FALL OF THE MARK.

Taranaki Daily News, 2 August 1922, Page 5

FALL OF THE MARK.

CHAOS OF GERMAN CURRENCY. SETBACK TO REPARATIONS. By Telegraph.—Press Assn.—Copyright. Received Aug. 1, 9.50 p.m. Berlin, July 31. People of all classes watch the depreciation of the mark with consternation, and in view of France’s attitude there is little hope of improvement. Two years ago foreign currencies were obtainable, because faith existed in Germany’s political and economic recovery. That faith is now dead, and foreign holders want to dispose of their stocks of marks rather than increase them. Therefore it is conceivable that Germany one day will be unable to pay a single shilling in reparations, because foreigners decline to accept marks in exchange for the currencies in which reparations are payable. The German people are enduring great hardships on account of the rise in the cost of living and monetary difficulties. The latter is emphasised by ap advertisement by a provincial paper, notifying admissoin to a concert for “ten marks or two eggs.” London, July 31. The mark is quoted at 3000 to the £1 to-day, owing to the Reichsbanks increased discount and French rejection of the moratorium in connection with private debts incurred before the war. It is, however,. Expected the Reparations Commission will be obliged to grant Germany’s request.