The anti-Nazi boycott is strangling German economic life, Dr. Joseph Tenenbaum, chairman of the Boycott Committee of the American Jewish Congress, declared.
Nazi Germany’s trade with the United States has fallen thirty-three per cent in the six months between January 1, 1934 and June 30, 1934, according to statistics compiled by the Boycott Committee.
While Germany’s exports to the United States during the first six months of 1933, totalled 136, 786,767 Reichsmarks, this figure has now dropped to 46,279,368.
Bearing in mind further that the practice of the Nazi government is to permit American importers to pay, on the purchase of articles obviously hit by the boycott, in blocked Reichsmarks up to fifty per cent of the invoice value, it is obvious that the acquisition of American currency through German exports to the United States amounted during the same six month period only to about one half of the face value of the recorded imports, Dr. Tenenbaum points out.
While this drop may be attributed in part to the devaluation of the American dollar, according to Dr. Tenenbaum, the boycott against the products and services of Nazi Germany is unquestionably responsible in part for this turn.
Coupled with this announcement, Dr. Tenenbaum addressed an appeal to the public not to desist in its determination to isolate Nazi Germany economically. He urged that the High Holy day season be permitted to mark the beginning f a period of intensification of the boycott.