FALL IN PRICES
DISTRESS IN GERMANY. EFFECT OF EXPORT DUTY. (f> Telegraph.—Press Assn.—Copyright.) tAUitruiiaii and N.Z. Cable Association.^ BERLIN, May 21. (Received May 23, 11 p.m.) The industrial and commercial situation in Germany is becoming more critical. The strike of consumers continues. The shops, with the exception of food stores, are idle. Though the mark has risen from 400 per £ to 174 per £ the cost of production and wages are still based on the former figure aid the cost of living is as high as ever. The appreciation of the currency gives the foreigner less incentive to buy, particularly in vi'\v of the imposition of an export duty. A serious feature of the duly, which is ml valorem, is that it encourages the export of raw material instead of the finished article, to the detriment of home industry. The export of machinery has particularly suffered, a= many foreign orders were cancelled owing to the appreciation of the currency. A million pair of shoes arc in stock in boot factories for which there is no demand. Several factories arc bankrupt and the slump is causing widespread unemployment.
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Southland Times, Issue 18829, 24 May 1920, Page 5
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186FALL IN PRICES Southland Times, Issue 18829, 24 May 1920, Page 5
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