will be accepted by the German authorities.

SHIPPING SERVICE. BERLIN, September. 12. The Nord Deutsche!" Llloyd announce that the Neptune, formerly the motorship Riobravo is sailing from Australia on October 13, and the Merkur, the ex-motor,ship Riofpanuco on November 15, both via the 1 Cape, before entering the Australia-Hong Kong service. Both are of six thousand tons, and carry eighty-five cabin class. FOREIGN POLICY. (Recd. September 13, 11 a.m.) BERLIN, September 12. Hitler received the entire Diplomatic Corps. He said it was his unshakeable will to make Germany a stronghold of peace and maintain sincere relations with foreign Powers, and promote reciprocal understanding. The spirit of equality and respect for other nations’ achievements should govern world relations. ' Germany would contribute hjer share to the welfare of humanity.