BRADFORD’S FIRM STAND

Taranaki Daily News, 11 September 1934, Page 7

BRADFORD’S FIRM STAND

NO YARN FOR GERMANY DEBT SETTLEMENT QUESTION £500,000 OWED ON WOOL TOPS REASONS FOR THE DECISION British Wireless. Rugby, Sept. 8. At a largely attended meeting of yarn merchants and spinners at the Bradford Chamber of Commerce the following resolution was unanimously passed:— “From the date of this meeting no further arrangements will be entered into to make yarn deliveries direct or indirect to Germany pending a settlement for the liquidation of old debts.” The feeling expressed at the meeting was that although suppliers had confidence in the financial strength and integrity of their individual customers, the recent actions of the German Government in making arrangements on behalf of German importers to obtain sterling to meet their debts had been so unsatisfactory and were resulting in such serious dislocation to merchants and spinners-in the West Riding that the traders involved felt themselves bound to' insist upon arrangements for a settlement of the old debt question being treated as essential and taking precedence over all questions of new deliveries of yarns. It was stated that Germany owes the West Riding about £500,000 for wool tops and yarn and that she is pressing for new deliveries without making any proposals as to how and when the old debt should be liquidated.