“CREDIT UNDERMINED”
GERMANY RESENTFUL (Australian and N.Z . Press Association) (United Service) BERLIN, Friday. A suggestion in foreign quarters in connection with the reparations discussion, that foreign banks are withdrawing their deposits from Germany elicited a semi-official statement characterising the report as a deliberate undermining of German credit, and adding: “If this veiled suggestion leads to a withdrawal of deposits, the public will know by whom the signal has been given; but hitherto there has been no trace of withdrawals.’’ The Berlin bank rate has been raised to 7J per cent. A message from the German capital says the Reichsbank had delayed the raising of the rate for several weeks pending the conclusion of the reparation conference in Paris. It is estimated that a sum of £10,105,000 has been withdrawn from the Reichsbank since March IS. In addition to the reparation deadlock, the advances in the rates in London, Milan, Amsterdam, Vienna and Budapest and the higher price of call money in America had combined to drain Berlin reserves.
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Sun (Auckland), Volume III, Issue 649, 29 April 1929, Page 11
Word Count
168“CREDIT UNDERMINED” Sun (Auckland), Volume III, Issue 649, 29 April 1929, Page 11
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