REPARATIONS

Hawera Star, Volume XLVIII, 14 January 1929, Page 5

REPARATIONS

GERMAN BOND ISSUE.

1 NOT APPROVED BY U.S.A. AMERICAN OBSERVER- SELECTED. United Press Association—-By Electric Teiegraod Copyright.) (Australian Press Association.) WASHINGTON, Jan. 12. The United States will not approve of the flotation on tlie American market of a huge bond issue by Germany and the former Allies -who arc considering the liquidation 'of Germany’s Avar obligations. This decision has been announced by the State and Treasury Departments. At. the same time it is unofficially announced that Mr Owen D. Young has accepted an invitation to become one of the unofficial American experts on the committee it is proposed to set up to undertake the revision -of the DaAves plan. This announcement folloived Mr i'onng’s conferences ' with President Coolidge and Mr Kellogg to-day. The Treasury Department also announced that such bonds as those mentioned above Avill not be accepted in payment of the Prench, British, Italian and Belgian war debts to the United States. It is assured that the decisions will be announced to Germany and the Allies by Mr Young. American bankers are reported to be as unwilling as the Government to float German bonds in this country in any such quantity as Avould be involved by the projected scheme for commercialising the German debt.

M. POINCARE ’,S POLICY. WOULD RETURN TO DAWES PLAN. IF JUSTICE IS NOT ACCORDED. PARIS, Jan. 12. M. Poincare, in a speech defending his policy, referred to the reparations negotiations. If, he said, justice wore .not- accorded to France she would return to the Dawes plan, but if the experts reached a decision in accordance with her vieAVs they Avould be able to contemplate the problem of inter-allied debts in a neAV aspect. Much Avould be done for the peace and prosperity of nations if reparations could be settled. It was this consideration which prevented him from being tempted to take a rest. But the in order to succeed, must be assured of its existence. A vote of confidence in M. Poincare was then carried by 325 votes to 251. COMMITTEE 'OF EXPERTS 'COMPLETED. LONDON, Jan. 13. With the announcement of the names of the American members, the constitution of the experts’ committee on reparations is now complete. 'Mr Young’s name is regarded as a guarantee that the inquiry will be serious and businesslike.

The British Foreign Office has appointed Sir 'Charles Addis, director of the Bank of England, and 'Sir Basil Blackett deputy members of the committee.

ADDITIONAL TAXATION. GERMAN BUDGET PROPOSALS. „ TO MEET DAWES PAYMENT. Received 10.40 a.m. to-day. BERLIN, Jan. 13. The Budget foreshadotvs drastically increased taxation for 1929-30, income tax, liquor, excise and death duties being raised in order to cover the reparations demand for the first normal working year of the Dawes plan. The “Vossiche Zeitung” says that £35,000,000 additional revenue must be squeezed out of the taxpayers. Economies by the traffic and ReichsAvehr administrations may reduce this to £20,000,000.