AUSTRIA’S DEBTS
GERMANY'S REFUSAL TO PAY Onlted Press Association—By Electric Telegraph—Copyright (Received June 17. 1.18 a.m.) BREMEN, June 16. Dr Funk in a speech to-day said: "In view of the International practice, Gcrmeny cannot be expected to assume responsibility for the Austrian debts. Political debts cannot be converted into commercial debts because private creditors had been replaced by the State.” Dr Funk recalled Britain who refused to recognise the debts of the Boer Republic after the Boer War, and the United States repudiated the debts I the southern States, after the Civil War. France had not paid the dents of Madagascar. The money lent to Austria was merely for the purpose of bolstering up a political system. Although Germany would honour commercial debts, she regarded politcial debts as detrimental to trade and industry. “Germany cannot tolerate the position of her Foreign loans. Arrangement must be made whereby unjustifiable interest at 5 J and 7 per cent, must ! be reduced to a more normal level."
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Bibliographic details
Timaru Herald, Volume CXLIV, Issue 21065, 17 June 1938, Page 9
Word Count
164AUSTRIA’S DEBTS Timaru Herald, Volume CXLIV, Issue 21065, 17 June 1938, Page 9
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