GERMANY.

Hawera & Normanby Star, Volume XLII, Issue XLII, 11 October 1922, Page 5

GERMANY.

FALL IN THE MARK. j

s'* CABLE—PEESS ASSOCIATION—COPYRIGHT

LONDON, Oct. 10.

The Morning Post's Berlin correspondent says the steady and unexplained fall in the mark provoked another panicky rush. to buy securities. Not depending on paper money rates importers, industrialists and the Government are competing against one another to buy foreign currencies. German oil shares increased 1000 to 3000 per cent, since Friday, while shares of the Deutsche and other banks interest-

Ed in petroleum advanced 300 per cent. In contrast to the instability of the mark the September returns show that Hamburg's shipping has nearly reached the pre-war volume. (Received Oct. 11, 8.45 a.m.) BERLIN, Oct. 10.

Government statistics show that the disastrous collapse of the niark, was followed by a big increase of paper j money and an unprecedented increase in the floating debt. Business men attribute the collapse to the demand on industry for foreign payments for raw material and the purchase of foreign food supplies.. The mark is rapidly lapsing into disuse, even in the most minor transactions. Firms are turning money deposits, reserves and even working balances, into foreign values. They invariably ask for payment in British bank notes. Speculation has become a regular habit of the public. Nevertheless the fact remains that the value of bank notes is still mainly determined by the ease or difficulty with which they .are obtainable. The more that is printed the cheaper they get.— Times.