GERMAN DEBTS

Grey River Argus, 7 May 1934, Page 5

GERMAN DEBTS

FOREIGN CREDITORS Up Against Problem (Aus. & N.Z. Cable Assn.) (Received May G at 6.30 p.m.) BERLIN, May 4. The main discussions at the German De-bts Conference begins on May 5. Menn while a sub-committee has ascertained that there are foreign commcrc'kil bills in possession of the Reichsbank maturing in three months wh.ch amount to ten million sterling, but the Reichsbank forbids the utilising of them to cover a further note issue, contending that they are merely hook values. The credit.! rs of Germany maintain that they are positive vaiuc available. The Reichsbank i s of u similar opinion regarding the gold discount of the bank’s foreign bills amounting to two and a-half millions sterling, mat ui ing in six months. The Discount Bank has also a gold reserve of two and a-half million sterling. This situation must be cleared up before progress is possible. QUESTION OF BRITISH DEFAULT U.S.A. VIEW OF CANADA’S POSITION (Received May 6 cut 6.300 p.m.) WASHINGTON, May 5. ‘‘lf Great Britain were in default of her war debts to the United States. Canada would not be in default by virtue of her being a selfgoverning Dominion of the British Commonwealth of Nations,’’ so the Attorney-General, Mr Cummings, ruled to-day. He also declared th<ut the United Kingdom had not defaulted when she made her token payments on her war debts instalments