REPARATIONS.

Otago Daily Times, Issue 18952, 28 August 1923, Page 7

REPARATIONS.

SPEECH BY M. POINCARE. FRENCH POLICY DEFENDED! DEMANDS NOT UNDULY SEVERE. Brass Association—By Telegraph—Copyright PARIS, August 26. (Received August 27, at 5.5 p.m.) Speaking at Uhassey, where he unveiled a war memorial, and at Dondrecourt, where he unveiled a tablet commemorating the arrival of the Americans, M. Poincare said : if Germany had won the war she would nave been able to dictate her will and she would have thrown the whole world into chaos. France would have been tne worst treated. Germany, during the war, made no mystery of her intentions. She always intended to crush i)ranee. Germany would not have treated the Allies much more, generously. The Kaiser was violently hostile to Britain. Probably Britain’s navy and mercantile fleet would both have been destroyed, and the whole of Europe would have been subjected to Germany. These were not idle improbable dreams. Several times the world had been at the point of their realisation and without the unity of the Allies and the valour of their soldiers all the monstrosities would have been accomplished. Germany had not been asked to bear the Allied war costs. She had only been charged with reparation for the material damage which she had caused. Was that over heavy'f If Germany did not make an effort to do what t) ranee did in tbi*. France would bo forced tc execute the threat that Germany had made then: “Pay us, or wo remain where we are." France would never agree to the appointment of an International Commission of experts to estimate Germany’s capacity to pay. The Reparations Commission had conscientiously estimated Germany’s actual payments. It was idle to pretend that Germany had already paid 62 milliards of gold marks or even 25 milliards gold marks as Washington had stated. Such estimates indicated what curious results would be reached if an international body of experts were entrusted with estimating Germany's capacity to pay. By hard work, faith, and the will to pay, France in 1872 had paid her debts ana put her finances in order. Her prosperity was not duo to a miracle. What 1 ranee did then Germany should at least make an effort to do to-day. If > she did not decide to make that effort France would execute the threats which Germany bad formerly addressed to France. tie regretted that the union between the Allies and America, which had been so close during the war, had not been retained in peace with the character and force of an alliance. The preparations for signing the treaty had led trance to take for granted action which would have guaranteed both the reparations and security, but the American Senate had not ratified what President Wilson had done. The United States thought that the time had come to dissociate itself from European affairs. Whilst regretting America’s decision France understood that it was not directed against her. She felt certain that the great majority of the people of America considered that France was perfectly justified in taking pledges when Germany defaulted, and refusing to give them up for vain promises. America would regard a nation which wasted time in consultations, hesitations, and complaints as a nation afflicted with incapacity and powerlessness. Besides Heaven helped those who helped themselves. It was with that conviction that France had entered the Ruhr.—A. and N.Z. Cable. LOAN FOR GERMANY. Special messages to the Sydney Daily Mail on August 16 stated: It has been officially reported that prominent British bankers are boating a loan to Germany, the probable sum mentioned being £150,000,000, interest to be paid in gold. There is little doubt in official circles that this is part of the British Government’s policy of supporting Germany in the continuance of passive resistance. This action on the part of Great Britain is regarded as being an intimation that the Note to France was not in the nature of a bluff but a stand from which Britain would not on any condition recede. The Paris press characterises it as the basest treachery, and prophesies that within the next few days there will bo an open rupture between France and Britain. M. Poincare declines- to take any action until he lias received an official of the loan report from the French Ambassador in London. London messages stated that Reginald M’Kenna was credibly reported to be the head of the consortium of bankers which was floating the loan. His persistent refusal to accept the Chancellorship of the Exchequer was causing a great deal of' speculation, for it is a position lor which he is admirably adapted, being the chairman of the London Joint City and Midlands Bank, and an eminent financial authority, it is considered that had he been holding an official position under the Crown he would have been precluded from engaging in the flotation of such a loan, which will inevitably have the effect of causing a break with i) ranee and Belgium. Special editions of the Berlin newsr papers were issued when it became known that in all probability a large British loan would be subscribed for the purpose of restoring Germany. This news had a greater effect in stiffening Germany’s back than any other single factor in the past few months. It was taken as indicating, that Great Britain would definitely support Germany, in the policy of passive resistance, and would defeat France’s plans for subjugating the country. Great Britain was hailed as the saviour of Germany, and from being an object of hatred and contempt, the British people were regarded as the only friends left to the republic. The refusal to continue the reparations payments was believed to bo. on advice received from London, which at the same time intimated that such refusal would receive the support of Britain.

DUSSELDORF MINERS. PASSIVE RESISTANCE ABANDONED. PARIS, August 26. (Received Aug. 27, at 7.45 p.m.) Reports from, Dusseldorf state that 7000 miners at a mass meeting at Nehmuhle decided to cease passive resistance and resume work on Monday.—A. and N .L. Cable. GERMAN FINANCE. NEW FOREIGN CURRENCY LAW. BERLIN, August 26. (Received Aug. 27, at 7.45 p.m.) The new foreign currency law will operate from to-morrow. Evaders of the law are liabld to imprisonment from six months to 10 years, with confiscation of their property and an unlimited fine. —A. and N.Z. Cable. Under the German Government’s new financial programme a foreign currency fund of several hundred gold marks,, is to be created with which to make a serious attempt to stabilise the mark. Everyone possessing foreign currency is to be warned to transfer it to the Reichsbank. The amounts, will count as subscriptions to the gold loan. Should the appeal not succeed the Government will have recourse to compulsory measures.