English Translation

18. A certain quantity of goods is noticeable in every aspect, which is further nourished by speculation maneuvers and evil intentions. The banks are very scarce in means of payment, the moratorium has not yet been lifted and the too high clearing tip against the empire and the protectorate has a very unfavourable effect. According to the latest reports, the payment of the sums transferred to the Reich or Protectorate to the Slovak National Bank will take about 6 months. This time will hardly be bridged by the local Expor- expensive. Even Garatie letters issued by the Reich are subject to the approval of the local National Bank and these guarantees are not approved. According to Sillein, a branch of the Dresdner Bank (the Pilial foundation of the commercial bank A.G., Pressburg, by taking over the local bank) is to come. It is to be expected that at least this bank will remedy with liquid means. Tatra Bank, as a purely Slovak bank, has the tendency to take in larger economic entities. It is to be assumed that in the near future bank mergers will be carried out. Most of the local Benks have their headquarters in Prague, as well as their Kepital reserves. It is difficult to transfer the same from the Protectorate to Slovakia. According to information, about 1.3 millierden of savings deposits from Slovakia are anchored in Prague, the country lacks this money. Also, the bank managers, who were friher branch managers and are now in charge of financially self-defended institutions due to the new borderline, are not easily up to their task. ( Lack of experts ) There is also a similar situation in the industry. With regard to the too high clearing tip, export trade must be stopped. The transport conditions on the railways do not seem to be completely clarified, because recently it has occurred that Slovakia will calculate broken cargoes with the Protectorate and Reich. Internal trade is only little absorbable, -/-