Foreign Exchange Gambling.

Hokitika Guardian, 24 November 1921, Page 4

Foreign Exchange Gambling.

A FEW SHIELINGS BUY THOUSANDS OF ROUBLES. LONDON, Oct (i. Anyone who cares to spend 4s lid nowadays can obtain a Hussian hanknote for 10,0(10 roubles, the normal equivalent of 11041. These scraps ol paper are advertised in the press, and "shrewd investors” are urged to “Buy NOW; prices may rise at any minute.” The investor -’’shrewd” or otherwise—can also, if he wishes, secure 20,000, .10,000 and 100,000 rouble notes at the modest prices oi Ss (id, ISs (id, and .‘llls (id respectively. When it is mentioned that . in normal times, a 100.000 rouble note was worth 010,110, it is possible to form some conception of the tremendous crash of Russia's credit. Tn the tables relating to rates of exchange, published in the news- I papers, Hussian money is not quoted. I To all intents and purposes, it is value-j less. The |>crson who buys a 10,000 rouble note is really paying Is lid fur a piece of paper worth a fiaction ol a fnrtliing. AVOMF.N’S S P l‘X TE A TIO NS. lint apparently—since the companies selling them can allord to advertise their wares in newspapers whose advertising rates certainly are not modestpurchasers of these notes would not seem to lie lacking. As a matter of fact, the gambling interest offered hy the present state of foreign exchange has taken hold of many Londoners. Ihe purchase of Hussian paper money at the present time looks very much like harking a horse with broken wind and three legs for the Melbourne Gup; but nevertheless there are optimists who arc ready to “try their luck” in this direction. For the small gambler, who likes to have a sporting chance oi getting his money hack, or even ot showing tt ptolit, the German mark is a much mine attractive medium. For a lew days last week, when the mark was pertorming fantastic! contortions —on one clay it- was quoted at ISO. went to 1-»1, ami closed at 11(1’--London went “mark mad.” All suits and conditions ol people had “a flutter.” On the 1 uderground and on the tops ol buses one heard city clerks exchanging confidences relating to their financial operations, obviously under the impression that they weiv emulating those Strung. Silent Business Men ol the screen, wlm "smash" their rivals hy the simple process of making fare's ;it a telephone ami then sitting hack and chewing a see-

Women a surprising number of whom in London take a keen interest in horseraeing and display a devastating knowledge ol "I'init' and stable diplomacy -were also very anxious lo make fortunes by buying and selling mark*., and tlirir i.*lresliing ignoratne

fnieigii exchange enabled seine "t I lit-ir male friends, whom they had been accustomed to overwhelm with horseraeing statistics, to regain their scdf-iespoct. POOH POLAND'S MARK.

Barge operators, ol course, have been giving their attention to the mark, and many rumours- none ot which may bo authentic are current concerning what t.hev have done and are doing. One City hanker is reported as having said that it is probable that ten thousand million German marks are now held by English speculators. After a prolonged period of selling. Ne.v York has begun wildly buying German marks, and orders for tbe purchase of millions of them are said to he arriving here from America daily. The Paris branches of large American hanks have been chiefly lespoitsiUo for the tluetuation of the finite, and last week several of them were stated to have been hard hit by a Midden depreciation. One newspaper 'savs that at least 20,01H1.t100 francs were lost by American hanking institutions in Paris in this way. The most worthless foreign money which figures in the published table of quotations (the rouble, ns 1 lmvc. mentioned. is not quoted at all) is the Polish mark, which lias now so deeliued in value Hu* 211,0011 are requind E>

equal a C. All English jouruali-t w la. knows Russia well (ells me that a cup nf coffee in I’etrogra.l now costs 200(1 roubles, and the waiter will hold you m ill tel* contempt il your lip is less than .”>OO roiiblos!