however serious our problem may oe, the financial problem which cot fonts Germany Is Infinitely greater. [the pound sterling remains, when all is said and dones as the' accepted medium of international. trade. The found "sterling. is available for all Proper purposes at an offciat rate of exchange which is published daly.
"On the ther hand, eve before the war, the offciat rate of the German mark really meant nothing at fall. 'There were 90 diferent. kinds for" marks, each showing a. liferent degree of depreciation. At. present {tke Germaa mark has no position as fan' international currency, and is ikety rapidly to lose its value as an internal currency."
The inflationary tendency in Germany." the Chancellor added, "is Pound to develop further under war The rationale of Sir John Simon's plans. for. obtaining an additional 'E2z6.o0,00 in a full year by addi-tonal taxation Superimpoved on the last, Budget to yield £042,370,000, fax. stem, ated
[contained in the passage of his speech which the Chancellor explained thatthe, ceonomie problem of the fwar was to secure a reduélion In private demands on industry corres-Ponding tothe enormous expansion the Government' demands.
Text read from the printed page and cleaned; old type leaves the occasional error.