Word: reichsbanker
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Subject to restriction by the Reichsbank, foreign creditor banks having mark deposits frozen in German "blocked accounts" were authorized last week to invest or transfer such marks in (but not out of) Germany. As an immediate result, British banks possessing 35,000,000 blocked marks offered to transfer this sum to the Berlin bank account of the Soviet State last week, in return for delivery in Britain of 35,000,000 marks worth of Russian lumber. Other results will be the purchase of German bonds & real estate with previously blocked marks and the payment of such marks to tourists...
...broad report on German conditions last week the Wiggin Committee found that "markedly greater ease in the financial situation has arisen, largely from the return [to circulation] of hoarded banknotes representing nearly 1,000,000 reichsmarks [$238,000,000]." This greater ease was reflected, the Committee noted, in the Reichsbank's ability to close 1932 with a discount rate of only 4% as against 8% the year before...
...measures undertaken to cope with her internal difficulties, as well as in her adjustments to external developments," concluded Chairman Wiggin & Committee, "Germany has shown impressive results. These have come not only from the effectiveness of the plans themselves, but also from the steady co-operation of the Government, the Reichsbank and the business community. Underlying all has been the continued support by the masses of the people, who, schooled in bitter experience, willingly support a program which negatives any cheapening of the currency or any impairment of the gold basis of that currency...
...Papen, both smarting in eclipse, met at Cologne for a night conference (TIME, Jan. 16). Soon afterward they were joined by "The Hearst of Germany," small, cyclonic Nationalist Party Leader Dr. Alfred Hugenberg and, reputedly, by Dr. Hjalmar Schacht, famed during his six years as president of the Reichsbank...
This Government project was announced to have the blessing of Dr. Hans Luther, president of the Reichsbank who has vetoed earlier make-work schemes on the ground that they would mean inflation. According to the Government's rather vague announcement, "assistance will be rendered only to undertakings for the common weal" by means of 20-year loans at 6% to municipalities, small businessmen, guilds and employers of hand labor generally. Large contractors, firms using labor-saving machinery and producers of luxuries will get no make-work loans...