CASH TRANSFERS

Otago Daily Times, Issue 22295, 22 June 1934, Page 9

CASH TRANSFERS

SUSPENSION BY GERMANY BRITAIN TO TAKE ACTION (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, June 20. Legislation was foreshadowed by the Chancellor of the Exchequer when he announced that the Government intended to take action in reply to the Reichbank's decision • unless any negotiations undertaken should before July 1 result in a satisfactory agreement. The Bill to be introduced in the House of Commons authorises the setting up of clearing offices for the collecting and dealing with certain debts, and also the imposition of restriction on imports from certain foreign countries. It will be presented by the Chancellor of the Exchequer and read the first time. The reply of his Majesty's Government to the German Government's Note announcing the decision of the Reichsbauk to suspend cash transfers on medium and long-term State loans was handed to the German Ambassador in London. POWERS IN THE BILL. GENERAL APPLICATION. LONDON, June 21. (Received June 21, at 11.55 p.m.) The Daily Telegraph's lobbyist says: ," The Debts Clearing Offices and Import Restrictions Reprisals Bill will be passed through all its stages in the House of Commons on Monday and Tuesday. Though the Bill owes its origin to the German default, the new powers will have a general application. The trade balance between Britain and Germany is greatly in Germany's favour. Britain last year sent £15,000,000 worth of exports and bought £30,000,000 worth of German goods!"