GERMANY’S FINANCE.
COLLAPSE OF THE MARK. By Teleffrapb.—Press Assn.—Copyright. New York, Jan. I’d. German marks reached the lowest on record, being quoted at 18,000 to the dollar. Bankers report heavy offerings at Berlin, Amsterdam and London. Received Jan., 17, 7.2.5 p.m. Berlin, Jan. 17.
When the mark reached 78,000 the Reichsbank placed some of its reserves of foreign currencies on the market and stopped the rot. At one time eighty-five thousand marks were offered to the pound sterling. The Reichsbank is daily printing twenty-five thousand millions of new bank notes, •but even these fail to meet the needs of Germany. Tuesday’s crash was partly due to wholesale buying of foreign currencies in order to meet payments for British coal.
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Taranaki Daily News, 19 January 1923, Page 7
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119GERMANY’S FINANCE. Taranaki Daily News, 19 January 1923, Page 7
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