PAYMENT IN PAPER
GERMAN OBLIGATIONS BANK REJECTS PROPOSAL LONDON, May 15. A message from Basle states that Germany intimated to the Bank for International Settlements that she intends to follow the British and American decisions to pay interest on the Young loan in paper dollars, instead of gold. The bank replied that it cannot recognise the change, which is contrary to Germany’s obligation. The Financial Times says that City circles take an extremely severe view of Germany’s repudiation. There is widespread selling of German securities of all descriptions. It adds: “To make interest payments in depreciated currencies cannot be defended and creates financial distrust.”
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Bibliographic details
Poverty Bay Herald, Volume LX, Issue 18089, 16 May 1933, Page 7
Word Count
104PAYMENT IN PAPER Poverty Bay Herald, Volume LX, Issue 18089, 16 May 1933, Page 7
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