Reparations

Hawke's Bay Tribune, Volume XII, Issue 234, 15 September 1922, Page 5

Reparations

GERMANY UNABLE TO PAY. VIEWS OF FINANCIAL EXPERTS. CANCELLATION OF WAR DEBTS. (By Cable.—Press Association.—Copyright.] London, Sept. 13. A research committee, consisting of Professor William Robert Scott (chairman), Professor Kirkaldy, Sir Josiah Stamp, and other political economists and bankers, presented a report to the economic section of the British Association, stating that the German reparations question had been confused by electioneering and political exigencies. No unbiased observer imagines that Germany can ever pay the enormous sums imposed by the Peace Treaty, if the indemnities are reduced to a level generally recognised as within Germany’s capacity to pay, her bonds be saleable abroad, and thereby capital ngght be available tor France and Germany to balance their Budgets and remove many hindrances to indus- ; trial recovery. The report urges the immediate cancellation of Inter-Allied war debts where no pax meats have yet been made and emphasises that where payments have begun a dislocation of trade would result from a sudden cessation. The report states that where debts were contracted for food and munitions when prices were exorbitantly high thev should be scaled down. Creditor countries should agree to receive in- ■ terest in tariff-free goods irom debtors. Sir Drummond b laser, a member oi the committee, contended that Germany was able to pay full reparations if a genuine business proposition were placed before her by business men.— (A. and N Z.) MONEY PROVIDED. TO MEET PAYMENT DUE. London, Sept. 13. The “Morning Post’s” Paris correspondent reports that telegrams from Berlin state that financiers are convinced that the Reichsbank has purchased sufficient foreign currency to enable the Government to pay more than the £5,000,000 due on Friday — (A. and N.Z.) BELGIUM’S SHARE. Berlin, Sept. 13. Belgium has requested Germany to hand over without delay two Treasury bonds payable in gold for 50,000,000 gold marks each, on account of payments due on August 15th and September 15th, and to deposit with the National Bank of Belgium 100,000.000 gold marks.—(A. and N.Z.) SPECULATORS LOSSES. BY THE FALLING MARK. Washington, Sept. 13. Government authorities estimate that the German mark depreciation caused American speculators to luse between 100,000,000 and 125,000,000 dollars. Americans bought nearly 500,000,000 million marks in expectation of a raise in value before the German Government’s policy of acute indatiou caused a radical decrease in value.— (A. and N.Z.) SHORTAGE OF CURRENCY. ; PRINTING PRESSES OVERTAXED. 'Berlin, Sept. 13. i Though the Reichsbank is printing 20,000,000,000 paper marks weekly, big employers are still unable to obtain sufficient to pay wages. Krupps solved the difficulty by obtaining permission to print 400,000,000 marks, limited to two months’ currency, the highest denomination being 500 marks. The shortage is causing riots ini Upper Silesia, where workers, not being paid, requisitioned food from the shops.— (A. and N.Z.) COST OF LIVING RIOTS. Cologne, Sept. 13. Large Communist crowds invaded Bochum market and overturned and plundered stalls when the owners refused to reduce prices. Police drove the marauders from the markets and the mobs then invaded the shops, demanding lower prices. Crowds gathered and speakers attempted to incite them to violence. The police charged and dispersed them. Similar demonstrations occurred in several Ruhr towns, where the shopkeepers mostly shut up their shops, though-some timid ones sold goods below cost.--(A. and N.Z.)