THE DAWES REPORT.

Hokitika Guardian, 11 April 1924, Page 1

THE DAWES REPORT.

A NEAV CURRENCY. AUSTRALIAN AND N.Z. CABLE ASSOCIATION. LONDON, April 10. The Dawes report progresses that the new bank is to have a monopoly of right to the note issue in Germany for half a century, the present paper money to be withdrawn, and replaced.by a single, uniform currency, namely the new bank notes. This currency, would bo kept stable in relation to gold, butwould no the convertible. At the commencement it would be protected by, a reserve of 33 1-3 per centum, and by other liquid assets. The reserve would he held largely in the form of deposits in foreign banks. The hank would be the fiscal agent of the German Government and would be allowed to make short-term loans thereto, but the amount and the character of such loans would he carefully limited and safeguarded. Tho relations of the Reparations Commission towards the hank would, he those of a private client. The bank would have a capital of four hundred million marks, of which three hundred million would he subscribed, in Germany and abroad. The remainder would bo issued in tbe purchase of the real property of the Reiilisbauk. COMMENT ON REPORT. LONDON, April 10. The “Daily Express” draws attention (o a clause in Colonel Da we s covering letter affirming the principle set out in the A’ersailles Treaty that th" Germans must he taxed as heavily as the subjects of the Allied countries. Tho correspondent emphasises the fact that -AT. Bartlioii, Chairman of the Reparations Committee, when receiving the report said: “Although your conclusions arc unanimous, you cannot expect that they will command unanimous appreciation Horn the opinion that is taken by such politics and such contrary interests.”