FRANCE & REPARATIONS

Hokitika Guardian, 5 February 1923, Page 3

FRANCE & REPARATIONS

THE ENTENTE.

“ inn TIMES ” SERVICE

('Received this day at 10 a.in.) LONDON, Fed). 1. The confusion raised by tlie mystery of French notes to Angora exemplifies the advantages of Anglo-French^unity. A commentator concluded, "It is very natural that the British people should wish to know the real motive of the power with whom we have been accustomed in late years closely to cooperate. We are accustomed to regard treaties as binding as a plighted word, as a contract that cannot he lightly ignored at the convenience of cither party. In the policy the French are pursuing in Ruhr, a policy inspiring England with the greatest alarm as to the future of Europe and the world, the French Government knowing llritain entirely disapproves, invokes sanctions under a Treaty that was the prnr duct of the joint efforts of all the powers who were Allies in the war. The French have aroused in Germany a spirit of resistance and reckless disregard of all obligations and imposed a pence treaty which seems likely to throw the whole work of peace into complete confusion. V e have no part in this, yet we must hear the consequences. The tradition of close re -f' lationship with Franco and especially the vivid memories of the comradeship in the war will still prevent many people in England from perceiving the full consequences to ourselves and the world of the headstrong action of France. If however, the French Government in its blind infatuation lor sonic obscure schemes of their o\vn, go so far as to wreck the hope of peace iu the Near East, encouraged hv Hie labours of the Lausanne Conference 1 lien the people of this country will begin to feel that for all practical purpose the Entente is ended.”

FRENCH AND GERMAN PLEASANTRIES. (Received this (lav at ID.-10 a.m.) LONDON. Feh. 4. Reports have been received that Germans yesterday stopped the Paris. Uucharest and Paris-Prague expresses, on the ground of the shortage ol coal. The French retaliated by suspending passenger traffic on. Karlsruhr-Tlns-leines except the express to Holland. GERMAN NOTE. fßeceived this day at 10.30 :\«1 > PARIS, Eeh. 1 A German note sent to the Reparation Commission since the occupation of Ruhr protests against the refusal to grant a moratorium, and urges the Commission to make a new estimate of Germany’s capacity. ULTIMATUM IGNORED. (Received this day at 10 a.m.) PARIS, Feh. 4. Reports received here state that the s. Lithuanian Government has refused to comply with the Ambassador Conference ultimatum. NOT YIELDING. /Received this (lav at 10 a.m.) HER LIN, Eeh. I. It is semi-ollieiiiUy stated that the rumours that the Germans are preparing to yield to French pressure are untrue. On the contrary, the Govern incut’s resistance is increasing.

Anglo-American Debt.

TERAI.S OF AGRKE.MENT

AUSTRALIAN AND N.Z. CABLE ASSOCIATION

WASHINGTON, Kobnuiry 2. Tile American Debt Commission have reached a eonijilete agreement uitli the British Ambassador, Sir A. Geddes, regarding a debt funding [dan. WASHINGTON, February 2. The Treasury Department has issued n statement giving the details of the Debt Funding Agreement. The payment of the principle is to be made by annual graduated instalments rangi,',g from $2:1,000.000 for the current year to $173,000,000 in the 02nd year when the total sum will bo repaid. The interest will he at three per eent for ten years anil three and a Intli for the succeeding perilod. calculated on the unpaid balance. The local principal indebtedness is placed at four billion six hundred million dollars, for which British Government bonds will be issued to the Enited States Oovorn-

meat at par. Britain has the option of repaying the principle in three-year periods. The principal of the notes to be refunded is $4,074,818,338. The interest accrued and unpaid up to December 13th.. 1022. at the rate, of four and a half per eent is $020,830 106.

The total debt is approximately $4.704,034,405. The '‘deducts” payments made in October and November last with Four and a-lialf per eent interest, total $100,520,379, leaving a balance of $4,004,128,035 of which $4,128,085 is payable in cash. The principal of the bond issue, of lour billion six hundred million dollars is payable hv annual instalments on a llxed schedule, subject to tho right of the British Government to make payments in three years' periods, and pay off additional amounts of the principal on any interest date, upon 90 days’ notice.

For the first five years, one half of the interest- may He deferred and added to the principal bonds being issued similar to those of the original issue. lAn.v payments of interest and principal may he made in any of the United States Government bonds issued since April oth., 1917, such bonds to ho ttifien at par and accrued interest. It is stated President Harding is opposed to a rider to the debt settlement- providing that the money slt.ul be used to pay tho soldiers a bonus, he believing the debt legislation should stand on its own merits. The President does not object to an amendment giving the democrats representation on the Debt Commission.

MR LLOYD GEORGE APPROVES. TTONDON. February ‘2. Mr Lloy<l George lias wirelessed the following; message to the Australian Press Association: “As I roll homeward along the const of Spain, a wireless announces the British Government has accepted the American debt terms. The details which T have received are not sufficient to enable me to form an opinion rgnrding the character of the terms, hut a. fraction of percentages however important to an overburdened people, is not comparable in value to a good understanding between these two great communities, on whose co-opera-tion peace freedom and international justice depend.”