The Hawera Star. WEDNESDAY, SEPTEMBER 3, 1924. BRIGHTER PROSPECTS.

Hawera Star, Volume XLVIII, 3 September 1924, Page 4

The Hawera Star.

WEDNESDAY, SEPTEMBER 3, 1924. BRIGHTER PROSPECTS.

Delivered every evening by & o'clock in Hawora, Manaia. N^rmanby. Okaiawa, Eltham, Patea r Waverley, Mokoia, Whakamara, Ohangar, Meremere, Fraser Road, and Otakeuo Manutahi, Alton, Hurleyville, Mangatoki, Kaponga, • Awatuna, Opunake,

For the past ten years the Continent of Europe lias been in a seriously disturbed condition. After being the scene of the most awful war in liumau history for four and a quarter years, Europe was left in a distracted state, and though those who were given the task of framing the peace treaties no doubt acted with the best intentions, they did not produce settlements that were to restore economic health ,o the shattered nations or encourage the defeated Powers to set about ilte enormous work of rebuilding their countries under the new Governments-that had superseded those which had been responsible* for the war. Differences of opinion among the Allies led to confusion worse confounded, and though the League of Nations had

been brought into existence its activities were limited owing to America's refusal to become a member and owing to the failure of some of its members to agree to its having the power to settle some of the main international disputes. So the position became worse, and one almost despaired of a settlement ever being rached, except a settlement by force, and at times it looked as if another war was likely. Fortunately, the feeling of the masses was opposed to war and the world escaped the horrors of further open warfare in Efurope. But the economic conditions became extremely bad, and it has for long been obvious that persistence in the French policy to secure reparations would lead, to certain failure. At last the Dawes Report was prepared and made public. It was the result of three months’ very careful investigation by experts, and all the nations concerned saw that it contained the last hope of a reasonable settlement. The London Conference was called and proved successful, and now the three chief parties to the pact—the British Empire, France and Germany—have accepted the plan. It is probably the most important event since.the Armistice was signed, at any rate since the peace treaties were ratified, and it reflects great credit upon the statesmen who met in London and upon the. experts. The three basic principles upon which the report was founded are:

(1) Germany must be treated as an economic whole. All present existing barriers (such as those of the Ruhr and the Rhineland) must be abolished. (2) The establishment of a new baqk of gold issue to stabilise the currency, and the placing abroad of a,,.10an of i£40,000,000, guaranteed on ■ Germany’s resources, to form a gold reserve to the new, bank (3) “We regard our report as an nidi visible whole. It is not possible in our opinion to achieve any success by adopting certdin of our recommendations and rejecting others.”'.

Laying it down as fixed principles that the amount which can be safely fixed for reparations purposes is “the difference between the maximum revA reminder is given of the house party being tendered bv Mrs Rogers at her residence, Palmer road, Kaponga, ’ to-morrow evening, in aid of the farmers’ candidate in the Kaponga Queen Carnival competition.

enue and minimum expenditure for Germany’s own needs,” and that “the burden resting upon the German taxpayer should in justice be commensurate with that borne by the Allied taxpayer,” the experts drew up the following table of payments in millions of pounds which Germany should make in five years, assuming that there was no delay in putting the recommendations into force:

Sale i Rly. Trans- Indus- Bud- of ForCo. port trial get Rly. eign Total Tax Deben- Reve- Shrs. Loan £ IQO . _ tures nues Millions. 1924- ... 10 1925- ... 29? - 6? - 25 - 61 1926- ... 274 144 124 54 1927- ... 33 144 15 25 1928- ... <33 144 15 624' - - 125 After 1929 the payments will be increased according to Germany’s prosperity. The plan sets out at length details of how it is proposed to secure these payments, but the important fact is that both Germany and France have accepted it, and there is every prospect of the plan being put into operation without delay. The effect upon Europe should be good, for the plan will establish a firm foundation and bring about stable conditions. Germany knows exactly what she will be required to pay each year, and no doubt her people will apply themselves to tlie task more eagerly than in the past, recognising the plan as being fair and just, whereas the demands made under the Treaty of Versailles were regarded as excessive by those who had necessary information to investigate them thoroughly. The news of the last few days shows that the prospects in Europe arc brighter than for years past, and it is to be hoped that there will be no further trouble and that the nations which have accepted the pact will honourably fulfil its provisions.