THE RUHR

Hawera & Normanby Star, Volume XLII, Issue XLII, 19 July 1923, Page 5

THE RUHR

FORMIDABLE ECONOMIC CRISIS

3Y CABLE—PEESS ASSOCIATION—COPYEIG_T

LONDON, July 17. . The Dusseldorf correspondent of the Daily Telegraph says that vkiiat appears to be a formidable economic crisis in the Ruhr is practically certain within eight or ten days.

The great foundry owned by Boehumer Verein, employing twenty thousand people, has closed. Krupp's steel works, employing four thousand, has ceased. The textile trade is also seriously affected, as, owing to the fall in the mark, they are unable to purchase English coal, and declare the situation is so grave that they will be compelled to close with thousands threwn out of work.

"There are doubts whether the authorities'will be able to keep the huge number of unemployed people quiet. The Government has met the situation up- to the present, but it is now grave. Official statistics iv Cologne show that the cost of living has doubled in the period from June 26 to July 11.