New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-14

heavy losses, amounting, for example,
in the case of German investments, to
over 80 per cent. Several holding COM
panies established in Switzerland with
large German influence in their man
agerent and with heavy assets in Ger
many have been considerable losers, as
have certain Swiss institutions which.
owing to their former close business
relations. especially with south Ger
many, held mortgage or other claims in
that country. Some public savings
banks, especially on the Swiss German
border. were also placed in great finan-
cial difficulties owing to the fall of the
mark. The total Of Swiss commerce al
claims in other countries Russia
Hungary, Austria, the Balkan States)
which are at present practically I'M
realizable owing to the exchanges
must reach a large sum. Signal losses
have been sustained by Swiss who for
the most part in 1919. acquired Ger
man marks, the total volume of which
is generally believed to have attained
the sum Of many miliards of marks.
The unfavorable situation Of the
great hotel industry of Switzerland,
which, with a capita Of 200. 900 900
francs, formerly maintained about 5000
hotels employing 1900 persons. may
also be largely attributed TO tine high
value of the Swiss franc. Before tho
war nearly one-third Of the visitors
to Switzerland were Germans and
about one sixth were French but few
travellers arc willing to accept a large
definite loss of their own currency as
preliminary requirement of a soiourn
in foreign land. Many English Wis
ltors or residents in the country we're
stated TO have either shortened or to
OF Il
last year mainly on the ground of the
loss on the exchange, which. however.
IN the case of the English pound stcr-
ing, was mparativcly small at a
range Of from u to 20 per cent.
Effect or Imports
Nor, as Il great importer of food
stuffs. of raw materials and Of numer-
Gus manufactured goods in general
popular demand, has Switzerland been
able to reap full compensation from its
nigh exchange. Its essential food needs
had to be satisfied mainly in North
and South America or It's very large
coal imports half was obtained from,
the United States. ard the balance
manly from countries which fixed
special expert prices IN many cases.
" ''ts w '"E ~ Stcll2tlt uln ercntlatlOn
between home and export prices. the
margin OF advantage accruir- to the
SWISS importer by virtue OF depraci-
at"d foreign exchanges was reduced to
small dimensions German coal at 1870
SWISS francs a ton at Basel was ten
times dearcr for Swiss manufacturers
than for Germans; bar and section
iron at 300 Swiss francs was over
1000 marks dearer than the German
home price. In fact, the regular prac-
ticc of the German exporting groups
would appear to have been either to
establish such price scales for export
that the price in marks almost swept
away, on conversion. the differences due
to exchange depreciation, or to fix
prices in Swiss francs for exports to
Switzerland. AS Switzerland is de-
pendent TO very exceptional extent
en- the importation of raw and semi
manufactured materials, and as it mas
also to obtain abroad many finished
products in genera cem4nd by its
population Gronvarc. domestic utcn-
sils, machinery Of many Aind,. glass,
pottery, leather, technical o and fats,
textiles. books, popular decorative OBJ
jects. ctc.), this disadvantage OF not
bencfting materially from the appre-
citation Of its currency in relation to
the market was conside rablc, cspc-
cially when it is recalled that in 1913
over half Of its total imports of manu-
featured products (353 out Of 635 mil
lion francs) came from Germany