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Depression drove President Hoover to put Reparations back again into politics with his Moratorium (TIME, June 29 et seq.) Thereupon German payments ceased and BIZ would have had to shut up shop had it been only or mainly the cash register of Reparations. Instead BIZ has never been busier than at present and is today the World Bank. In softly burring Scotch last week BIZ President McGarrah announced a BIZ profit of 15,182,819 Swiss francs ($2.930,000) or 4,000,000 Swiss francs ($772,000) more than last year...
...Governor gave Mr. Lang every chance before demanding his resignation." Sir Philip, his secretaries said, had begun by calling State Premier Lang on the carpet for resisting the efforts of Federal Premier Lyons to collect taxes in the defaulting state of New South Wales (TIME, April 18 et seq.). Since the Federal Treasury has made good the State's defaults, and since the Federal Parliament has authorized tax seizures, Sir Philip protested the circulation by Premier Lang of a letter ordering officials of New South Wales to obstruct the seizures. This letter Sir Philip called "illegal," told Mr. Lang...
...Pandora's Box with woe for Wall Street. Last week the box, a big, brown trunk, was so full of woe that it required two men to lug it in to Senator Norbeck's bear-hungry Committee on Banking & Currency, still investigating the stockmarket (TIME, April 25 et seq.). When Congressman La Guardia opened the lid, out flew a flock of woes for Bulls, Bears and the financial press...
Stone by stone Great Britain's new and hastily erected tariff ramparts (TIME, Nov. 30, et seq.) have been explored by these three masons of finance. Their recommendations, which Chancellor Chamberlain promptly adopted last week by issuing a Treasury decree effective April 26 were broadly two: 1) The emergency "antidumping" tariff' of 50% on luxury and semi-luxury manufactures, thrown up last autumn in the manner of hasty pioneers who hear war whoops not far off, is now completely torn down. 2) The low but massive 10% General Tariff on manufactures built last February becomes a 20% wall...
...days later Dublin's "Messiah of Freedom," kept his election pledge to introduce a bill abolishing the oath of fealty to King George sworn by Free State Deputies and Senators (TIME, Feb. 29, et seq.). Before packed galleries Mr. de Valera presented to the Dail what will be known merely as The Constitution Bill, 1932. Since this was only its first reading (three being required), the President wasted no strength in championing his bill and his potent foe, ex-President William Thomas Cosgrave, was not even present, had gone to a funeral. Oratorical honors were therefore taken by Independent...