WAR DEBTS.

Hokitika Guardian, 16 January 1925, Page 2

WAR DEBTS.

[Reuters Telegrams.[ ALLIED AGREEMENT. PARIS, January 11. The Conference is probably the first intcr-Allied meeting which has left no heartburnings. General .satisfaction is expected by AI. Ciementel, Air Churchill and Air F. Kellog (America) when speaking at the plenary session that the Allies are again working in complete harmony, and that a definite stage has been reached towards the reconstruction of Furopc. M. llerriot, entering at the close of the proceedings, congratulated the Conference on its positive results. A!. Ciementel referring to the problems still ahead, pledged in the lorefront of the friendly—lie might say the hrothfjrlv—settlement ’of 'Hie iv.ter.Vllied debts. All- Churchill dwelt on the arrangement made to meet the wish ol the United States to he included effectively within the scope ol the Dawes scheme, lie said this when the matter was first broached, the British Government maintained an attitude ot resene fur some weeks. 3he Anglo-American conversations had been lively and prolonged. hut frankness and cordiality had enabled a solution to he reached The American plan did not impose any onerous burden on the Allies finances. Indeed the burden on the Allies would he less during the early and difficult years than it would otherwise have been, although. if the Dawes plan inarched to a full normal conclusion, there would lie a substantial advantage to the United States, this advantage would only he during periods when all the Allies were better off than they were at. present. Reservations as to the agreement are made hy Italy and Hoiimanin. They are not fundamental, but merely cover the interpretation of the Protocol Conference. The Brazilian .Minister signed with a reservation as regards Brazil’s rights to eventual participation in the Dawes annuities. MB CHURCHILL BRAISED. LONDON, January I L ’The Cabinet meets to-morow to hear LMr AY. Churchill’s report on the Paris Conference, and to prepare a reply to the note which AL Ciementel handed tn Air 'hurohill on the subject of the ,A nglo-Frcncli indebt ness. The “ Daily Telegraph’s ” Paris correspondent points out that the rein meaning concealed behind the intricate details of the Allied financial settlement is that the United States is no longer a mere observer, hut a diieet participant in the German reparations. The Dawes plan consolidated the German reparation payments into a single annual payment. The Paris agreement wipes out past wrangles over the allocation ol the reparation receipts among the Allies. It, supersedes all the previous schemes I'm- the division of the reparations, !Ul< | lays down clear rules for future allocations.

All differences concerning the interpretation of the new agreement will he settled hy arbitration. Competent persons calculate Quit the first Dawes annuity alter the deduction of (lie first charges for the cost ol the occupation, etc., should yield 33 millions sterling to the allies. I- ranee s and Britain's percentages theivol will be slightly reduced in coseqitence ol the payments to the United Stales. • •| jo Temps” says that, while some of the decisions will be criticised, on the ground of the sacrifices that France is asked to make, yet the paper considers tin’ conference marked moral progress in the Allied negotiations, and it specially emphasises Air Churchill s services as indicating a new spirit in whidi Britain is considering the problems of peace, and the necessity tor , oii-.0l ida I ion ol (he Entente. 1 b her newspapers praise Mrlhnrchill’s conciliatory conduct of the British case. Though the American delegate, speaking at the end of the Conleieiue, said that Mr Churchill drove a very hard bargain, the Journal Des Debats considers the United States has won all along the line, since it will share /in the reparations, although il has not signed the Versailles Treaty.. The paper hopes that now the 1 nited Stales will help the Allies to see that tho Dawes plan is carried out. The .Morning I’ost’s” Baris correspondent says: AL. Ciementel has written Air Churchill on the subject of the Allied debts, seeking a written assurance that Britain adheres to the principle of the Ballour Note. It is understood Air ( hurchill’s reply, which probably will he published in London, and Paris to-day, will confirm adherence lo the Balfour Note.

The “Times” Baris correspondent savs: “The Conference terminated in a spirit of quite extraordinary satisfaction. Everybody was pleased with this, the first Allied Financial Conference which has reached full agicement oil all points. Braise is accoided to Mr Churchill who succeeded in recreating a spirit ol solidarity and friendly agreement, which had been linking since the war. There are many reasons why the delegations should he particularly content. The Conference was able to control the whole series of awkward disputes that recently were disturbing the harmony ~f the Allied relations. It is true that the Dawes scheme raised the veparalions to a less contentious plane, hut oven if it left a number of points, these we are assured are now permanently settled.”