The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1934-07-24
New Credits
Are Sought
In Germany
Bank of England Joins
With Wall St. Agents
To Aid Nazis
BURDEN ON MASSES
Losses Would Be Placed
OnTOiIers Under Plan
OF Imperialists

NEW YORk.-PlanS 10 give I'M
ancial aid and credits to prop up
the tottering Fascist rule in Ger
many, are being made now by
George l.. Harrison, Governor of the
Federal Reserve Bank of New York,
in cooperation with Montague Nor
man, Governor of the Bank of Eng
land, the Daily Worke.-. was re-
liably informed today.
Working with these two leading
agents of American and British i'm
perialism are Hjalmar Schacht,
President of the German Reichs-
bank and the capitalists who head
the big German trusts, the I. G..
Farbenindustrie (Dye Trust) and
the Ruhr coal monopolists.
Since it would be difficult for the
banks to sell German bonds on the
markets now, it is being planned
to have the Government advance
credits to German Fascism, thus
providing that any losses thus in
Cured will be thrown on the backs
of the masses here.
American and British imperial
ism thus become the mainstays of
the fascist rule in Germany and
the leading supporters of the Fas
cist attempts to crush the German
proletarian revolution in blood.
Finance Fascist Industry
The initial credit granted by
British and American imperialism
to German Fascism will be to fin
ance the shipment Of raw materials
to Germany.
A joint credit to Germany pref
e-ably to the big German industries
will be opened by the British and
American banke-s-but under gov
ernmental guarantees so that the
capitalists will not have to take any
risks.
The immediate purpose of the
credit will be to pay off producers
who want to ship raw materials to
Germany. The credit agency will
retain his lien on the materials
while they go through the process
of fabrication for re-export. The
re-exports then will be shipped
abroad and the proceeds used to
redeem the original credits adj
vanced to finance the raw materials
shipments.
The value of the export goods
will, of course, exceeded that of the
raw materials. 1t is intended to
use part of this excess to pay
American holders of the reparations
loans. AS the first credits are re-
deemed new credits will be opened
to finance further shipments.
British imperialism has already
obtained an agreement that pay
ments would be made to British
holders of Young and Dawes bonds.
The State Department of the United
States protested quickly that the
British were being favored against
Americans and the trustees of one
of the loans sought to attach the
revenues OF the German govern
ment which are security against the
Dawes bonds.
llC GILL 10 W p1eFeilb JllS ulill6-
date loss to Wall Street and Brit
ish banks which now hold hundreds
of millions of German commercial
credits.
Credits to finance continued
foreign trade" to "oil the machinery
of business and to get things
started" ETC., are the entering wedge.
Having gone SO far the intention
is to supply larger amounts in the
form of direct loans of raw mate
rails similar to the American loan
to China through which the Kuo
Ming Tang is able to continue it's
war upon Soviet China. In this
case cotton was advanced to the
Chinese government; the cotton was
sold in the market and the proceeds
used to buy arms from American
opd EJ1roraan noap11fo ct,1-orS