COLLAPSE OF CONTINENTAL EXCHANGES.

Grey River Argus, 10 July 1922, Page 5

COLLAPSE OF CONTINENTAL EXCHANGES.

ONE POUND EQUALS 2600 MARKS. IS THE GERMAN STATE GOING- BANKRUPT? (Received July 9 at 5.5 p.m.) BERLIN, July 8. There was a wild panic on the Berlin Bourse. The German Mark touched 2600 to the £l. The chief selling was doin' by foreign holders, who are fearful of the political turmoil, reports of which the official circles in Germany consider to be grossly exaggerated. The public made a rush to buy goods, in order to get rid of the mark at any cost. Customers who could not get what they wanted, took whatever the shops had. The Government lias given up its attempt to steady the mark, which the banks' are shovelling on to the market at any price. Every German with money is trying to get his capital abroad. The impression is that the Government is now allowing the mark to reach the level of the Austrian currency, when it will tell the Allies that Germany is bankrupt, and cannot pay the.reparations. PARIS, July 8. The mark has reached as low as 2400 to the £l, but closed at 2350. Information has been received in Allied circles which shows the German Government propose to ask for the total remission of the gold reparation payments for 1923-24, giving, in exchange for the concession, increased payments in kind. “Le Petit Parisian” points out that, instead of receiving 1,450,000,000 gold marks, the Allies would get about 2,000,000,000 in kind. Two years is the time mentioned.

GERMANS IN U.S.A. TO RECOVER PATENTS. (Received July 9 at 5.5 p.m.) NEW YORK, July 8. Mr P. Garvan, formerly Alien Property Custodian, and now President of the Chemical Foundation charges that a Committee of the German Dye Magnates, is now in the United States, with lawyers retained by them, and that they visited the AttorneyGeneral in Washington just prior to the recent inauguration of President Harding’s policy in favour of the return of 1747 German dye and drug patents sold by Mr Garvan as Alien Property Custodian to Mr Garvan as President of the Chemical Foundation, for $250,000. Following Air Garvan’s statement, lawyers representing the German interests, made a statement admitting their meeting with the Attorney-General in an effort to secure the patents, but declaring that the American Administration had decided on that the policy long previously.

OUTSIDE DOMINATION OVER CHINA. WU-PEI FU IN FRESH DIFFICULTIES. (Received July 9 at 5.5 p.m.) TOKIO, July 7. Japan has warned the Peking Government that, owing to the danger of bandits to Japanese residents in Chientao, if China fails to do her duty and protect them, the. necessity might compel reluctant Japan to send troops to the affected region. TOKIO, July 8 TheVChincse Government has promised Japan that China will protect the Japanese to the utmost in Chientao, ah hough the military is admittedly unable to control the situation. Wu-Pei-Fu’s best division has mutinied at Paotingfu, demanding wages payment. The Premier has cabled a meeting of fhe Allied Ministers at Peking, and lias asked permission to postpone the payment of the Boxer indemnities. The Ministers have referred the matter to their respective Governments. PEKING, July 9. At Paotingfu loyal troops quelled the mutiny among Wu-Pei-Fu’s troops, after an all-night battle. Mr IL 11. Willoughby, of Washington, has been offered the post of adviser to Dr 'Wellington Koo and the Peking Commissioner for the reorganisation of China’s finances.

GERMAN COMPETITION FELT BY SPAIN. ' (Received July 9 at 5.5 p.m.) LONDON, July 7. Owing to German competition, resulting from the depreciation of the mark, the Spanish Government proposes to increase its export duties on lead ores and concentrates, to protect the local smelting industry. LATEST JAPANESE NAVAL ESTIMATES. (Received July 9 at 5.5 p.m.) TOKIO, July 6. A draft of the Japanese Naval Estimates for 1923-24 lias been completed. It provides for a nett reduction from the current estimates of 74,000,000 yen, and a gross cut in construction and maintenance costs of 140,000,000. As the estimates include 68,000,000 yen for expenses of scrapping and reconstruction under the Naval Agreement, the estimates are: —Ordinary, 117.000,000 yen; extraordinary, 202,000,000 yen. The reductions in personnel include 700 officers, 300 midshipmen, 3,000 petty officers, ami 10,000 sailors. Approximately 14 capital ships are to be scrapped. Maizuru is to be reduced to a naval port, with the naval port at Port Arthur abolished. The elimination of portions of the planned construction programme will save 38,000,000 yen in the first year. The estimates include an annual expenditure of 7,500,000 in equipping 10 capital ships, air craft, submarines, explosives and naval aviators, 3,000 for maintenance, and 5,000,000 for fuel oil for new auxiliaries under construction.

STATES FIGHT U.S.A. RAILWAYMEN’S STRIKE. (Received July 9 at 5.5 p.m.) NEW YORK, July 7. The big railway strike in U.S.A, has now been in progress for a week. Outbreaks of violence in various centres are marking the end of the first week of the railway strike. At Chicago City, a mob, including many women, attacked the homes of some “loyal” workers, attempting to burn the buildings. The police drove off the strikers. In the States of Alabama, Kansas, Missouri and lowa, the Governments have all been requested to send troops to the towns where any mob violence is feared. WORLD FLIER MAKING BETTER PROGRESS

(Received July 9 at 5.5 p.m.) LONDON, July 8. Blake, after a good passage across the Mediterranean to Abourkir, has, according to latest news, arrived safely at Solium, which is 300 miles west of Alexandria. A TRANS PACIFIC FLIGHT BEING ARRANGED (Received July 9 at 5.5 p.m.) LONDON, July 8. A party of British airmen is arranging a flight from America to Australia in an attempt to win a £lO,OOO prize offered by an American for the transPacific flight to Sydney.