THE LATEST GAMBLE.

Waipa Post, Volume XXI, Issue 1280, 12 August 1922, Page 5

THE LATEST GAMBLE.

SPECULATION IN MARKS.

“GET-RICH-QUICK" SCRAMBLE-.

(By Telegraph. Press Association.) WELLINGTON, This Day.

Gambling on the exchange quotations of the German mark is not unknown in New Zealand; indeed, if some estimates are to be relied upon fully a quarter of a million pounds sterling lias been invented in marks by those anxious to get rich quickly. The other day, when the exchange riate for the mark was 4000 marks to -the £1 a fair*amount of money was cabled from New Zealand for the purchase of marks. It is believed that some got in early enough to secure the full 4000 marks. Thus a hundred pounds converted into marks at the rate named wouldjbring to the buyer 400,000 marks. The exchange rate on August 8 was 3340 marks to the £l. If the buyer at 1022 marks to the £1 sells now he would receive a little over £ll9 on the deal, and thus make a profit of £l9. Judging by the tone of the London, conference it is just possible that the exchange rate may drop to 6000 marks; in which case there would be a loss of £oo. The buying and selling is being clone through some of the banks, and it is only right to say that the banks are doing their utmost to discourage this latest longdistance gamble. Investors l can find plenty of scope for safely investing their saving®' in New Zealand enterprise® and securities. Gambling in the mark is a quick-result game like horse-racing, for one knows very quickly whether there i® a loss or a win, and that perhaps constitutes the attraction.