REPARATION PROBLEM

New Zealand Times, Volume XLIX, Issue 11304, 1 September 1922, Page 5

REPARATION PROBLEM

A GERMAN PROPOSAL GUARANTEE OF DELIVERIES IS KIND. QUESTION OF MORATORIUM. By Telegraph—Press Assn.—Copyright. Australian and N.Z. Cable Association. (Received August 31, 5.5 p.m.) PARIS, August 30. Herr Sebroeder informed the Reparations Commission that a long suspension of money payments was necessary owing to the mark having fallen to a four-hundredth part of its value. Herr Schroeder proceeded to develop the proposals submitted by Dr Wirth (German Chancellor) to Sir John Bradbury and M. Mauclere for the deposit of fifty million marks as a guarantee of deliveries in kind and creation of contracts with big German coal and timber contractors. The commission is now considering the question of the moratorium. A decision is not expected before Thura. day evening. AUGMENTING PRODUCTION AGREEMENT BY LABOUR TjflATlH'Kfi. BERLIN, August 30. At the conference between the G* vemment, prominent industrialists, and trade union leaders, to frame an agreement to supply the Government with coal and timber to meet the reparations demands, the Labour leaders agreed to augment production by extensive overtime. This agreement follows upon the Government’s offer to Sir John Bradbury to supply guarantees in kind.' AS A PHYSICIAN AMERICA’S PART IN THEFUTURfi (Received August 31, 5.5 p.m.) LONDON, August 30. Governor Cox, interviewed with reference to. President Harding’s announcement refusing to- send Air H. C. Hoover to the Reparations Commission, said: “There is some assurance in President Haiding’s hope that America may later interest herself in the European economic situation.” He added: “Let us hope our cervices will he tho6> of a physipian, not . an, undertaker.” PAPER MONEY PRINTING PRESSES AT FULL SPEED. LONDON, August 30. The Berlin correspondent of “The Times” states that, though the printing presses are working at their full capacity of 2000 million marks daily, they are unable to oope with the demand. ' Efforts are being made to rake the output, to 3000 million without raising the denomination. The Reichsbank continues stringent rationing, while certain Berlin groups of bank* have fixed ' an arbitrary maximum for cadi payments of cheques. The Reichsbank has been besieged by drawcrs, many of whom, uncertain of tho denomination they would receive, brought laundry baskets to carry away the paper money. A Cologne message reports that Bielefeld, the 'Westphalian linen centre, is printing, at only a fraction more cost than on paper, 25-mark notes os linen, 50-mark notes on Bilk, and 100mark notes on embroidered silk. Meanwhile marks ore almost unobtainable in London. Stocks are exhausted, and no fresh supplies are arriving. A LOST MARKET GERMANT UNABLE TO BUI AMERICAN COTTON. VANCOUVER, August 30. German manufacturers were forced to stop buying American cotton to-day, when marks fell to 2000 to the dollar. Germany last year bought a quarter of the American cotton crop. The loss of the market will be serious. American bankers are unable to see a remedy. Even if a financial scheme were’worked out, there is no way to force Europe to adopt it. Colonel House and other observers bare sent warnings to friends here that Europe may be approaching another upheaval like that of. 1914, and they are considering what effect a convulsion will have on the United States. Bankers* have given up hope of ever collecting the Allied war debt.