GERMANY TO-DAY

Manawatu Standard, Volume LIV, Issue 157, 4 June 1934, Page 7

GERMANY TO-DAY

LONDON JOURNALIST’S VIEWS. DESPERATE CURRENCY SHORTAGE. FAST ARMING PACE. (United Press Association —By Electric Telegraph.—Copyright.) Received Juno 4, 10.15 a.m. LONDON, June 3. Mr Pembroke Stephens, the newspaper correspondent who was ordered out of Germany, arrived by air from Belgium. He says it is impossible to tell the truth about Germany and remain an accredited correspondent. Writing in the Sunday Express, lie says he is determined to tell what is happening in Germany. Her foreign traae is dwindling alarmingly each month owing to the depreciation of the pound and dollar and the boycott by the Jews. On the contrary, the home trade, stimulated by new national courage and by Herr Hitler, lias improved out of recognition. Unemployment lias been halved, gigantic labour schemes are in full swing, and the people are spending freely, but a desperate shortage of foreign currency is hindering the imports of necessary raw materials. “1 believe Herr Hitler will last. He retains his hold on the mass of the people, who have no alternative to him but a military dictatorship or Bolshevism. I do not foresee either. “Germany is arming faster than any other nation and all the available foreign currency is going into foreignmade aeroplanes and armaments, but there is a long way to go before she will have sufficient machinery or money for immediate war. Ido not think it will come to an offensive war by Germany. My advice to Britain is : Keep out,” the writer adds. REICIISBANK GOLD. RECORD LOW LEVEL. BERLIN, June .2. The gold coverage of the Reichsbank’s note issue has dropped to the record low' level of 3.7 per cent. Gold and foreign currency reserves are now only 135,800,000 marks. The loss of gold is attributed to payments on Germany’s imports. A further loss is anticipated for transfer purposes.