BUYING MARKS

Otago Daily Times, Issue 18763, 17 January 1923, Page 7

BUYING MARKS

AUSTRALIAN SPECULATORS’ MISTAKE. (From Ooe Own Correspondent.) SYDNEY. January 11. An effort, to make easy money by speculating in German marks, as has been done in other parts of the world, has proved an unprofitable business for many Australians. As the value of the mark has been dropping lower and lower the optimistic specula tors have valiantly assured themselves and their friends that this sort of thing could not go on for ever, and that sooner or later the mark must return to its normal value. Then, of couse, they would be wealthy. News that is not reassuring to these speculators was given by one of Australia's biggest bankers who has just returned from Germany. He

said that Germany was enforcing special laws to prevent foreigners from reaping undue advantage from a decline in German currency. No visitor was permitted to take more than 2000 marks from the country, and at all hotels and restaurants foreigners were charged three times the prices demanded of Germans. In spite of these precautions foreigners could travel all over Germany for a few- pounds. Hut outside Germany the mark was valueless and he believed it would always remain so at any rate for a very long time. This was realised by American speculators who were now investing the marks they had purchased by building factories in Germany.