FRANCE'S WAR DEBTS.

Auckland Star, Volume LV, Issue 309, 30 December 1924, Page 5

FRANCE'S WAR DEBTS.

FINANCE MINISTER'S OPINION. SUGGESTION FOR POOXING. PARIS, December 29. A statement of the financial condition of France, issued by the Finance Minister (M. Clementel), shows that while the national debt at the end of 1912 was 32,594,000,000 francs, it is now 73,550,----000,000 gold francs. The foreign debt is now 36,000,000,000 francs, being an increase of 330 per cent since the outbreak of the war.

National assets are shown nt 796.830,000,000 paper francs, and liabilities at 660,320,000,000, but France's war debts to Britain and America, amounting to nearly 31,000,000,000 gold francs, are not included as liabilities, nor are the debts of other countries to amounting to about 15,000,000.000 gold francs, included as assets. The latter, however, include 103,900,000,000 paper francs as the capitalisation of the French share of the annuities under the Dawcs plan. The Minister of Finance eaye France dooa not intend to repudiate her debts, but he argues in favour of their reduction.

M. Clementel announces that if the British Chancellor of the Exchequer (Mr. Winston Churchill) raises the question of inter-Allied debts at the foithcoming conference, France will euggeet that the total cost of the war be pooled and divided among the participants pro rata according to national wealth. If the proposal ie rejected she will demand that France should foe credited, first, with the damage done in making her soil a battleground, and, second, with the war taxes France paid on goode purchased from the United States and Britain.

The Minister adds that unless France receives a quid pro quo in the settlement of her debts she cannot abate the total reparations apainst Germany, officially fixed at £60,000.000,000.—(Reuter.)