GERMAN FINANCE.

Grey River Argus, 14 October 1922, Page 5

GERMAN FINANCE.

SPECULATORS IN MARKS. PUNISHABLE BY IMPRISONMENT. [A. and N.Z. Cable Association.] BERLIN, October 12. The Government has decided to introduce drastic legislation to prevent cneculative traffic in foreign exchange. It is propped that every contemplated transaction in foreign exchange shall first be submitted to finance offi-

cers who shall have power to veto it. It is also proposed to issue a loan of 400,000,000 gold marks, payable in for-

eign currency on paper marks at gold ; rates, bearing four per cent, interest 1 in gold. The loan will be issued on • lhe security of the export duty and ( coal tax. President Ebert has decreed that ail speculative dealings in foreign curren- 1 cies are punishable with imprisonment. This is regarded as the first genuine attempt to re-establish the mark to meet the reparations. ALLIED CONTROL URGED. PARIS, October 12. “Le Matin,’’ referring to Sir u.i Bradbury’s proposal for the control ot 1 German finances, now before the Reparation Commission, says that Sir J. Bradbury is t>f the opinion a deprivation of the Government’s financial powers is the only remedy for the catastrophic condition of German Duane- ■ es. At the present rate ofi 3000 marks 1 to the dollar Ge/many ’s'- total fidu- ; ciary circulation of 350 milliards oi I paper marks represents only 110,000,- i 000 dollars, which a country, whose re- ! sources have been so thoroughly utilised as Germany’s, could find with little difficulty. It is necessary that the unwise phrasing of the Treaty providing that Germany shall pay according to ability, shall cease to be dogmatically interpreted by certain Allies, and the conducting of a new money system is essential? Germany’s restoration would become possible by real control.