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Hokitika Guardian, 25 June 1920, Page 2

Tn the payment of the indemnity Germany may pay ill gold,or its equivalent in chattels, properties, commodities, businesses, rights, concessions, ships bonds, shares or securities of any kind, the value of such substitutes for gold being fixed at a fair and just amount by the Reparation Commission. Payment is therefore to be made as comfortable as possible. In the rigorous conditions within Germany this is necessary no doubt. Its credit has depreciated, and the value of its currency is highly deflated. An interesting comment in this regard is the fact that the English sovereign is worth in Germany nearly ton times now the amount it was in pre-war days. Then the told sovereign was worth about 20-40 marks. Latterly as much as 200 marks and more have been paid in exchange for tile English sovereign. Commodities and labor have risen greatly also, so that the currency of Germany is seriously depreciated in all ways. There are signs that a stable govern ment is now coming into power, and of course Germany, with its r<N sources and industry has great recuperative powers. The ability of Ger-v many to pay is beyond question, and the Allies are now setting about with a determination to enforce payment. The coming conference with the German delegates at Spa next month will bring matters regarding payment to a lead and thereafter this aspect of the peace treaty will he left to the financial experts on the Reparations Commission to enforce. The long drawn out negotions are at last being concluded with definiteness and this question - settled will enable other aspects of the pence treaty to bo focussed more clearly also. /

It is probably advisable even at this ! preliminary stage to take a little friendly interest in the negotiations proceeding between the Government and the Greymouth Harbour Board relative to the future control of harbour matters at Greymouth. The Government has intimated to the Board that certain legislation is to he promulgated at the session of Parliament now commencing, to deal with the matter, and one of the proposals is to set up an extended harbour district with rating powers to- cover any deficiency in finance to meet interest and sinking fund charges, should the proposed subsidy to the Board and the rate oil coal produced prove insufficient. It will la* remembered when the matter was up for consideration before, the proposed harbour district, suggested by Mr Wilford included Westland County and interior boroughs. No doubt something similar may he attempted again, and )t might he well, even at this early stage for the local bodies concerned to, get in their objections. Very strong grounds for exemption can be put forward, and the effort- should be to have exemption secured even before the proposed Bill is printed. Once a scheme is devised it, will be difficult to curtail it, hence the necessity of nsticjpnting the event in I advance. The local authorities ennnot ! he too vigilant in this matter, and i prompt steps should be taken, and the j parliamentary representatives put on ) the alert in advance to protest on be- 1 half of the district before matters take J a to,o definite shape. j