Germany’s Wealth

Stratford Evening Post, Volume XXXIX, Issue 93, 24 August 1923, Page 5

Germany’s Wealth

NEW TAXATION PROPOSALS.

FOREIGN CURRENCY FUND.

London, August 22.

After working for three days and nights Herr Stresemnnn and his colleagues have completed plans for mobilising Germany’s wealth. A feature of tli'e Government’s programme seems to be the creation of a foreign currency fund of several hundred million gold marks with which to make a serious attempt to stabilise the mafk. Everyone possessing foreign currency is warned to transfer same to the Reichsbank and the amounts will count as subscriptions to the gold loan. Should the appeal not succeed the Government will have recourse to compulsory measures.

The aim of the Government is apparently to encourage the export of German products with the utmost energy and to throttle the import trade, except coal and food. The Government has ajso decided to hustle taxes into ,lhe mercilessly. Herr Stresemami addresses the main committee of the Reichstag today, announcing the plans of the Government throughout the country.

The Government’s taxation proposals are criticised adversely on the grounds that they will reduce wages and cause unemployment. In the meantime, foreigners are leaving Berlin and the hotels and restaurants are half empty, while the night life haunts are deserted.