"Comic Finance"

Maoriland Worker, Volume 13, Issue 31, 1 August 1923, Page 4

"Comic Finance"

In this way the "N.Z. Times" heads a series of cables dealing with last week's crash of the German mark. Some people have a peculiar sense of humour; but there is really nothing to laugh about in the currency problem of Germany, and in the cables themselves there was more than a hint of the resulting tragedy and i misery. In Thursday morning's cables the mark stood at 2,00,000 to the pound sterling, and by the evening it had further declined to 3,000,000 to the pound. This means that living -costs in 12 HOURS would rocket up 50 per cent., and .the SPENDING POWER OP WAGES DECLINE IN THAT DEGREE. If the New. Zealand workers suffered in a day a cut or half of their wages and a diminution to the same extent of their deposits m the Savings Bank, it would give them some appreciation of what is NEARLY EVERY DAY happening to the German . wage-earners. When the mark slumps with such violence and rises in the cost of living follow with equal violence, it is IMPOSSIBLE TO READJUST WAGES AT THEIR NOMINAL VALUE, and .the immediate effect is the starvation of the workers. Another effect is food riots, the assassination of officials by infuriated mobs, and preparations for civil war, with the streets runningred with blood. As we have remarked, it is a peculiar humour that sees anything "comic" in that.