Magic Wand Of Currency Reform

Chronicle (Levin), 13 August 1948, Page 5

Magic Wand Of Currency Reform

Received Thursday, 7 p.m. LONDON", Aug. 12. All reports i'rom Germany agree that Anglo-American currency rei'orms in the eombined zones of Germany have already proved most snecessful and havebeen one of the most important l'aetors in ehanging tlie mood of the Western Gennans. Today Ruhr coal production is soaringand at the present rate of increase, may shortly reaeh pre-war figures. The News Chronicle's speeial correspondent in Berlin says: "As if at the touch of a wand, Germany, out for the count so long, has got up off: the floor on to its kiiees and is notv standing up. The wand was currency Teform and after a tour of the Ruhr, I believe it is not too much to say the astonishing resurgence that has already taken place here has ehanged the face of Germany and the hopes of Europe almost overnight. " • The correspondGiit says the reforms have dispersed .the hlaclc

market and suddenly filled previously empty shops Avith gobds the majority of Germans did not even know were in their country. It is noticeable that now his money has some value, the German workman is working with a will. Before the currency was reformed, it was, estimated that few Germans were working at more than 40 per cent.- of the pre-war capacity. Already it is considered" this has been increused to 70 per eent. "With the lowest overhead costs of any Eur.opean country and np-to-date methods of production, Germany can recover more quicMy than many- of her neighbours and become an early challenger in European and world markets, " coneludes the copffspondent. "Already at offiees and factories „of the Ruhr, there are queues of intei'national huyers, their brief cr -:es heavy with contracts. It is at last elear that we must abruptly and ylrastically change the pieture of the British zone in fatters , dependent upon charity and relief." .