ECONOMIC POLICIES

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

ECONOMIC POLICIES

DR. SCHACHT AS CRITIC. GERMAN SELF SUFFICIENCY. LONDON, Aug. 22. Asserting that the world is going from one crisis to another, the President of the German Reichsbank, Dr. Schacht, told the representative of a Czech newspaper that international trade would undergo further deterioration if present economic policies wore maintained, savs the Berlin correspondent of the Times. All the provisional agreements now being concluded, said T>r Schacht, were of the most doubtful value. Trade was impossible without the certainty of payment for goods. His first care would be to revive absolute confidence in the security of payment. This statement, by itself, promises well, the correspondent states, but Dr. Schacht added that the world’s action toward Germany was the greatest historical stupidity and was driving her willy-nilly toward enforced self sufficiency. German capital invested in substitute materials would not bp lost: perhaps some day the forced production of substitutes would prove Germany’s blessing. Cotton, like raw sugar, might disappear in favour of artificial fibres. The standn r ' nf hrhi" wool ] not fall.