NEW SCHEME.

Timaru Herald, Volume XCVIII, Issue 18084, 29 May 1923, Page 7

NEW SCHEME.

For Reparations.

INDUSTRIALISTS ACTING. BY CABLE—PRESS ASSN.—COPYRIGHT (Received 10.10 p.m., May 28.) London, May 28. The “Daily Chronicle’s 1 ' Berlin, correspondent reports that the executive of the Federation of Industrialists presented Herr Cuno with a detailed scheme guaranteeing reparations. They propose that a proportion of their immovable property, including factories and machinery shall be mortgaged to the State, owners paying interest which will be allocated to tho fulfilment of Germany’s obligations. Industrialists hope their offer will cover 40 per cent, of the Reparations payments. They propose that the remaining 60 per cent, bo covered by similar action on the part of other interests, particularly agriculture. . They point out that agriculturists have paid off mortgages with depreciated paper marks, so that all great estates will be free of debt and will benefit by cheap labour and grain subsidies.

Other interests are expected to contribute. They are banks and shipping companies, which are asked to allocate proportion of their gold reserves. The industrialists, however, demand equal treatment in international trade, and that Germany shall no longer be required necessarily to assist any most favoured nation in an arrangement which the Entente Powers may make among themselves. They also ask for the removal of the German Government’s restrictions upon trade, such as import arid export licenses, and require that the railways, posts, and other State concerns be placed upon a remunerative basis. Finally 11 they ask that workers shall contribute to the Reparations, presumably by assenting to the abolition of the eight hour day.

PAPER MARKS TAKEN. By Cable—Press Association —Copyright. (Received 6 p.m., May 28.) Dusseldorf, May 27. Following on Germany’s repeated refusal to pay the expenses of the French occupation of the Ruhr, French troops visited the Essen branch of the Reichsbank and seized 12 milliards of paper marks.