GERMAN REPARATIONS

Waikato Times, Volume 96, Issue 15034, 4 September 1922, Page 5

GERMAN REPARATIONS

COMMISSION’S.DECISION HOSTILITY IN GERMANY. BANKS WILL NOT ASSIST. Received September 3, 4.5 p.m. BERLIN, September 2. Every section of the press disparages the decision of the Reparation Commission. The highly influential Borsen Courier declares that it destroys every illusion ever held. Instead of granting a moratorium, the decision imposes impossible conditions. The Deutsche, Dresdner Disconto, and Darmstadtes banks have unequivocally refused to discount the Government’s bills, required by the Reparation Commission under its scheme, and it is equally impossible to deposit gold in a foreign bank. The Government is seriously hampered by a strike of banknote printers. A decree has been issued cancelling the right of this class of worker to strike. Meanwhile the monetary crisis due to the breakdown of the currency is going from bad to worse. The Reichsbank is still without sufficient notes to satisfy the wages and needs of industry and commerce. Many foreigners are embarrassed by inability to cash cheques. BRUSSELS, September 2. M* Theunis, Prime Minister of Belgium, interviewed, said that Belgium and the world might be congratulated on the Reparations Commission’s decision, which, though refusing a moratorium, gave Germany six months in which to find means not now available. It also removed irritating discussions on acceptable pledges. Received September 3, 6.5 p.m. LONDON, September 2. Foreign exchanges improved all round on the’announcement of the reparation compromise yesterday. The mark recovered to 5650 to the pound, as against 7300 on Thursday, and the franc to 57.40, as against 58.55 on Thursday. The Stock Exchange was also much more cheerful.