PUBLIC HOARDING THEIR SAVINGS.

Marlborough Express, Volume XLVII, Issue 139, 14 June 1913, Page 5

PUBLIC HOARDING THEIR SAVINGS.

FAILURE OF GERMAN LOANS

(Received June 13, 9.30 p.m.) LONDON, June 13. Sir Francis Oppenheimer, British Ctfnsul-General at Frankfurt, in his report draws attention to the ill effects due to the nervous public hoarding their savings. / Since the Moroccan crisis started the international troubles the hoardings have been so extensive as to endanger Germany's international boom. The banks have been forced to keep larger reserves. Various means have been, adopted to relieve the pressure, and the large factories axe paying tihe weekly wages with email notes. Efforts are also being made, to popularise post office cheques. Probably the hoardings will gradually be restored, but the money market is unlikely to be eased, as the industrial # concerns will seize the opportunity of fresh issues. ■ If the Reichsbanks are compelled to raise the already high rate the industrial boom . can hardly survive. Paradoxical as it sounds, many believe that the boom which two wars failed to kill will be killed by peace. Others believe that the liberation of £50,000,000 of dead capital for military purposes will instil life into many German industries. The Berlin £2,500,000 Imperial Consols and the £8,750,000 # Prussian 4 per cent, loans are a failure. It i» believed that half only will be subscribed.

The Vossische Zeitung calculates that £8,000,000 will be subscribed in London.