The Bismarck tribune., 1921-12-01
MARK GOES UP

day III official circles.
MARX GOES UP
London, Dec. THE German mark
underwent a further significant recov.
cry on the London exchange. Heavy
buying sent the rate to $50 to the
round sterling as against yesterdays
close Of $50.
The recovery was assisted by Opti-
mism regarding the negotiations be-
tween Dr. Walter Roathenau, former
German minister Of reconstruction
and the financial heads of the British
government in regard to Germany S
reparation payments and the pOssibil-
ity of moratorium.
The decline in the value of the
German mark, normally worth 23.8
cents before the war, to fraction OF
a cent and, perhaps, "the vanishing
point" greatly complicates the tinan
cial outlook Of every nation in the
world. s. ..... .... .
The "tobogganing' of the mark has
been attributed by German financiers
TO the forced payments on the Allied
reparations OF $33,750,000,G0O while
Others see in their almost negligible
value the result Of uns,ound finance,
cut-thrOat export sales and the rush
of the German masses to the stores to
exchange their almost worthless cur.
rcncy for any and every kind Of com.
modify. German printing presses
have been so busy putting Out paper
marks (1O,9l5,5OO, 600 were issued in
one recent month) that some Of the
currency has appeared engraved on
only one side,
1t has been said that Germany does
not possess one-half ,of one per cent
OF the gold required to meet her tons
and tons Of paper obligations. Rep
resentatives OF the government OF
France, as an indication Of this, re-
Gently arranged terms with Germany
at conference in Weisbaden by
which Germany agreed to deliver
seven billion gold marks worth OF
building material. German bankers
have repeatedly urged the necessity
for an International conference and
the declaration Of three-year moi a
torium to enable Germany TO recovei
her equilibrium. III
Many Allied economists, however
maintain that the depreciation OF the
mark has been artificially brough'
about by the machinatiOn and tricker!
of German financiers. They point OUT
that Germany is much more prosper'
ous in comparison with other Euro
pean countries and that, while there
is q great contrast between the ex
tremes OF wealth and poverty In Ger
many, spectators are making mil
lions and nearly everyone is at WORK
even il atlow wages. ~.
The sub com mittee, known as inc
Guarantee Commission of the hepara
tions Commission, has gone to Berlin
to investigate whether German marks
really have any value. In event o
finding them worthless; all foreign
trading with Germany conducted on
paper currency basis, will cease anc
| the Ebert government may face sucf
crisis as will necessitate new actor
by the Allied powers. Prior 10 III.
war, German marks in New YORK "er'
third in importance in 1orelgh "a
change transactions, the British pount
sterling and the French franc oelnt
first and second, respectively.
Reparation Payments .,.
Sinca Germany agreed to the Alllet
reparations terms last May the ho'
lowing dates and amounts were nxe;
for payments: ,,. >,
June Ii ,OCO,C00,OC0 gold marks u
the Preparations Commission.
July delivery to the COMMISSION
of bonds for 12 ,O00,o0o,000 gold MARKS
july 15--First quarterly payment o
annual sum of 2,00o,O0O,OOO goi
marks. o,
August 15-First quarterly pa!
ment of the 26 per cent OF the Val'l
of German exports.
! Oct, 15-Second quarterly paymenl
Of annual sum of 20Oo,oooooo s'ol
marks.
/ Nov delivery to the Reparatioonn
i Commission of bonds for $4,000, ,ooo,oo
gold marks: also bonds without co,
pons attached for s2,0o00oo,ooo goI
marks.
Nov 15-Second quarterly paymer
= ! Of the 2C per cent of the value OF Ge
Imam exports
The Guarantees Commission now
Berlin is composed of NJ. Mauclere'
France, its chairman; and NJ. beme
mans. yics, cha irman. Other memNe'
.are Sir Hugh G. Levick, Great Britai'
Signor Dameglio, Italy; Nj. sekip
Japan; NJ. Tiourtch, lugo slavia; al
! Roland W. Boydon, United States.
The duties of the Commission a
: described under eight heads as 10
lows:
, "First-TO insure enforcement
: Articles 24l and 24S OF the treaty
Versailles. -,
"Second-To supervise the coll'
s ton of German customs. export HA
: asG Continued on Page g