Its complete translation as issued lby the Foreign Office to-day shows it to be an effort to justify the default arguments frequently put forth by Dr. Schacht and others. These Jarguments centre about contentions that the Reichsbank has already Jexhausted its gold reserve effort to pay the nation's debts; that further payments cannot be made unless Germ: greatly expanded; effective interest received by holders for the Dawes and Young Loans is excessive owing to the fall in world prices since the Loans were issued, The Reich note closed with a cond! tional offer to re-open the discussions provided that Germany's creditors would agree to facilitate a genuine increase in her exports, and foreshadowed Dr. Schacht's' defiance of yesterday by threatening to adopt counter measures if creditors adopted. reprisals.
Meanwhile, according to Berlin despatches, drastic new regulations for the. allotment of foreign exchange have been announced by the Reichsbank.
They provide that henceforth no more foreign exchange will be hand-fed out than received each day.
Allotments will not be the same for the demands of all countries. The first consideration willie to safeguard the need for raw materials fand_ foodstuffs.
"All clearances and payments Jabroad must henceforth be submitted for the approval of the Reichsbank.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.