GERMANY'S DEBTS

New Zealand Herald, Volume LXXI, Issue 21793, 7 May 1934, Page 10

GERMANY'S DEBTS

CREDITORS IN CONFERENCE THE REICHSBANK'S BILLS ■ BERLIN, May 4 On behalf of the Pastors' Emergency League Dr. Koch has submitted to Dr. Frick, Minister of the Interior, an ultimatum. This declares that Bishop Mueller's pacification law, providing for the cessation of all measures taken in the church dispute against clergymen and church officials except where the police take action, has accentuated the quarrel and harmed the community. Dr. Koch adds: " An adjustment of the differences is impossible at present as the church government prevents peace because it relics on force, violates the faith and fights the church instead of its enemies."

CHURCH DISUNION PASTORS' ULTIMATUM QUARREL ACCENTUATED BERLIN, May 4 The main discussions of the foreign debts conference will begin to-morrow. A sub-committee has ascertained that foreign commercial bills in possession of the 'Reichsbank maturing in three months amount to £10,000,000.

The Reichsbank, however, forbids the use of these bills to cover the note issue, contending that they arc merely book values. The creditors maintain that they have a positive value and are available to the Reichsbank. Opinion is similar regarding the gold discount bank's /foreign bills amounting to £2,500,000 maturing in six months. The discount bank also has a gold reserve of £2,500,000. This situation must bo cleared up before progress is possible.