May 19.
-A feature of the crisis between the Allies and Germany which must have struck observers of its economic aspect has been the steady improvement in the value of the mark during its later stages. The approach of the close of the crisis, when Germany was undoubtedly weakening in her attitude of stubborn resistance to the reparation demands, was shown by the manner in which francs advanced, but at the same time marks moved in a similar direction. About a month ago they were quoted at forty-four to the tael, whereas to-day they are in the neighbourhood of thirt}- two. London, according to an authoritative American opinion, has since the close of the war had to carry the weight of European exchange on her shoulders, and weakness in any of these countries has usually manifested itself in the London-New York cross rate. To-day this rate remains as steady as ever, with a slight tendency to move in favour of London. We may take it that the exchange between taels and marks depends very largely on London, and this improvement now seen locally must be taken as expressive of a belief in the general strengthening of the Ger. man financial position. This, be it noted, at the very moment when she admits her obligations. and under the influence of stern pressure shoulders the payment of a very considerable sum of money. If ever evidence was forthcoming of her ability to pay, if further exposure of her i ing tactics was needed, here it is,
Text read from the printed page and cleaned; old type leaves the occasional error.