LAUSANNE CONGRESS.

Auckland Star, Volume LIV, Issue 131, 4 June 1923, Page 5

LAUSANNE CONGRESS.

ALLIES IN CONSTANTINOPLE. THE OTTOMAN DEBT. LAUSANNE, June 3. Temet Pasha submitted a proposal that Constantinople should be evacuated by the Allies immediately the treaty of peace is ratified by the Angora Assembly and by the Parliament of one of the Allied Powers. Experts are now engaged in seeking a basis of agreement with regard to the payment of the Ottoman Debt. — (A. and N.Z. Cable.) INTEREST ON THE DEBT. QUESTION OF CURRENCY. (Received 11.30 n.m.i LAUSANNE, June 3. Unable to arrive at an agreement, the Allied delegations decided to refer to their governments the question of the currency in which the interest on the Ottoman debt shall be paid.— (A. and N.Z. Cable.) The Ottoman debt is secured by the decree of Muharrara of 1881, on six ceded revenues —salt, tobacco, spirits, silk, fisheries and stamps. During the war the debt officials continued the collection, and as the coupons could not be paid, the money was set aside, most of it, unfortunately, being invested in marks, but some being still available. Since the armistice the coupons from 1914 to 1921 have received 25 per cent of the eight shillings due yearly, and for the last two years the council, by skilful administration, were able to pay six shillings yearly. The Turks have suggested payment in German marks, but the Allies naturally want the coupons to be met in a currency which has some value.