YARN EXPORTERS

Otago Daily Times, Issue 22366, 13 September 1934, Page 9

YARN EXPORTERS

ACTION AGAINST GERMANY DESIRED EFFECT EXPECTED (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 1.1. The Yorkshire Observer says: —Bradford believes that Germany has not only arranged to pay the old debts, but will return to the raw wool markets sooner than is generally imagined. It is felt here that the yarn exporters’ action against Germany will eventually have the desired effect, because Germany must have material that can be produced only in Yorkshire. This is essential to her exports, which must be maintained in order to avoid increased unemployment and further financial trouble. The entire wool textile trade supports the yarn section's action.

ECONOMIC ISOLATION

LONDON, September 12. (Received Sept. 12, at 9 p.m.)

The economic isolation of Germany is complete. A meeting of the Reichsbank yesterday discussed ways and means of financing new machinery for German factories for the manufacture of substitute materials. German business men generally refuse to manufacture substitutes owing to the expense involved. Every article Imported which is valued at over 18s requires a certificate from one of Dr Schacht’s control officers. The certificate entitles the importer to the foreign currency needed to pay for the purchases. The Daily Telegraph’s correspondent says: “The Anglo-German exchange agreement is working sluggishly owing to the German decision in favour of a permanent policy of restricting imports. British exporters arc also anxious with regard to the £2,000,000 owing for goods exported from • Britain before the exchange agreement.”