Berlin, July 8.
El All various activities connected with the Reichswerke A.C. fuer 6 w und Eisenhuetten "Hering" popularly known as Hermann Goering "Iron Ore Mining and Smelting: Works," amalgamated yesterday into great state concern with a capital of 100 million Reichsmarks embracing all mining and iron work-4934 jing interests and inland shipping companies. The share capital is likely to be raised again later.
The Secretary of State, Herr Paul Koerner, has been appointed Chairman of the Board of Directors of the new concern and the Secretary of State, Herr Wilhelm Landfried, is Deputy Chairman, At a meeting of shareholders of 3e the Reichswerke A.C. fne Erzbergbau und Eisenhuetten "Hermann Goering" held simultaneously, he balance sheet was approved and the Board of Directors chosen, the Chairman and Deputy Chairman in his case also being the Secretaries of State, Herren Koerner and Land-fried.—Trans-Ocean, Movements of Silver in The United Kingdom London, July 7.
Movements of silver in the United Kingdom during the week ended July 5, resulted in an excess of imports over exports of £142,000, compared with net exports totalling £67,- 000 during the previous week.
Exports of the white metal from the United Kingdom during the 147 period under review totalled £106,- 000, including shipments valued at £62,000 to the United States and £36,000 to Germany. Exports during the previous week totalled £215,000, including · £136,000 to the United States; £26,000 to Germany and £20,000 to British Indi Coming from various sources, imports of silver for the same period amounted to £248000, of which £101000 was. brought from Japan; £51,000 from "Belgium; £46,000 from British "India and. £30000 from Hongkong. Imports during the previous week totalled £148,000, including £107,000 from Japan.—Reuter.
New York were warning that Keteral "deficit spending," which they asserted was responsible for the creation of huge excess bank reserves, would cause financial disaster and uncontrolled inflation.
Dr, Neil Carothers, well-known economist, declared that the Administration had gone far along "the primrose path to financial] disaster." There are thoughtful men, Dr. Carothers said, who foresee ahead the certain coming of government bankruptcy. There are others who foresee a disastrous and destructive intation, This warning was echoed by Senator John G. Townsend jr. of Delaware, who said that government spending is resulting in real inflation, He pointed out that the government sells its bonds and notes to. the banks, which in turn create, deposit credit, against which the government draws te meet it expenses, x Inflationary This process, Senator Townsend said, I call greenback deposits. It cannot be called anything but inflationary, to the full extent to which the banks do not make resales to investers of savings..If this process is continued at the pace at which we have been going, with paper money and book credit, we can expect in the end an inflation which can wipe out our currency.
Senator William H. King of Utan was even less optimistic. I do not agree that we are not on the road to inflation, he said. I say inflation is here now and in exaggerated form is just around the corner and on the way to a Socialist regime—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.