The German mark, which before the war was worth a
shilling, was quoted at a third of a penny on Monday. Feverish specula. tion on the Berlin Exchange sent the price of the mark down to an absurdly low level. German capitalists are apparently so distrustful of the future that they want to secure foreign currency in exchange for their own at any cost. They are also investing heavily in industrial shares, on the principle that anything is better than the much depreciated paper money which the German printing presses are still turning out. The mild fluctuations in the mark must naturally tend to make trade with Germany almost impossible. The German Government may be hoping to gain sympathy in their efforts to make the reparation payments, but the demands of the Allies are by no means the sole cause of this collapse of the exchange.
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