GERMAN FINANCES.

Hawera & Normanby Star, Volume XLII, Issue XLII, 13 October 1922, Page 7

GERMAN FINANCES.

PROPOSAL FOR CONTROL.

v FOREIGN EXCHANGE SPECULATION. ; BY CABLE—PHMS ASSOCIATION—COPYRIGHT Received Oct. 13, 12.25 p.m. ; PARIS, Oct. 12: The Matin, referring to Sir J. Bradbury's proposal for the control of Ger-> Srnan finances now before the Reparations. Commissions, says: Sir J. Bradjbury is Of the opinion that deprivation of the ; I Government's financial ', powers is the oiily remedy for the jeatastrophic condition of Germany's 'finances. At the present rate of three > marks to the dollar, Gerjnany's total fiduciary circulation of Bsb milliards paper marks represents ■pnly'll6 million dollars which a counjfcry whose resources have been so thor'#ughly utilised as Germany's could find with less difficiilty.- It is necessary jfchat the unwise phrasing of the treaty providing that Gertaany shall pay according to Her ability shall xease lto 3be dogmatically interpreted by certain fellies, and the introduction of a new •_-.': ancmey system is essential. j3ermany's restoration will become possible by - .feat, control-. V BERLIN, Oct. 12. The, Government has decided to inJtrpduce drastic legislation, to prevent , jfchV speculative traffic in foreign exjchange. It is\ proposed that every •ontemplated transaction in foreign extehange shall first be submitted to the officers, who shall have power j o veto it." It. is also proposed to ' assue a loan of four hundred million'

gold marks, payable in foreign rtir-' rency or paper marks at the gold rate. ! "The bills will "Be repaid in paper marks fet the gold .rate, bearing four per cent interest in gold: The loan will be assued on the security of the export •duty and coal tax.—Aus.-N.Z. Cable lAssn. .:. .-■':' .. ■ ■'.. ■