GERMAN CURRENCY AND RECOVERY
Sig,—It has been rightly pointed out on many sides that the establish- ment of a sound German currency is essential to German, and indeed fo European,, recovery. But leaving aside altogether the great difficulties caused by the divisions among the occupying Powers, many critics appear to think that a sound currency would be established by the simple process of changing, say, ten marks of the present currency for one mark of a new issue. Although the full recovery of industry is clearly dependent
upon the existence of a sound and internationally recognised currency, it is equally evident that, unless trade and industry are placed on a healthy basis, any newly established currency will rapidly fall back to its present unsatisfactory state. The solution of this tremendous problem would seem to lie rather in the hands of the policy-making statesmen than in those of the monetary experts.—Yours faithfully,
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