German Government Finance The German Government International:Aye and a half
per cent. Loan, issued under the Hague Agreements, was successfully floated on Friday, June 18th. The slight subsequent fall in the value of the Loan was attri- butable rather to the general depression on the Stock Exchanges than to a lack of confidence in the Loan itself. This flotation Wag followed closely -by the- final Report of Mr. Parker Gilbert, ex-Agent-General for Reparations, who expresses his belief in Germany's capacity to satisfy the conditions of the Loan. He severely criticizes, however, the failure of both the central and local authorities to introduce the, requisite measures of financial reform. Point is given to his 'strictures by the difficulties of the Bruning Cabinet, which is between the two fires of intransigence , in the Reichstag and opposition by the States to any leiry from which they do not benefit. No party to the dispute, even in the face of Germany's formidable unemiiloyment question, seems to Contemplate putting into effect Mr. Gilbert's recommendations regard- ing the limitation of expenditure. There is much, by the way, in his contention that the obscurity in the presentation of German official accounts is responsible for some of the present troubles.
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