3,000,000 UNEMPLOYED

Taranaki Daily News, 5 August 1930, Page 9

3,000,000 UNEMPLOYED

GERMANY'S HUGE PROBLEM

WEALTHY COMPANY FORMED MONEY FOR SEVERAL YEARS By Telegraph—Press Assn.—Copyright. Rec. 7 p.m. London, Aug. 3. Germany is tackling its problem of 3,000.000 unemployed by the formation of a public works company with a capital of £7,500,000 and reserves of £ll,250,000, says th 6 Berlin correspondent of the Times. The company will have a strong board supervised by a Government commissioner and will execute the extension of productive schemes through taking .up home and foreign loans, granting credits' to public corporations and other undertakings. A communique explains thac the Budget amounts allotted to unemp oynient schemes are declining yearly; therefore the Government, which has accumulated £20,000,000 in credit claims on bodies to which grants are made, will mobilise this amount and raise £10,000,000 for-eio-n loans, including English and American, in the next three months. Tins will enable an employment programme to be drawn up for several years ahead.