WARDEBTS.

Hokitika Guardian, 26 August 1922, Page 3

WARDEBTS.

AUSTRALIAN. AND N.Z. CABLE ASSOCIATION. GERMANY’S LATEST OFFER. PARIS, August 24. ’Although there is the utmost secrecy in Berlin with regard to the outcome of Sir F. Bradbury, and Mr Mauclere’s mission, several newspapers state that the German Finance Minister only offered, in default of payments in kind, to guarantee two and a half million sterling, which would be supplied by the German banks. The German newspapers allege that the Allied Delegation considered this offer to be ridiculous.

LUDENDORFF ON SITUATION. PARIS, August 24. General .Ludendorff, interviewed by tile “Echo Do Paris,” admitted that in the postwar period the German animosity towards France had considerably increased, which he attributed to crushin£ and impossible peace terms wliicli France had imposed, these wounding the German national honour. If France, at last was beginning to realise that a policy of oppression towards Germany would load only to ruin, she would sooner or later change her policy.” “1 am convinced,” he said, “that if the German people could be assured of a new future, based on great common interests with France, they would work with one bond with France for a restoration of Europe, and for the common welfare of two countries.”

WAR DEBTS. WASHIGNTON, Aug. 24. Hon W. Mellon (Secretary to the U.S.A. Treasury) has issued a statement, contradicting the intimation pom tained in Lord Balfour’s recent note that the United States had required Britain to guarantee return of money loaned to the other Allies during the war. Mr Mellon declares that the Associated and other Allies borrowed on their own account, and he had produced a memorandum to show that this was quite clear to Britain.

GERMAN-FRANCO CRASH. (Received this day at 8.30 a.m.) LONDON, Aug. 25. The German Exchange opened to-day at 10,000 marks to the £. Apparently Germany has abandoned any hope of an early settlement with France, which persists in demanding satisfactory guarantees, with the result that there are general fears that France will take drastic action. There are rumours, at present unconfirmed, that French troops have invaded Ruhr. Meantime the proceedings of Sir F. Bradbury’s delegation are still kept secret, although it is denied that an offer of two and a half millions sterling has been made. Tn this state of affairs there have been large, apparently panicky, selling of marks, especially from New York and Amsterdam, where huge amounts of marks are held by speculators. These sales caused a panic on the Berlin Bourse and even a greater panic in the retail trade. Countless householders are besieging shops anxious to use the last few marks for buying something of practical value, as the shopbreakers increase prices one hundred per cent daily. Trade union leaders have requested Herr Wirth to reinforce the rationing necessities by Government control of foreign trade, prohibition of the sale of sweets, champagne, and luxuries and to limit the manufacture of beer. Wirth replied that ho would come to no agreement with Bradbury’s delegation,"which would endanger the peoples food- supplies. He would increase the duties on tobacco, coffee and nil luxuries, and prohibit imports as faras possible. Government proposed an internal gold loan to raise urgently needed funds.