FALL IN THE MARK

Nelson Evening Mail, Volume LVI, 11 October 1922, Page 2

FALL IN THE MARK

another*panic 1 (By Electric Telegraph.—Copyright.) (Australian & N.Z. Cable Association ) , LONDON, Oct. 10. ] The Morning Post’s Berlin covrespon- ( dent says the steady unexplained fall m , the mark provoked another panicKv ; rush to buy securities not depending on , paper money rates. Importers, industn- ; alists, and Government are competing ( against one another to buy foreign currencies. German oil shares increased from a thousand to three thousand per cent since Friday. The shares of the Deutcher and other banks interested in petroleum advanced 300 per cent. hi ■contrast with the instability of the ; mark September returns show that Hamburg’s shipping has nearly reached the pre-war volume. v BERLIN,! Oct. 10. Government statistics shovV that the disastrous collapse of the mark was followed by a big increase of paper money and an unprecedented increase in the floating debt. « Business men attribute the collapse to the demands on industry for foreign payments for raw material and the purchase of foreign goods supplies. The mark is vapidly lapsing into disuse even in the most minor transactions, Arms turning money deposits, re serves, 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 tiiat the value of bank notes is still mainly determined b ythe ease or difficulty’with which they are obtainable. The’ more that are printed the cheaper thev get. ■