GERMANY’S OFFER

Southland Times, Issue 18963, 9 June 1923, Page 5

GERMANY’S OFFER

TEXT OF N r TE ISSUED SUGGESTED INTERNATIONAL TRIBUNAL (By Telegraph—Press Assn. —Copyright). (Australian and N.Z Cable Association.) LONDON, June 7. The text has been issued of the German Note. It first requests that a conference be held to discuss the best methods of paying reparations Germany’s liability for which has been again acknowledged. It reiterates willingness to accept the decision of an Imperial international tribunal to which she is willing to supply all available information from which her capacity to pay can reliably be judged. The Note proposes the following guarantees as part of a definite reparation settlement: First, the railway system to be held in a separate fund and obligations to be issued up to 10,000.000,000 of gold marks carrying interest at five per cer.t. from July 1, 1923, thus securing annual payment of 500,000 000 gold marks. Secondly, a first mortgage of 10,000,000, 000 gold marks on industrial and real estate. Thirdly, 200,000,000 gold marks to be raised from Customs duties on imported consumable articles other than necessaries; excise on tobacco, wine, beer, sugar and receipts from the spirits’ monopoly. This yield will automatically increase. [The following is a summary of recent reparation proposals:—ln 1920, the Allies decided to levy an indemnity of £5,000,000,000, spread over 42 years, with interest at 5 per cent. The instalments to be paid totalled, for the wuole period £13,700,£13.700,000,000. In January, 1921, decided to demand the payment by Germany over a period of 42 years, of a total amount of £11,300,000,000, plus the proceeds of a tax of 12| per cent, on German exports. In May, 1921, the Allies approved a scheme drawn up by the Reparations Commission under which Germany was required to issue bonds to an ultimate capital amount of approximately £6,600,000,000, with interest at 5 per cent, and a sinking fund of 1 per cent. At the Premiers’ Conference in January last, Britain proposed to impose on Germany a capital liability of £200,000,000,000. Bonds of this amount were to be issued forthwith, repayable at par in 32 years. Discounting terms were proposed under which Germany would have been able to discharge her total obligation over a period of 15 years, by pavments having a present value of £1,850,000,000.]

“WILL SEE SOON.” BRITISH GOVERNMENT’S INTENTIONS MR BALDWIN’S DECLARATION. LONDON, June 8. (Received June 8, 7.15 p.m.) Mr Baldwin in reply to a question said that he was not in communication with the French, Belgian, Italian, German or American Governments with a view to discussing reparation or the Ruhr situation. He said he realised the mark was now lower than the Austrian kroner was when the League of Nations took over the control of the Austrian finances. Commander Kenworthy asked, “Are we to understand the Government is quiescent and doing nothing.” Mr Baldwin: “No, the member will see coon.” BRITAIN’S ATTITUDE. PASSIVE RESISTANCE NOT COUNTENANCED. LONDON, June 8. (Received June 8, 7.55 p.m.) The Daily Express understands that it is not improbable that the British attitude towards Germany will become less conciliatory, if passive resistance in the Ruhr continues, particularly since Germany repeatedly disregarded the friendly advice of Britain in the course of negotiations. NEWSPAPER COMMENT. CONFORMS TO BRITISH REQUIREMENTS. POSSIBLE BASIS FOR CONFERENCE. LONDON, June 8. (Received June 8, 9.45 p.m.). The Morning Post says: The German offer is a great improvement on its predecessor. “We regard the Note as a possible basis for discussion by the whole Allies. Such a re-union is highly desirable, indeed, a necessity.” The Daily Chronicle says: “The offer conforms to British requirements. What is needed is a new conference between the Allies and Germany.” The Daily Express declares: “The crux of the business is still the total amount to be paid. There is no advance on the offer of £1,500,000,000, which is inadequate.” The Westminster Gazette says that piecemeal payment will not satisfy the Allies.

SATISFACTION IN AMERICA. CONFERENCE IDEA SUPPORTED. HOPE FOR GENERAL SETTLEMENT. WASHINGTON, June 7. (Received June 8 ,5.5 p.m.) There is considerable optimism in official circles here over the latest German reparation proposals, a copy of which the German Ambassador handed to Mr Hughes to-day. It is felt the Allies and Germany are gradually approaching a condition where a meeting of minds and minds w’ill occur. Sentiment also favours German suggestion that a conference should be called to determine Germany’s ability to pay. It is hoped that if such a conference should take place it would also be possible to consider general economic problems, fix guarantees and reach a conclusive settlement of the entire situation, which is considered fk cause of the European economic chaos. JAPAN AND THE LAST NOTE. UNEXPECTED SYMPATHY. BERLIN, June 7. Herr Rosenberg, addressing newspaper representatives, said that a sympathetic answer to the last Note came from Japan, from where it was least expected, as Germany is in such a piteous condition that she could not afford the telegraphic fees to Tokio. The Japanese Embassy sent the Dew. Note at his own expense. THE BRUSSELS CONFERENCE. UNDERSTANDING WITH BRITAIN AND ITALY. PARIS, June 7. The Petit Parisien says the principal subject to be considered at the Brussels Conference was whether the time was opportune to reach an understanding with Britain and Italy before replying to Germany. The Journal states that a full inter-Allied Conference will be held shortly at Ostend Bl Belgium’s invitation. SEIZURE OF MARKS. BERLIN, June 7. The Reichsbank announces that between March 1 and May 31 the French and Belgians in the Ruhr seized 127,386,000,000 marks. DRASTIC ACTION THREATENED. BERLIN, June 7. The French occupied Hermannshutte mines, Neweid, belonging to Krupp. Occupation will continue until the coal tax of 20,000,000.000 marks due from Krupps i> paid. Failing payment in the specified tune the will be sold at auction.

POLICE AND UNEMPLOYED. BATTLE AT LEIPZIG. BERLIN, June 7. A number of Lepzig unemployed, excited by their leaders’ fierce speeches, marched to the heart of the city, plundering shops, breaking windows and attacking the police with rubber-covered clubs. The mob later tried to storm police headquarters. The police opened fire and eventually drove off the attackers, who lost six killed and twenty-five wounded, many severely. BERLIN, June 7. (Received June 8, 7.15 p.m.) Later reports regarding the unemployed riots in Leipzig state that 37 were seriously and 60 slightly wounded.