BUYING CHEAP MARKS

Evening Post, Volume CIV, Issue 8, 10 July 1922, Page 7

BUYING CHEAP MARKS

SPECULATION IN AUSTRALIA AND NEW ZEALAND.

There has been considerable speculation in German marks in Australia, and to a small extent in New Zealand.' It was felt in the Commonwealth, as in the Dominion, that the rate of 1500 marks to the £1 sterling could not last, and that Germany wag playing a game of her own in permitting the currency to be depreciated so as to follow close on the heels of the Kusnian rouble; moreover, it was felt that as German industries are going at full speed and strikes are infrequent and short-lived, the country ,woul.d prove itself capable of quicker recuperation than tiny other in Europe. On these assumptions, marks have benn bought, 'and the exchange rates are scanned with unwonted eagerness from day to day. a glance at the table hereniiclcr will show tlio,«WHmi of t.!,« nwv fe

the past few months. Reference is also made to the most recent quotations for French francs and Italian lire.

FOREIGN EXCHANOE TABLE.

Foreign rates of exchange on the 7th July compared with par rates, or as averaged flret half of 1914. arc as follow:—

July 4. July 6. Par. New York, dols. to £1 .. ■ 4.433 4.45^ 4.86 Montreal, dols. to £1 .... 4.50 4.51 4.86 Paris, francs to £1 52.95 54.85 25.225 Stockholm, kroner to .£!.. 17.10 17.18 18.163 Christiania, kroner to el.. 26.45 27.00 19.159 Copenhagen, kroner to £1.. 20.65 20.60 18.159 Berlin, marks to £1 .... 1875 2030 25.22J Rome, lire to £1 ... 944 99 25.274 Yokohama, pence to yen 26 25? 74.68 Calcutta, pence to rupee 15? 153 26 Hongkong, pence to d 01... 3'4t 34i 25

(The sterling exchange on New York during the war was 5.06 highest, 4.50 lowest. During 1920, highest 3.98 i, lowest 3.343. During 1921, highest 4.22, lowest 3.284- sth to 31st January, 1922, highest 4.284 dols.; lowest, 4.174 dols. 2nd to 27th February, highest 4.43 dollars ; lowest, 4.28 dollars. 2nd to 30th M»rch, hi'hest, 4.41} dollars; lowest, 4.34 dollars. 3rd to 30th April, highest 4.42 i dollars; lowest, 4.58} dollars. On Ist Maj, 4.42J dollars; on 4th May, 4.43 dollars; on Bth May, 4.44 dollars; on 11th May, 4.44J dollars; on 15th May, 4.45 dollars; oil 18th May, 4.46 dollars; on 23rd May, 4.44} dollars; on 25th May, 4.45 dollars; on Ist Jane, 4.45 dollars; 6th June, 4.50J dollars; on 7th June. 4.504 dollars; on 15th June, 4.47 i dollars: on 19th June, 4.41 dollars; on 22nd June, 4.23J dollars; on 26th June, 4.38 dollars; on 29th June, 4.391 dollars.)

Recent movements of the German mark:— On Ist June, 1197; on the 6th June, 1230; on Bth June 1270; on the 12th June 1447; on the 16th June 1390; or the 19th June 1460; and special cablegrams on the subject, dated London, 26th June, quoted 1590 marks, and on Ist July, 1750 marks.