ECONOMIC POLICIES

Nelson Evening Mail, Volume LXVI, 4 September 1934, Page 9

ECONOMIC POLICIES

DR. SCHACHT AS CRITIC GERMAN SELF-SUFFICIENCY LONDON, 22nd August. Asserting that the world is going from one crisis to another, the President of the German Reichsbank, Dr. Schacht, told the representative of a j Czecli newspaper that international l trade would undergo further detriora- | tion if present economic policies were i maintained, says the Berlin correspouj dent of the “Times.” | All the provisional agreements now being concluded, said Dr. Schacht, were !of the most doubtful value. Trade was | impossible without the certainty of pay- ] meat for goods llis first care would be to revive absolute confidence in the security of payment. This statement, by itself, promises well, the correspondent states, by Dr. Schacht added that the world’s action toward Germany was the greatest historical stupidity and was driving her willy-nilly toward enforced self-suffi-

| cicney. :[ German capital invested in substi- ;: tute materials would not be lost; per- ■; baps some day the forced production ol substitutes would prove Germany’s , blessing. Cotton, like raw sugar, might disappear in favour of artificial fibres. The standard of living would not fall 1