The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-04-04
HAMBURG
RESUMES DIVIDENDS
Foreign Shipping and Baltic
Trade Largely Help Ger
man Ocean Line,
BIG IRON co. DIVIDENDS
Reichsbank Suffers Heavy
Losses Because Of Uncertain
Exchange Rate.
BIG IRON co. DIVIDENDS

Special Gable to THE NEW Yoax EErAIo-
New York Herald Bureau,s
Berlin. April 2.
For five years the Hamburg America
line paid no dividends and published no
financial reports. Now, for the first time
since the beginning Of the war. the Board
OF Trustees OF the company, following
the example OF the North German Lloyd,
has approved the concerns accounts and
resolved to pay an per cent. dividend
for 1919 and per cent. for 1920. The
cornpany's earnings were due partly to
its participation in foreign shipping en-
terprises, partly to its Baltic trade and
partly to war conditions.
The Vulcan Works OF Hamburg and
Stettin have declared a dividend of IL
per cent.
Business relations between Germany
and firms in eastern and southeastern
Europe are rapidly being restored to pre-
war conditions. However. the restoring
Of business connections with western
Europe is meeting with greater diff
culties, although the trade is improving
gradually.
The German fat market shows sur
plus of stocks.
Herr Fillman and DIR. Vershofen Son.
neberg, managers Of the board of direc-
tors of the General Porcelain Works
at kahla, will start soon for the United
States with a view to obtaining larger
market for German porcelain.
ReichSbank Makes Report.
At the annual meeting Of the Reichs-
bank, held here last week, Herr Haven
stein, president of the bank, reviewed
last years business He said Germany's
financial position nscessitated an in
crease in the amount of paper currency
in circulation from little more than
33,0o0,000,00o marks to more than
$4,000, 100000 marks, while the amount
OF Treasury notes increased from
1S.900,000,000 marks to $4,000, 100000
marks The German money market
showed clearly that abnormal and I'M
! satisfactory business conditions OBJ
tanned.
The abundance of currency in Ger
many. Herr Havenstein said, created a
fallacfous impression both at home and
abroad regarding German prosperity.
which was characterized as a sham. To
the contrary. Herr Havenstein con-
tinued, Germany was struggling hard
and was only slowly conquering the adj
verse conditions that resulted from the
war. Unfavorable trade developments
also were indicated by the exchange
rate, which was influenced by the pas
j sive trade balances, boarding. small ex-
\ ports, speculation and war indemnity
4 payments He said the Reichsbank sus-
y tanned heavy losses as a result OF the
uncertain exchange rate.
The total amount of business for the
year was placed at 12,771. 900. coo marks,
as against 5.S77, 100000 marks lin 1919.
81 y. c. Iron Co. Dividend.
The firm OF August Thyssen of Null
helm on Ruhr, one OF Germany's larg-
est iron works, celebrated it's fiftieth an
niversary on April l by declaring q
dividend of 81 per cent. The works
were established in 1871, with only
seventy workers employed, whereas they
now employ 5000 hands.
Among the dividends declared by Ger
man concerns last week were Aerei
Chemischer F'abriken Zeitz, 10 per cent.
and a bonus of 20 per cent. Ravens
berger Spinnerei, Bielefeld. 16 per cent !:
Gerbrueder Koerting. Hanover, Is per
/ cent. Eisengiesserei Vormals Kayling.
Berlin, 80 per cent. and Gewerl1schaft
Doolitzer kohlenwerks. Leipsic. 100 per
I cent.