MARK SLUMP.

Grey River Argus, 21 July 1923, Page 5

MARK SLUMP.

A New Record. (Aus. and N.Z. Cable Assn.) (By Electric Telegraph—Copyright.) (Received July 20 ; t 10.40 p.m.) . BERLIN, July 19. The mark has slumped to 1,450,000 to the pound. This is a new record. The Germans, on the Bourse, made frantic efforts to buy foreign currency from the banks, presenting demands aggregating twenty thousand milliards, which is equal to about fourteen millions sterling at yesterday’s rate of exchange. The Director of the Reiefebank described the demands as shaiSwr-’ ful, since they represented more than the whole monetary reserves in the Berlin banks. If such a demand were repeated the Reichsbank would refuse to discount purchases of foreign currencies, and thus make it impossible to buy sterling or dollars. The Rcielisbank .finally granted a quarter of one per eqnt on the day’s demands for foreign currencies.