THE Daily Telegraph. WITH WHICH IS INCORPORATED THE WAIHI MINER THURSDAY, APRIL C, 1922 CURRENCY DEVALUATION.

Waihi Daily Telegraph, Volume XX, Issue 6491, 6 April 1922, Page 2

THE Daily Telegraph. WITH WHICH IS INCORPORATED THE WAIHI MINER

THURSDAY, APRIL C, 1922 CURRENCY DEVALUATION.

Here ul.al! the Press til* o>pb'a Rijflil maintain. (Jiuwed bv inUuenceiirjS unliribed li'y £.i.'n tl&re Kati-int Truth tier gloi-ioya rrsri-ytj .ii"i-». rioil/4.1 ;.o tti-|;t:io-i iji*iiv find Law

SrjtiiL' more or lens optimistic financial commentators in Britain and elsewhere have of late bevn discussing proposals for lit* permanent devaluation of European currencies. -A s in the case, of the German mark. theji> obviously can never be restored to their pre-war gold value. A writ or in the financial 'columns o L the London. Times observed on this subject recently :—"All ihat devaluation means is that the depreciate!..'; currencies shall not be debased any mrtlier but shall be stabilised as soon as possibly at their approximate present value, "With stability of the standard of value, normal business relations would be possible once more, because contracts would mature in the* .terms in which they made. Banks lend against these new currencies, but they will not against the existing ones. Fortunately ill Great Britain iwe are near enough to the old gold parity to get hack to it with a fitistiijnwl effort, and that is irue of certain, other countries; l>ut- it i s not true of Russia, or Austria, or Germany. Devaluation m their case is inevitable.'' No doubt tiny advantages mentioned wou'itt follow if the debased European currencies were in fact stablised on a nelw gold parity. But the trouble at present is that the trade and financial disord.T s which have reduccO tln'-iiermaj, mark to one seventieth ( >| its former value, or jess and have made the value of some-other Ji.urop'.';in currencies approach, o r even' 2'ettch, vanishing point, have yefc to be remedied". !•; tlu'se conditions (he '..''evaluation of such currenries by adjus: i : iig them to a new] gold parky would not be permanent. | It, wii'dd merely set; a new point from which (ii incisure continued inflation.