Salt Lake Telegram | 1934-06-15 | Page 16 | Britain to Hold German Funds

BRITAIN TO HOLD GERMAN FUNDS t British Creditors to Be ComS Compensated Compensated Com Com- S for Berlins Berlin's Moratorium 1 LONDON June 15 UP Great UP Grea Britain decided today to seize German German German Ger Ger- man funds In England to compensate British creditors for the moratorium declared by Germany on all her foreIgn loreign for lor eign debts Business men will receive compensation for commercial debts as well wel as holders of German bonds including including ing the guaranteed Dawns Dawes and Young plan loans Neville Chamberlain chancellor of the exchequer announced the plan In the house of commons adding that tha if it Germany voluntarily made good before July in in other w words abrogated abrogated abro gated the moratorium as far as Britain Britain Brit Brit- ain aln is concerned concerned it it would not be put into effect The seizure Would be accomplished by establishing a clearing house which could sequester German funds in London obtained through export balances etc Some financial men believed the British arrangement would provide that traders buying goods from Germany Germany Germany Ger Ger- many should pay the sum due into the clearing house instead of remitting remitting remit remit- ting it it to Germany Those selling goods to would Germany Germany would be reimbursed burred from the clearing house fund The balance of rec receipts over payment would be used to meet the claims ims of Investors in German bonds British investors hold about in Dawes and Young bonds on which In I Interest terest is ic due July 1 France Protests Germanys Germany's Move PARIS June 15 UP France UP-France France officially officially of protested to Germany today against halting payment on the Dawes and Young reparations loans and prepared to communicate with the United States and other countries countries coun coun- tries seeking joint action It was understood that the government govern ment was via preparing to block private payments of French business men to Germans which would be practically equivalent to halting commerce This would represent the severest possible pressure preSsure as France is Germanys Germanys Germany's Germanys Germany's Ger Ger- many's best customer