GERMAN APPEAL

Southland Times, Issue 19123, 15 December 1923, Page 5

GERMAN APPEAL

FOR INTERNATIONAL LOAN. TO AVERT BANKRUPTCY. GRUELLING TAXATION PROPOSED. (By Telegraph—Press Assn.—Copyright.) (Australian and “N.Z. Cable Association.) BERLIN, December 13. In a final effort to postpone the announcement of its bankruptcy, the Government' intends to resort to drastic taxation by the issue of regulations under the Emergency Powers’ Bill, imposing additional burdens and compelling taxpayers to dispose of some of their property in order to pay the further taxes due in January for the relief of the Rhineland and the Ruhr relief. These are being collected now, but the revenue therefrom will only suffice for a limited period. The Government does not possess further resources, and apparently considers that nothing is left but an appeal abroad for a large loan. The form of this has not yet been settled. THE REPARATIONS. AMERICAN ATTITUDE. NEW YORK, December 13. (Received December 14, 11.45 p.m.) The financial editor of the New York Times states that bankers of the so-called international group are ready, but not eager, to serve on the proposed expert committees to study German finances which all consider would be a taxing assignment. There is no enthusiasm for the plan in Wall Street, although no one appointed would decline. Bankers readily admitted that the keynote of the whole reparations problem rests upon America. Mr Mitchell, of the National City Bank, advanced the belief that the European debts to America were closely involved and if America insists on payment of such, they will probably be made in the long run but at the United States’ expense. The executive heads of other great financial institutions disregard Mr Mitchell and look with the view of President Coolidge that the reparations and debts must be kept apart. The majority are, however, inclined towards the opinion that a settlement of the reparations questions and the financial stability of Germany are closely linked with the continued prosperity of the United States.