THE OUTLOOK

Waikato Times, Volume 123, Issue 20576, 13 August 1938, Page 7

THE OUTLOOK

MISGIVING IN LONDON CONDITIONS IN GERMANY UNREST AND APPREHENSION | United Press Assn Elec. Tel. Copyright (Received August 13, 1.15 p.m.) LONDON. August 12 A question uppermost in the in the minds of city business men is what, significance attaches to the dramatic falls on the Berlin Bourse. The official German explanation is that they an due to heavy sales by Jews, fearing they will not be allowed to hold industrial securities, but it is believed in London that the real reasons are more serious. Germany's growing adverse balance of trade is causing grave concern, while internal factors are even more alarming. Reports from Germany Indicate unrest and apprehension are mounting, especially as It is feared the Government may embark on dangerous foreign adventures. Moreover, the Government’s demands are exceeding the country’s productive capacity. The Government has embarked not only on vast capital schemes in Austria and enormous expenditure on fortifications, hut simultaneously Herr Hitler personally is sponsoring the rebuilding of five of Germany’s largest cities. The shortage of labour is acute. Industry and agriculture need 700,000 men and 17.000 engineers. Production costs are mounting, an 1 taxation is rising in view of 1 lie difficulty of borrowing. In Italy Also The situation in Italy also is so disquieting that the Department of Overseas Trade has warned exporters to exercise the utmost care in trading, as Italian payments arc again falling in arrears. The political fears which arc partly responsible for the German crisis are also reflected in the London bullion foreign exchange. The market's total losses on the equalisation fund from gold sales to support sterling arc estimated at £90,000,000 in the last fortnight. THE BRITISH NAVY SQUADRON REORGANISATION FAR- R E ACHING CHAN GE S (United Tress Assn.—Elec. Tel. Copyright (Received August 13, 12.15 p.m.) LONDON, August 12 Far-reaching changes in the distribution of the Anglo-Dominion navies arc foreshadowed as the result of the immense British building programme, enabling the reorganisation of liic squadrons on all foreign stations, says Mr 11. G. By water, in the Daily Telegraph. One hundred and fourteen ships to enter tlie service before the end of 19 ii include: Seven battleships, of which five will be 35,000 tons, two 40,000 tons. 2 4 cruisers. Six aircraft carriers. 40 destroyers. 21 submarines. It is understood tlie distribution of this new licet, aggregating half the tonnage of the whole British navy in 1933, will conform to the prevailing political conditions but the' Home and Mediterranean fleets will be stiffened by modern high-speed battleships. Meanwhile the formation of tlie Far Eastern battle-fleet is being considered. WILL NOT RETREAT CZECH OFFICERS LEAGUE ISSUES A PROCLAMATION ( United Press Assn.—Elec. Tel. Copyright (Received August 13, 2.45 p.m.) PRAGUE, August 12 The Czech officers League has issued a proclamation stating that they arc determined to defend Dr. Masaryk's inheritance. It adds: "The r late’s authority must under no circumstances be lessened, undermined or abused. From this position we will not retreat; we may die, but we wall not retreat.” GERMAN MANOEUVRES BRITISH PERTURBED NO ANXIETY IN FRANCE (United Tress Assn.—Elec. Tel. Copyright (Received August 13, 2.45 p.m.; London, August 12 The Times says the elaborate preparations for the German autumn manoeuvres, coupled with the acceleration of the western front fortifications, are causing perturbation in diplomatic circles. Military significance can also be attached to tlie authorisation for the German grain board to commandeer buildings suitable for grain storage, although the action is uilicially attributed to the bounteous harvest. PARIS, August 12 The press indicates that the British anxiety over the German manoeuvres is not shared in France because the preparations arc too visible. LABOUR FOR GERMANY CONTINGENT’S OF ITALIANS ■ Received August 13. 2.4 5 p.m. 1 Rn.MK. August 12 Neg"tiatmns are ceding for the ■»e.- pa te I l to Germany of industrial workers. Thirtv thousand Italian agricultural workers have gom; to Genual)} already.