§ Mr. HANNONasked the President of the Board of Trade whether he can state the approximate ratio which now exists between the internal and external values of German currency?
§ Mr. LUNNWholesale prices in Germany, expressed in gold marks, as reported for January in the official publication of the German Statistical Bureau, were, on the average, about 20 per cent. above those of 1913. In this country, on the basis of the Board of Trade index number of wholesale prices, and taking into account the price of gold, the average level of gold prices was in January about 45 per cent. higher than in 1913. The relative value of gold marks for internal purposes in Germany would thus appear to have been in the proportion of about 120 to 100 to their value for external purposes, assuming those values to have been equal in 1913.