GERMAN LOAN.

New Zealand Herald, Volume LX, Issue 18332, 23 February 1923, Page 7

GERMAN LOAN.

, ' ' INTERNAL FLOTATION. I — | £10,000,000 TO BE RAISED. FOREIGN CURRENCIES ONLY. < MARK TO BE STABILISED. '• CO-OPERATION OF BANKS. —_ f ]«graph— Association—Copyright (Received 9.5 p.m.) A. ft nd N.Z. , BERLIN, Feb. 21. It, is officially stated that discussions between the Ministry for Finance and representatives of German banks resulted in the banks agreeing to collaborate in the iss» e of a loan of 200,000,000 gold marks (£10,000,000) in Treasury bills. A consortium of banks is to be formed ■wliii'h will issue for public subscription in foreign currency three-year Treasury bills to the value' of 50,000.000 dollars, rfjujy will guarantee half that amount am) take over the remainder on a commission basis. The newspapers are of opinio" that this will provide the Government with sufficient currency to enable •ft to maintain its policy of supporting &etaark. Striking innovations are: Firstly, intuit at 6 per cent, and redemption will In? paid in paper marks at the current value of the dollar; secondly, subscribers must purchase the bonds with foreign hills of exchange or banknotes. , The mark is quoted to-day at 107,000 to the pound. . LABOUR M.P.'S IN RUHR. POVERTY NOT NOTICEABLE. GERMANS CONFIDENT OF OUTCOME Australian and N.Z. Cablo Association. V (Reed. 5.5 P.m.) LONDON. Feb. 31. Four Scottish Labour M.P. s, after spending last week-end in the Ruhr, report that no queues of unemployed or outward signs of poverty are noticeable in 'the Ruhr. There seemed to be a higher ' • staadard of comfort than in Scotland. The German people strongly resent the French occupation, but there has been little personal violence, though French soldiers are very nervy. All Germans favour the retention of ; the British forces on the Rhino, and all are confident of defeating the aims of Franco. German miners believe that the ' French will evacuate the Ruhr within three months in disgust, but thi» view ia ' not entertained by other Germans. Among French people the M.P.'s found the desire for safety, which the occupation gives, stronger than the desire- to possess the Ruhr coal deposits, but permanent French occupation of the Ruhr » ; impossible, as it would be an Ireland multiplied by 50. If France succeeded in capturing and working the Ruhr region she would become the military monarch of Europe, and would oust Britain from the steel markets of the world. Already France regards Britain as a friendly rival, and would not accept Britain as a mediator between France and Germany. The only way out of the difficulty, the . report concludes, is for France, Germany, Britain,' Belgium and Italy to internationalise the Ruhr coalfields. RUHR COMMUNICATION. FRENCH' IN FULL CONTROL. STRIKE IN DUSSELDORF. Australian M>3 N.Z. Cable Association. TSeod. 10.5 p.m.) LONDON Feb. 21. \dvices from Dasseldorf state that the French occupy all post and telegraph offices in the Ruhr. The French prohibited a performance of the opera "William Tell." Five thousand people paraded the streets in defiance, singing patriotic songs. A general strike has beer, proclaimed in Dusseldorf, and shops and other establishments, except picture, treatres and I dancing halls, have been closed. Telegraphic communication with Paris has ; been stopped, the wires having been cut. , The French garrison has been reinforced- ( The Vossische Zeitung reports that the Ruhr Communists are joining military , organisations. A strong force has been , raised at Krupp's works in Essen. 1 The Matin learns that the Belgians , occupied two important mines near Dor- ( •ten producing annually 2.000,000 tons ] of coal suitable for conversion into coke. The German Minister for Railways ] ordered that all lighting of railway sta- i tiona in the occupied area be cut off. I The German Government sent a protest i to Paris against the fine imposed on the " Gelsenkirchen municipality. ' INTERVENTION NOT WANTED i PLAIN SPEAKING IN PARIS. A. and N.Z. LONDON, Feb. 21. ' General comment on the deba.te on the Ruhr situation in the House of Commons, states the Paris correspondent of 'the Times, is to the effect that France will J not tolerate an intervention, whether by an individual country or the League of 1 Nations. The conviction is firmly held 1 that whatever the difficulties Germany is ' bound to yield. i The Echo do Paris states that official '■ circles are greatly' impressed with Mr. ' Bonar Law's reply to Mr. Lloyd George. Satisfaction is expressed with the majority recorded against the Liberal amend- : ment. General Sir Alexander Godley's promotion is also welcomed as a favourable symptom. NEGOTIATION RUMOURS. CONFERENCE IN BERLIN. A. and N.Z. LONDON. Feb. 21. A message received from Dortmund by way of Amsterdam states that a meeting held in Berlin between the industrial magnates of the Rhineland and Westphalia and representatives of the largest German financial institutions decided to urge the Government to attempt to reach an agreement with the occupying force. It is understood that Herr Hugo Stinnes concurred. Authoritative circles in London deny the report that the German Government desires to begin international negotiations in London.