pern in blocked marks at the beginning of June were scratching their heads over the new travel mark arrangements and would probably have been tearing their hair into the bargain if the amount of business had not been extremely small. The new scheme is incredibly complicated and would be objectionable on that ground alone. The fact that nobody in London could give a satisfactory explanation of the new terms as originally communicated from Berlin shows clearly enough that the whole plan was hatched out in Germany and meekly accepted en bloc by the creditors' committee.
But even its German progenitors completely failed at first to explain their tortuous device in language which anybody could understand.
It was only after this newspaper had put forth the first inci id statement of the way the new plan would presumably work, that the German authorities sent a fresh circular to the London banks giving an explanation on precisely the same lines, states the "Financial News."
That very little business was pa ing today, in contrast with the he tic activity of previous days, was Jue to the fact that the Germans forgot to tax excess balances accumulated before the new scheme came unto operation. For some time, therefore, dealers have been building up balances bought at the old rate. They will now be able to sell them at the new rate, which gives a profit of some 15 per cent. This profit (for once) will not be gained at the expense of the standstill creditors; for the increased cost of the travel mark from today onwards is due entirely to. the larger proportion of degomarks in the mixture.
Text read from the printed page and cleaned; old type leaves the occasional error.