Dr. Schacht's Memorandum On Thursday, November 5th, Dr. Schacht, the
President of the Reichsbank, issued a memorandum criticizing both the German and foreign Governments for permitting changes in the Young Plan as it was agreed upon by the experts. He also blamed the German Government for delaying -the fiscal reforms 'Which were to be made in Germany to ensure the smooth working of the Plan. His action was something of a Bomb-shell, but its effect has since been modified. - It is now generally' regarded as an attempt to gain political advantage at the expense of the German Minister of- Finance, Dr. Hilferding. As such, it must be regarded as very ill-judged,- but it is not the first time that Dr. Schacht has been tactless. His outburst is not very likely to embarrass either the German of any other Government in its future negotiations.
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