GERMANY AND TRADE

Hawke's Bay Tribune, Volume XXIV, Issue 235, 17 September 1934, Page 9

GERMANY AND TRADE

Effort to Secure New Basis DECREE UNSATISFACTORY British Official Wireless Service. RUGBY, September 15. The effect of the recent decrees issued by the German Minister of Economics, Dr. Schacht, has been subjected to close examination with particular reference bearing on the exchange agreement between Britain and Germany, which comes into operation on August 20.

In accordance with the decrees, full control will be exercised over all imports into Germany from September 24. The machinery lor the operation of control provides for estimates being made in advance of the amount of foreign exchange likely to be available each month, and the limitation of that month’s imports strictly controlled by the issue of permits so that payments may be met within the estimate. Two important changes are introduced by the new system, firstly, the control applies not only as in the past to raw materials but to imports generally; secondly, the new machinery will involve abolition of the general exchange permits which formed the basis of the recent agreement between Germany and Britain. The Foreign Office announces that it is agreed between the British and German Governments that a delegation headed by Sir Leith Ross shall proceed immediately to Berlin to initiate discussions on the commercial and financial relations between the two countries as affected by the new German machinery for the control of imports and the allocation of foreign exchange. The “Daily Telegraph’’ says that the object of such negotiations would be to seek to define entirely a new basis for the whole of the commercial relations between Germany and the United Kingdom.

In connection with the discussion of broader issues attention is directed to the decision of the Lancashire cotton spinners to reject the German proposals for a settlement of their outstanding commercial debts.

The decision has caused but little surprise in newspapers reflecting commercial opinion, as the proposals are generally regarded as most unsatisfactory.

INDUSTRIES’ DEPUTATION

Mr. Runciman to be Met on Debts

(Received September 10, 7.30 p.m.) LONDON, September 16.

The wool, cotton and coal industries have appointed a deputation to see the Rt. Hon. W. Runciman on September 17, regarding Germany’s debts.