FOREIGN TRADE
NEW GERMAN BLOW EXCHANGE ALLOTMENTS A FURTHER CURTAILMENT LATEST FINANCIAL EDICTS By Telegraph—Fress Association—Copyright (Received March 25. 5.5 p.m.) BERLIN. March 24 There has been a. further curtailment of foreign exchange allotments to German importers. They now amount to 30 per cent of the specification in the standing authorisations which already had been lowered 5 per cent for March. This new blow to international trade, according to Dr. Scliacht, president of the Reichsbank, was inevitable owing to the decline in the bank's exchange holdings. The Cabinet has decreed that all future dividends of stock companies above 6 per cent must be invested in State or Government loans. As a first step in the operation of new measures to protect its finances the Government has prohibited the importation of wool, cotton and other fibres pending the appointment of a controller. This is believed to foreshadow a Government monopoly under which essential raw materials will enjoy preferential entry.
It is rumoured that new purchases abroad will be banned until May 5. Thirteen laws were promulgated overnight. They include a reduction of income tax and unemployment taxes on fathers of three or more children. This will result in an increase of £15,000,000 a year in their spending power.
DEUTSCHE BANK NO DIVIDEND FOR 1933 DROP IN FOREIGN BUSINESS (Received Mnrch 25, 11.45 p.m.) BERLIN. Mnrch 25 The Deutsche Bank is not paying a dividend on its 1933 turnover, which dropped 38 per cent, compared with 1931. The foreign business of the bank fell from 288,000,000 to 181,000,000 marks. Herr Solm, director, announced a reduction of the capital from 144,000,000 to 130,000,000 marks by the cancellation of shares in the bankVpossession. He added that the futurb was hopeful, as the Nazis had given a. fresh impetus to business and strengthened confidence.
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Bibliographic details
New Zealand Herald, Volume LXXI, Issue 21759, 26 March 1934, Page 9
Word Count
299FOREIGN TRADE New Zealand Herald, Volume LXXI, Issue 21759, 26 March 1934, Page 9
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