GERMAN MARK.

Taranaki Daily News, 1 September 1922, Page 5

GERMAN MARK.

GAMBLE IN LONDON. VERY KEEN DEMAND, large purchases made. By Telegraph.—Press Assn. —Copyright. Received Aug. 31, 7.55 p.m. London, Aug. 31. A remarkable gamble in German marks is proceeding in London, where none are now purchaseable. There is a daily demand for thousands of pounds’ worth, and advice to people not to buy only causes an increase in the demand, which will not diminish while the exchange remains at the present fantastic level. The basis of the gamble appears to be the belief that while Germany is unable to redeem the mark at par she will be in a position, sooner or later, to offer a compromise which will be greatly to the advantage of present buy-ers.—Aus.-N.Z. Cable Assn. STOCKS EXHAUSTED. INCREASING NEW ISSUE. Berlin, August 30. Though the printing presses are working at their full capacity of 20U0 million marks daily, they are unable to cope with the demand. Efforts are- being made to raise the output to 3000 million per day without raising the denomination.

The Reichsbank continues stringent rationing, while certain Berlin groups of banks have fixed an arbitrary maximum figure for cash payments for cheques. The Reichsbank is besieged by drawers, many of whom, uncertain of the denomination they would receive, brought laundry baskets to carry away their paper money.

Cologne reports that Bielefeld* the Westphalian linen centre, is printing at only a fraction more than the cost of paper 25 mark notes on linen, 50 mark notes on silk, 100 mark notes on embroidered silk.

Meanwhile marks are almost unobtainable in London. The stocks are exhausted, and no fresh supplies are arriving. AMERICANS APPREHENSIVE. Ottawa, August 30. German manufacturers were forced to stop buying American cotton to-day when the mark fell to 2000 to the dollar. Germany last year bought a quarter of the American cotton crop. The loss of the market will be serious. American bankers are unable to see a panacea. Even if a financial scheme is worked out there is no way to force Europe to adopt it. Colonel House and other observers have sent warnings to friends here that Europe may be approaching another upheaval like that of 1914. and they are considering what effects the convulsion will have on the United States. Bankers have given up hope of ever collecting the Allies’ war debt.