GERMAN CRISIS
THE INDUSTRIAL SLUMP. SEVERAL FACTORIES BANKRUPT. By Telegraph.—Press Ansa.—Copyright. Received May 23, 11 p.m. Berlin, May 21. The industrial and commercial situation in Germany is becoming more critical. The strike of consumers continues, and shops, with the exception of food stores, are idle. The value of the mark has risen, but the cost of production and wages are still based on the old figure, and the cost of living is as high as ever. The appreciation of the currency gives a foreigner less incentive to buy, particularly in view of the imposition of an export duty, The serious feature of the duty, which is ad 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, as many foreign orders have been cancelled owing to the appreciation of the currency. There are millions of pairs of shoes in stock in the boot factories, for which there is no demand. Several factories are bankrupt and the slump is causing widespread unemployment—Aus.-N.Z. Cable Assn.
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Taranaki Daily News, 24 May 1920, Page 5
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181GERMAN CRISIS Taranaki Daily News, 24 May 1920, Page 5
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