Ashburton Guardian Magna est Veritas et Prævalebit. FRIDAY, SEPTEMBER 1, 1922.Q CONTINENTAL FINANCES.

Ashburton Guardian, Volume XLIII, Issue 9631, 1 September 1922, Page 4

Ashburton Guardian Magna est Veritas et Prævalebit. FRIDAY, SEPTEMBER 1,1922. Q CONTINENTAL FINANCES.

It is somewhat difficult to gunge, in view ‘of the conflicting evidence, as to what extent the fall of the mark in Germany is due to the play of economic forces and to what extent it is due to adroit manipulation. Fear at the prospect that France will take drastic action led a day or two ago to panicky selling of marks, in New York and Amsterdam, where large amounts .are held by speculators, and -these sales no doubt have contributed materially to the tumbling down of the mark. They have caused a panic on the Berlin Bourse; and there is, we are told, an even greater panic in the retail trade, the shops being besieged by householders anxious to use their last few marks in buying something of practical value. The natural result of such t conditions is soaring prices for the necessaries of life. Shopkeepers are increasing their prices by 100 per 'cent, daily; and to counter this [action, the trade union leaders [have urged the German Chancellor, Dr. Wirth, to re-introduce such war-time measures as the rationing of necessities, Government control of foreign trade, prohibition of the sale of sweets, champagne, and luxuries,’ and the limitation of the manufacture of beer. Great, however, as is the fall of the German mark, it is as nothing to the downfall of the Austrian krone. With 9000 to the ,£1 nine months ago, it is ! now quoted at 480,000 to the £1; ! and it might be added with perfect truth, is still falling. Small wonder that there have been rumours of Austria desiring union with Germany, and alarm as to the alleged partitioning of Aus- ' tria between Czecho-Slovakia land Jugo-Slavia; while it is even stated, on what purports to Ibe good authority, that Austria I intends seeking a pplitical and [economic union with her agelong enemy, Italy. All classes in ~Vienna, it is said, now favour ! such union, on the ground that Italy could save the country and at the same time make a good bargain. The French representatives at Vienna are reported to have been instructed to give all support to this project, with a view to safeguarding Austria’s political and economic existence. I In regard, however, to the question of Germany’s obligation to pay reparation, if the leaders of British thought, with the concurrence of" the people, are advocating concessions to Germany, it is only because, having faced the facts of the European situation to-day, they believe -there is no other possible course. France appeals to her dead and her devastations as giving her a right to have her voice heard. There are others besides France who ’ have their dead, anl those dead are not forgotten. They ■ died for peace, not for the terms |of the Treaty. If the cause of peace is to be served best by at t variation of the terms, Ihen it is [no dishonouring of the dead to make the change.