RAIDS ON CURRENCY

Greymouth Evening Star, 20 September 1923, Page 5

RAIDS ON CURRENCY

NEV/ GERMAN CAMPAIGN.

RESCUING THE 31 ARK

(Australian and N.Z. Cable Association)

LONDON, September 18. ? The “Daily' Chronicle’s" Berlin cor--3 respondent says : •’The German Finan--1 cial Dictator has begun to tackle his . job. To-day, with a strong force of i police, raids were carried out on eight I hotels in the centre of the city. '1 he - hotels were surrounded and the doors ■ locked, and a search for foreign cur- . reiic.y of all descriptions, stocks, shares and bank notes, were rigorously effect- . cd. Every person was examined, and was forced to hand over all foreign currencies. Special attention was paid to foreigners, the only persons receiving consideration being the tour- * ists who could prove that they were merely passing through the country. The British Stock Exchange to-day lived through the most hectic hour of its existence. For a while it seemed as though the mark would be driven out of existence. The mark closed yesterday a(. 600,000,000 to the pound. To-day the fall became a rout. The mark quickly reached 1,000,000,000 to the pound, and still declined. Actually’ it reached 1,800,000.000, when the Government intervened, through the Reichsbank, and opened a stern offensive against the pound and the dollar. The battle proceeded according to plan. Th<‘ pound was forced back to 800.000,000. Then it stood a while. The Reichsbank later renewed its attack, and forced the pound to 630.000,000. The Government, then announced that its new currency was ready’ for circulation at the Reichsbank. When the Ruhr is evacuated, no notes will be issued without sufficient cover. The paper mark will cease to be legal tender, except for small change. The Government announces that the punishments for persons campaigning against the payment taxes, or withholding foodstuffs from the markets, arid the import duties on luxuries, will also be heavily increased. “The German Government cannot be accused of doing nothing after study-

ing the text of M. Poincare’s speeches, the outlook is not regarded as quite as desperate. The Government thought it worth while to inform Paris, through neutrals, that the recent German offer was serious and straightforward. ’ ’ FAMINE IN RUHR. LONDON, September 19. The “Daily Telegraph’s” Dusseldorf correspondent says : “Black pessimism prevails throughout the Ruhr. An emergency meeting of employers and employees was held at Dusseldorf, and it agreed on one point, namely, that the present road leads to ruin. One employer after another discussed details of the men’s demands, declaring that these could not. be met. Moreover, despite official efforts for the control of the price of farm products, the farmers repeatedly score victories over the townspeople. Meat and potatoes are practically unobtainable. Thyssen’s great steel nrlls must close within two months, owing to lack of raw materials. Industrialists declare that there must be a quick agreement with France, so that the factories resume normally; but they lament that, M. Poincare’s speeches show no outlet. RESISTANCE TO END. BERLIN. September 19. It is understood that Chancellor Strcsemann’s next move will be to present new proposals to the Reparations Commission. In the meantime, the passive resistance either will be officially called off, or permitted to die of inanitition, through the withdrawal of tlie financial supplies.

“ANOTHER WAR LOST.” (“Times” Service.) .LONDON, September 19. “Germany has lost, another war,” writes Professor Jung in the “Cologne Tageblatt,” which voices the views of the banks and leading industrialists. He continues : If Ludendorff was a gambler, Cuno and others like him are entitled to sit beside him at the roulette table. The Government organised financed resistance in the Ruhr and the authorities should have seen within six weeks, greater damage accruing than benefit, but resistance was as deliberately prolonged as was the war. If it had been modified, the Ruhr would not be a mass of ruins. The result would have been a complete French victory, Jung blames the trade unions and social democrats, but the latter re‘ort, accusing the bankers and industrialists of pursuing selfish and unpatriotic ends.

SENSATIONAL DISCLOSURES. LONDON, September 19. The “Daily Telegraph’s” political correspondent says : “To crown Germany’s misfortunes, a colossal scandal is about to be disclosed. Chancellor Stresemann’s Government is convinced that practically no control 'of any sort existed over the sums lavished on the Ruhr. There is even no proof that it ail reached its destinations. George Bernhard, editor of the “A ossische Zeitung” who had the courage /to open the attack against ex-Chancellor Cuno, has begun a new campaign, demanding a full investigation. There are indications that the German public will soon be made acquainted with a scandal overshadowing the famous Panama case.

BALDWIN-POING ARE -MEETING. LONDON, September 19. The “Westminster Gazette's’’ diplomatic vi, iter says: “Al. Poincare is playing a waiting game on Germany. Mr’ Baldwin also says that there is reason for proceeding with caution. He will discuss the situation with Dominion Premiers, who begin to arrive next week-end, before. taking any further step. The “Daily Telegraph’s” Faris correspondent writes warning the public, against over expectations as the. result of the meeting of AL Poincare and Mr. Baldwin. He recalls the optimism shown when Lord Curzon called upon AL Poincare. It is now known that their twenty-minute talk was mostly about Neman, where Al. Poincare was unveiling a monument on the following day. SOME PROGRESS MADE. PARIS, September 19. A communique states that while M. Poincare and Mr Baldwin were unable to reach a definite oslution, their conversation established a, common agreement and view.