The Waikato Times FRIDAY, DECEMBER 28, 1934. GERMAN EXTERNAL TRADE.

Waikato Times, Volume 116, Issue 19461, 28 December 1934, Page 4

The Waikato Times FRIDAY, DECEMBER 28, 1934. GERMAN EXTERNAL TRADE.

The coming year promises, according to reports from well-in-formed sources, to he one of severe test for the dictatorial methods of Dr. Schacht at the head of German trade and industry. Ihe many obstacles which have already been raised in the way of Germany ob taining necessary supplies of raw materials have had a poweifu influence on the course of commodity markets during the past twelve? months, and the producing countries have the liveliest inteiest in the revival of German buying on a normal scale..

It is reported that the internal trade outlook in Germany is comparatively bright. This is a welcome sign. Whatever may he the political developments in which Germany is involved, the woild at large is anxious to see the resumption of the movement of tiade in Germany. Isolated and self-sufficient, Germany is of no use to tie world countries as a profitable trade connection. It is desirable that she should buy ahd sell, as free as possible from lmrrassing restrictions.

The measures to be adopted to secure that objective have not in any way been indicated. The policy of Dr. Schacht, as such, has not hitherto been crowned with noticeable success. Perhaps tec ame leon-like nature of his various political allegiances in Germany since the termination of the great war, has bred im foreign, countries a reluctance to trust in his sincerity. Certainly he has given the impression that his policy has been designed not for the good, o Germany as a whole, but for.the realisation of some selfish political ends.

Dr. Schacht has up to the present been more interested in exercising dictatorial, authority. Power itself, rather than the good purposes to which it may he put, appears to have been the dominating motive in his actions. His restriction of the outward flow of German currency, his failure in connection with the foreign exchange and debt service negotiations, and his unparalleled curtailment of impoit trade are not the achievements of a man who is striving to develop his .country’s economic resources.

Reliance on the doctrine of economic self-sufficiency is a snare for the unwary politician, and-Dr. Schacht has shown, for a. bankei of international repute, surprisingly little acumen in handling Germany’s'trade policy. It is very apparent that the great need of Germany during 1935 will be freedom to import raw materials in order to maintain her industrial efficiency, and consolidate her export trade. The facilitation of such a necessary step is the legitimate task of the Minister of Economics. He will find, if he applies himself to the task with sincerity and determination, that the majority of countries will be ready and anxious to assist German rehabilitation, if only from selfish motives, and if he is prepared to show a greater spirit of co-opera-tion his work will be made progressively easier for him.