Word: debtors
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...Formosa), with deposits of 243,000,000 yen in 1932, is high in the second rank of Japan's potent empire firms. Founded in 1899, it got into trouble in 1927, saved itself with government aid and took over Imperial Rayon Co., the soundest asset of an insolvent debtor. This year the Government, investigating its affairs, indicted its Governor, Imperial Rayon's president and eight other officers on charges of having sold Imperial Rayon stock to themselves and friends below the market price. The trail of corruption wound into the Ministry of Finance and to the Vice Minister...
...about what would constitute "default." Attorney General Cummings interpreted the Johnson Act to mean that in the past token payers were not in default, because the President in accepting tokens had said they were not. Secretary Hull made it clear that token payments in the future would not save debtor nations from being technically in default. Questioned by newshawks, the President merely answered that whether a token payment constituted payment or default was a point he would decide on the merits of each case as it arose...
...question of the international debts is becoming greatly confused," stated Senator William E. Borah, to the United Press. "This confusion is brought about through the affirmative action of the debtor nations and the negative action of the creditor nation the United States...
...more clearly by a nation disarmingly frank in dealing with its multitudinous creditors, particularly of the Western Hemisphere. Dr. Hjalmar Schacht, Governor of the Reichsbank, is never at a loss to deal with the financial situation, and has seen to it that Germany shall secure her place among debtor nations as a country on the very verge of financial catastrophe, one which must be handled with kid gloves by its creditors if anything is to be salvaged from the wreck...
...circumstances but reveals rather the master mind behind Germany's struggles to circumvent Versailles and her creditor nations. The result today has been all that Germany could have desired. In the eyes of the outside world she has managed to place herself in that invulnerable position, a virtually bankrupt debtor, while at home show has managed to appear sufficiently solvent to keep the mark at par and prevent another inflation. It mush be added that the threat of inflation is perhaps her strongest bargaining point, not only in U. S. but in Europe. Should inflation occur, even though moderately, Germany...