WAR DEBTS

Otago Daily Times, Issue 18736, 14 December 1922, Page 7

WAR DEBTS

RETALIATIONS PROBLEM. BRITAIN’S POLICY. STATEMENT BY MR BONAR LAW. Press Association—By Telegraph—Copyright LONDON, December 12. In the House of Commons Mr Bonar Law stated that, owing to the Conference of Allied Prime Ministers having been adjourned till January, he was unable to refer to the decisions which had already been taken. There was, however, one subject—the question of the European Allied debts—that, as it might be regarded to a certain extent as a departure from previous policy, on which he thought it better to give the words he had used. He had said that it would not be right that a settlement should be fixed in such a way that Great Britain only of all countries should ho virtually paying the indemnity. What did seem fair was to consider the whole amount that was to bo obtained from Germany, and to say: “As we are not getting all that we expected from her we must reduce cur claim.’ Mr Bonar Law also added that if there was a chance of a complete settlement, with a prospect of finality, Britain would bo willing to run a certain risk in the end I of not receiving from the Allies and Germany as much as Britain might have to pay to America; but it would be foolish to make such a confession if the whole question were going to be reopened again. —A. and N.Z. Cable. THE LONDON CONFERENCE. NEGATIVE RESULTS. LONDON, December 12. M. Poincare, M. Theunis, and Signor Mussolini have departed. PARIS, December 12. The Petit Parisian says: “Though the conference results were negative, the future is in nowise compromised."' La Journal states: “The new British Cabinet is disposed to consider the interallied debts from a purely European standpoint. The Balfour Note hag been scrapped.”—A. and N.Z. Cable. FRENCH SUGGESTION DENIED. AUTHORITATIVE GERMAN STATEMENT. LONDON, December 11. An authoritative German quarter in London indignantly denies the French suggestion that the German Note was only evolved under pressure of the threat to occupy the Ruhr. On the contrary, the German Government would not have produced the plan if it had believed that the Allies thought such pressure, necessary. Its production of the plan was evidence of Germany’s willingness to cooperate in any definite solution of the reparations problem. The money derived | by German and external loans would.be j utilised not merely to stabilise the mark, j but to pay reparations. The only way lof paying” was by loans; but Germany j was unable to guarantee the issue of the proposed loan immediately. No foreign investor would invest if the Ruhr was to be occupied. Germany must be granted a considerable rest in order to regain confidence. All talk such as that of Signor Mussolini/of a great international loan was nonsense. Such a loan would be possible only when the reparations question was completely solved. —Reuter. THE GERMAN PROPOSALS. GOVERNMENT TAKEN TO TASK. ’ BERLIN, December 12. TTerr Stinnes’s organ, the Deutsche Allcgemeine Zeitung, severely criticises the Government for failing to consult the leading industrialists before sending the reparations proposals to London. It says that the Government’s proposals were unacceptable, and were likely to leave the final solution thornier than ever. The Government could have had the help of the industrialists for the asking, and they would have striven to offer something definite: and concrete to the creditor nations in order to bring to finality the protracted negotiations and conferences.—A. and N. Z. Cable. THE EUROPEAN SITUATION. AMERICA’S EFFORTS. ANXIOUS FOR A READJUSTMENT. WASHINGTON, December 12. It is stated authoritatively that White House declares that the American Government is trying to bring about an adjustment of the European situation, but it is not believed wise to reveal at the present time what steps are being taken. The Treasury Department has announced that the American Foreign Debt Refunding Commission is prepared to negotiate the refunding of Britain’s debt immediately. Messrs S. Baldwin (Chancellor of the Excheciuer) and Norman (a well-known London banker) have arrived. —A. and N.Z. Cable. FRANCE’S CLAIMS. M. TCHSTCHERIN’S ATTITUDE. PASSIVE RESISTANCE URGED. PARIS, December 12. Le Journal’s Berlin correspondent says. —“There is reason to believe that M. Tchilcherin, in conversation with members of the German Cabinet, urged passive resistance to the French reparations claims, with the object of using the FrancoBritish tension for the benefit of Germany in regard to reparations, and also Russia in regard to her claims in the East.”— Reuter.