SOUTH AFRICAN TRADE
BARTER WITH GERMANY LOSSES TO THE TREASURY (Reoeivod Februnry 21, 6.15 p.m.) LONDON, Feb. 24 The Morning Post's Johannesburg correspondent says it is likely that there will be severe criticism in Parliament when the barter agreement wit'll Germany comes up in the Estimates. The agreement has resulted in the piling-tip of credits on the German side, on which the South African banks are unable to earn interest. The Union Reserve Bank has paid out to the commercial banks in the Union in currency, resulting in the State becoming the loser on "frozen credits." The losses thus sustained by the Treasury amount to £4OOO, and are expected to be double next year. Virtually it amounts to a subsidy paid by South Africa to Germany to enable her to purchase wool.
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New Zealand Herald, Volume LXXIII, Issue 22352, 25 February 1936, Page 9
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132SOUTH AFRICAN TRADE New Zealand Herald, Volume LXXIII, Issue 22352, 25 February 1936, Page 9
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