VALUE OF THE MARK.

Press, Volume LVII, Issue 17296, 7 November 1921, Page 7

VALUE OF THE MARK.

SLUMP TO ONE FARTHING. THE OUTPUT OF PAPER MONEY. (By ' C*fcl«—Prws Aseociahoti—Copj-rigirt > (Australian and N.Z. Cable Association) LOxVDON, Novomber 4. Tho exchange rate on Berlin touched 950 murks to tho £ sterling,' but recovered later to 755 marks. It is suggested that the German Government is allowing the exchange to become demoralised in order to impress the Washington Conference, with a view of securing a revision or modification of the indemnity terms of tho Peace Treaty. The Reichsbank is turning out hundreds of millions of mark notes every week. Last week's output was 415,988,000, bringing the total in circulation to the colossal sum of 88,144 millions of marks. Tho Berlin correspondent of the "Daily Chronicle" reports that .the greatest pessimism prevails regarding the exchange situation. lew people believe it possible to take measures farreaching enough to cause a recovery. The National U/iion of Industry is considering raising a foreign loan to place at the Government's disposal. The best offer hitherto received is £25,000,000 in paper by a British group. This sum is almost equal to the amount of the reparations due in January. (Received November 6th, 5.6 p.m.) BERLIN, November 5. The German mark is now worth one farthing. It commenced yesterday at 800 to the £ sterling, and fell 150 in an hour. Shop prices changed hourly, and people besieged the shops in their eagerness to exchange paper money dwindling in value for more substantial goods. NEW TAXATION BILL. LONDON, November 4. The Berlin correspondent of the "•Morning Post" reports that the Chancellor's new taxation Bill is estimated to yield forty-two milliards of marks. The Bill has been introduced in the" Reichstag, which is asked to vote the imposts quickly in order to convince the Allies of Germany's goodwill, though their total demands might prove beyond the country's capacity.