NO DEVALUATION
THE GERMAN MARK STATEMENT BY DR SCHACHT. BERLIN, February 22. (Received Feb. 23, at 5.5 p.m.) Dr Schacht told a conference of bankers that the Government would noi devalue the mark because German ex* ports depended largely on imported raw materials for finishing, which devaluation would render more expensive, whereupon Britain and America would probably further depreciate. The extension of the system of blocked marks for foreign German bonds would greatly offset British and American advantages gained from depreciated currencies. He warned his audience that bankers who had not absorbed the Nazi spirit would soon be made to disappear. He disclosed that 70 per cent, of the joint stock banka were at present with the Government.
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Bibliographic details
Otago Daily Times, Issue 22196, 24 February 1934, Page 13
Word Count
118NO DEVALUATION Otago Daily Times, Issue 22196, 24 February 1934, Page 13
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