“The resentment aroused in foreign countries by the German government’s policy towards certain racial minorities and towards organized labor have affected Germany’s foreign trade,” according to a statistical analysis contained in a special bulletin of the Institute of International Finance. The findings were made public yesterday by Dean John T. Madden of New York University, director.
“The depletion of Germany’s foreign exchange resources is attributed chiefly to the unfavorable trend of the foreign trade balance and the rapid reduction in the amount of the debt outstanding abroad,” the bulletin explains.
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