GERMAN DEBTS

Wanganui Chronicle, Volume 77, Issue 209, 4 September 1934, Page 5

GERMAN DEBTS

TIMES’ ALLEGATION LACK OF EXPORT SURPLUS “ DELIBERATELY PLANNED ” I British Official Wireless. ] RUGBY, Sept. 1. No Ministerial or other official comment has been made on the speech by Ur. Schacht at Badelsen, but the British Press reaction to the choice which Dr. Schacht offers to the nations to lend more money or receive nothing on account of past debts is severely uufavourabla. * ‘Before accepting the moratorium,” says the Daily Telegraph, “creditors of Germany will require more than the assurance of Dr. Schacht that the capaity to meet her obligations has been exhausted or that the German resources have not been frittered away by her internal policies.” The Times after noticing that the speech, coming so soon after the settlement of the dispute about the Dawes and Young loans, has created a bad impression, draws attention to the increase in the excess of British purchases from Germany over German purchases from Britain during the last few months. “So far as British creditors are concerned,” it adds, 1 ‘there is even less validity than before in the claim that Germany eannot pay her debts, because foreign countries w'ill not buy her goods ” Proceeding, it says: “Dr. Schacht’s version of the position is so one-sided and misleading that it alienates whatever sympathy might otherwise be felt for Germany in her difficulties, which very largely she has created for herself. It would be nearer the truth to say that Germany’s economic policy has been deliberately planned to make an export surplus impossible and thus provide her with a plausible excuse for refusing to pay her debts.”