THE PESSIMISTIC GERMAN.
By Telegraph—PreßS Association —Copyright Australian and N.Z. Cable Association. (Received June 3, 10.35 a.m.) BERLIN, June 2. Herr Schmidt, Minister of National Economy, takes a gloomy view of the situation. Addressing a gathering of Saxony journalists, he said that he feared the economic situation would develop into a serious crisis. He was convinced that Germany would never bo able to meet her obligations in accordance with the Cannes decisions. The outlook for industry was distinctly unpromising. The miners were demanding an increase in wages, and if this were conceded it would result in a big jump in coal prices. Already the importa/tion of dear English coal was causing an alarming increase in the cost of production in German industries. He did not know when the printing of paper currency would cease, but until it stopped it was useless an improvement in the value of the mark.
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Star (Christchurch), Issue 16750, 3 June 1922, Page 10
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149THE PESSIMISTIC GERMAN. Star (Christchurch), Issue 16750, 3 June 1922, Page 10
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