BERLIN PANIC.

Taranaki Daily News, 10 July 1922, Page 5

BERLIN PANIC.

COLLAPSE OF. THE MAKE. PUBLIC'S RUSH TO BUY. POLITICAL MOTIVES. , By Telegraph.—Press Assn.—Copyright. Received July 9, 5.5 pin. Berlin, -July 8. There was a wild panic on the Bourse when the mark touched 2600. The chief selling was by foreign holders, who were fearful of political turmoil, which official circles in Germany consider grossly exaggerated. The public made a rush to buy goods in order to get rid of the mark at any cost, and customers who could not get what they wanted took whatever the shops had. The Government has given up its attempt to steady the mark, which the banks are shovelling on to the market at any price. Every German with money is trying to get his capital abroad. The impression is that the Government is allowing the mark to reach the level of Austrian currency, when they will tell the Allies they are bankrupt and cannot pay reparationsThe mark closed at 2350. —Aus.-N.Z. Cable Assn.

REPARATION PAYMENTS. A PLEA FOR CONCESSIONS. GERMANY’S LATEST PROPOSAL. R;c iTc! July 9, 5.5 p.m. Paris, July 8. Information received in Allied circles shows that the German Government propose to ask for the total remission of gold reparation payments for 1923-24, giving in exchange for the concession increased payments in kindThe Petit Parisien points out that instead of receiving 1450 million gold marks the Allies Would get about 2000 million in kind. Two years is the time mentioned.—Aus.-N.Z. Cable Assn.