FOREIGN EXCHANGE
Germany Hard-pressed
(11.30 p.m.) WASHINGTON, Oct. 3. Mr James Martin, the economic warfare chief of the Justice Department, recently told a Senate sub-committee that the German Government was hard-pressed for foreign exchange. It obtained 20.000.000 to 35,000,000 dollar! from the United States before Pearl Harbour through a secret agreement with five American banks for the sale of blocked German marks to Nazi sympathisers. The- banks received 7 per cent commission on the sales, deductible from the moneys paid by the applicants. Three of the banks were headed bv members of the Nazi Party. Mr Martin said the agreement.' which was arranged by the German Economic Ministry, was ostensibly designed to repatriate German nationals and sympathisers to Germany, but the principal purpose was to acquire much-needed foreign exchange.
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Bibliographic details
Timaru Herald, Volume CLVI, Issue 23014, 4 October 1944, Page 5
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129FOREIGN EXCHANGE Timaru Herald, Volume CLVI, Issue 23014, 4 October 1944, Page 5
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