GERMAN CURRENCY ABYSS.

New Zealand Herald, Volume LX, Issue 18460, 25 July 1923, Page 9

GERMAN CURRENCY ABYSS.

; DECEASING FLOOD OF PAPER REIC ANK!S GOLD RESERVE REDUCED 2BY NEARLY HALF. B» Tekaraoh-Preßft AEsociation-ConYrirtit. A. and = N.Z. BERLIN. July 23. .;-■; A truly c amazing position ;. has been reached in Germany ,in regard 'to the issue ,of marks. The; number actually manufactured iS hardly known from.' day to day. *' ', , ■~■",''. ; . The printing plant at the' Reichsbank ! alone . manufactures 14 million separate \ notes daily, ranging in denomination from ' 1000 ■to : 500,000. The lowest . note printed ; is 1000 marks, valued at a farthing. " .' - , Simultaneously 40 private printing ■ works, under contract, are pouring forth paper. These are working three shifts, so the flood never ceases for a minute. j .Paradoxically- the less: the mark pur- ! chases the more purchasing' is done. Though the end is "inevitable it is not J yet dimly apparent. Railway fares have ' [been quintupled, without affecting i travel. Last week taxi-cab drivers had to , multiply the taximeter by 15,000. Now jit is multiplied by 25,000. ■ I The Reichsbank's report shows that its ' gold ,- reserve has been reduced ;- to £27,000,000, little more than half the amount held at the beginning of the year.