Marks yesterday reached a new low level in relation to the tael, registering 2,100. A year ago they were 130, and were then considered abnormally cheap, so that quite a number of people went on speculating in them. The lucky ones seem to have been persuaded to turn their holdings of marks into.Ge: man motor cars in the interim, and the remainder are stuck. The remarkable thing is that during these intervening months a controversy has actually been possible as to whether reparations or the German printing press were responsible for the drop. To-day, no matter what people may decide the contributory factors have there can be no doubt as to thei printed press. Of course marks were always a speculation, and there need be little sympathy wasted for those who have acquired largo holdings. But there can be sympathy with people who have to deal in francs and see them quoted at 59 to the & Their present condition is largely due to the col-Japse of the mark and the growing hopelessness of seeing sanity in German finance within an apprecia able distance of time. The position yf the mark is to-day all the worse because there scorns little desire on the part of the German people to stop the rot, and so long as that is their attitude neigh-houring exchanges are bound to suffer.
Text read from the printed page and cleaned; old type leaves the occasional error.