SCHACHT REMOVED

Nelson Evening Mail, Volume LXXII, 21 January 1939, Page 6

SCHACHT REMOVED

PRESIDENCY OF REICHSBANK lIERR FUNK APPOINTED SUCCESSOR U P A—By Electrio Telegraph—Copyright] (Received 21st January, 10.5 a.m.) BERLIN, 20th January. With the object of unifying the economic, financial, and capital market policy Herr Hitler relieved Dr Schacht

of the presidency of the Reichsbank and appointed Herr Funk, Minister for Economic Affairs, his successor.

Herr Hitler sent a letter to Herr Funk ordering the completion of the conversion of the Reichsbank into a Central Bank unconditionally, subject to the State’s sovereignty and also the guarantee of the unconditional stability of wages and prices in order to secure the marks future

Herr Hitler, in a letter to Dr. Schacht, warmly thanked him for his services

CONSTERNATION CAUSED IN BANKING AND INDUSTRIAL CIRCLES (Received 21st January, 10.5 a.m.) LONDON. 20th January The British United Press correspondent at Berlin says it is understood that Herr Hitler decided on Dr. Schacht’s removal last night after a long conference with Field-Marshal Goering. The dismissal caused consternation in banking and industrial circles, where it is expected Dr. Schacht’s closest associates will also be transferred elsewhere. ECONOMIES PENDING IN BERLIN [lndependent Cable Sendee] (Received 21st January, 1 p.m.) LONDON, 20th January. The “Evening Standard” learns that drastic cuts and economies are pending in Berlin to replenish the exchequer which Jewish confiscations have failed to fill. To avoid further taxation of people who are already hard-pressed Government departments and the fighting services will bear the brunt of economies. It is reported that the production of planeg is already being slowed down. SYMPTOMATIC OF ECONOMIC DIFFICULTIES (Received 21st January, 1.0 p.m.) PARIS. 20th January. Dr. Schacht’s removal is regarded as symptomatic of Germany’s growing financial and economic difficulties.