HAGUE CONFERENCE

Hokitika Guardian, 30 August 1929, Page 5

HAGUE CONFERENCE

NATIONAL WELCOME.

FOR MR SNOWDEN

(United Press Association—By Electric Telegraph—Copyright).

LONDON, August 29

The Daily Express says that what has been achieved by Mr Philip Snowden (Chancellor of ill e Exchequer) cannot be assessed in coin of the realm—not merely because be eased the British taxpayers’ burdens, but because he certainly -has prevented them being increased. It :s also certain that.his countrymen are now certain 'to accord a nation-wide welcome to Mir Snowden, who. bin: put British prestige in the eyes or Europe on a pedestal higher than it has occupied since the Armistice.

The Daily Chronicle remarks: Mr Snowden has put an end to the European habit of bleeding Britain. The Times says: Mr Snowden has played a strong hand with consummate courage, . persistence and skill. The settlement is greeted even on the Continent with something like relief. Now that the battle is over, it may be hoped that the bitter words of the controversy will speedily be forgotten at the removal of an obstacle which had threatened to hold up the ,general work of the pacification and conciliation of Europe. The organisation of the bank, the international settlement of the final liquidation, and the Rhine occupation still remain for settlement.

WHAT OTHER POWERS LOSE LONDON, August 29.

An expert, in explaining the financial settlement, points out that, whereas Britain will receive her reparations in regular monthly instalments, she will pay America only every quarter. The interest thereby accruing to Britain thus increases the amount of the settlement, and gives up to eighty-three per cent of the British claim. Otherwise it would l>e seventy-five -per cent. The settlement in connection with the unconditional ; annuities, says the expert, also represents eighty per cent of tlie British claim.

Presuming that France, Italy and Belgium will have to compensate the small Powers . for their losses, it is estimated that the settlement involves the Powers in the following sacrifices out of the unconditional an-' nuities:— ■ ,

France, £185,000 per year. Italy,' £107.000 per year. Belgium, £74,000 per year. Germany will actually make no financial sacrifice, but she will renounce her share of the three hundred million marks surplus, to which her claim has never been admitted.

t STILL A DISAGREEMENT. (GERMAN OBJECTIONS. LONDON, August 29. The Hague Conference adjourned after dinner, without having arrived at any result. It will be continued tomorrow. Dr Wirth (Germany), left the conference at 2 a.m., being obviously angry. He said that the conference had not reached an agreement on a single point. He declared that if Mr Snowden asks for one hundred per cent, Germany must also get satisfaction. She cannot allow everything to be done at her expense.

FINANCIAL AGREEMENT REACHED. (Received this dav at 12.25. p.m.) THE HAGUE, August 29. Germany and six other Dowers have readied a financial agreement. An announcement to this effect- was made when a meeting of the Six Poueis ended. It was then stated that a full agreement had been reached regarding the costs of occupation after Ist September, also in regard to the surplus accruing during the last five monthrs of the Dawes Plan. The actual'document embodying the agreement is now being drafted. The first problem was solved by Germany agreeing to pay half, and England, France and Belgium Hie other half. Britain contributed to the settlement by agreeing to renounce in Germany’s favour, portion of her unconditional annuities.

SETT LEMENT AR R ANGEME NTS

AN OFFICIAL REPORT

(British Official Wireless.)

(Received this dnv at 12.25. p.m A RUGBY, August 29.

Details under discussion at Hague 1 include a proposal -for the abandonment of the German claim to a share in tin distribution of the surplus arising under the transition arrangement 'from the Dawes to the Young plan of 75 millions marks, of a sum of 300 million marks, which is involved, and represents interest on railway bonds and transport tax contributions for payment each year during September. Although • belonging to the Dawes annuity year ending August 31st, it is understood Germany claims thosi 79.000.000 marks should he set "IF against the cost of occupation of the Rhineland after September I,3th. Geimans are also asked to consent to a rearrangement of the Young plon annuities which would not render them liable to the payment of an increased aggregate total, blit would place upon them a slightly increased burden in the quality of security.