REPARATIONS

Hokitika Guardian, 13 January 1932, Page 5

REPARATIONS

1 - THE LAUSANNE CONFERENCE. POSITION OF GERMANY. M . (United Press Association.—By Electric Telegraph.—Copyright.) / LONDON, January 12. (_ The “Daily Telegraph’s” Berlin correspondent savs: “Thu inability to pay reparations within a calculable time, will bo Germany’s case 1 at the Lausanne Conference. While not openly repudiating the Young Plan Germany will refuse to agree to any provisional .settlement fixing a date for the renewal of the reparations paymeats. The opinion is expressed that the Lausanne Conference, failing a decision, will adjourn for ..some time. Meanwhile, the French and the German elections, and further diplomatic discussions may change the situation. It is even possible that Germany’s creditors may combine in a joint declaration that, owing to Germany’s attitude, they cannot themselves meet their obligations to the United States. CREDITS FOR GERMANY. RENEWAL AT BASLE. RUGBY, January 11. At Basel, to-day, the Bank of International Settlements decided to renew on the same terms as the- Banks of England and France, ftnd the Federal Reserve Bank, its share amounting to j 25,000,0(K) dollars in credit of a hull- , dred million dollars accorded the Reichs bank, and falling due on February 4th. The Bank of International Settlement’s portion of the credit extended to Austria and Hungary was also renewed on the same conditions, as was a credit of three million dollars to Yugo-Slavia. FURTHER ACCOMMODATION. FRANCE WANTS LIMITATION. BASLE, January 12. < . Although it is' not suggested that France will refuse the renewals, of tne credits for Germany, it is regarded as unlikely that it will be granted automatically, without any explanationM. Moret, at the meeting here, significantly said) tliyvfc he could not) forestall the action of his governing body, which, as a matter of fact, had not considered the matter, but, personally, he could not, in the present circumstances, contemplate any longer extension than one month.

DR BRUENING’S statement.

STRENGTH OF GERMAN POSITION

.RUGBY, January 11. The “Daily Telegraph” says: “That Germany cannot pay reparations now is clear enough, and so much was s:ated in the Basle report, but that she will still be unable to pay anything in three or five years’ time, no one can assert to-day. The strength of the German position is that she cannot crash without involving others in stupendous losses. To go to Lausanne without the prospect of FrancoBritish co-operation, and with the certainty nf a violent explosion of Franco-German wrath, promises no fruitful result.

The “Daily News” thinks the statement of Dr. Bruening deal’s the air, and that the Lausanne Conference on reparations can now settle down to realities, but makes the point that “no reasonable pvrson, even in Germany, would he prepared to swear to the economic impossibility of Germany’s resuming some small payment of reparation in the distant future if world trade revived.”

CONFERENCE MUST BE HELD

A NATIONAL PROBLEM

RUGBY, January 11

The “Daily Herald” says: The suggestion that the Lausanne Conference should now be abandoned and a creditors’ meeting be held instead, cannot be taken seriously. Commenting on Dr. Bruening’s statement, “The Times” says: “The supreme question win'- 1 ' —wticipants in the Conference at Lausanne will have to consider is whether there is any real chance of recovery in Germany, and. therefore averting the danger of a collapse in the rest of the world. The answer can ho found through a frank discussion of the' whole solution of the problem, not only for Germany, hut for her creditors as well, and -also for every country in the ■world, including those who seem to have no direct interest in it, 'that there is no room in its discussions for the prejudice, or prepossession for national sympathies and antipathies, or for nolitienl considerations of any kind. The only things that matter are economic realities.

GERMAN MOVE ANTICIPATED

FEELING IN LONDON

"RUGBY, .Jnmiarv 11

In flic city circles of London, today. Dr. B"uen'ng’s statement was received calmly, some such step having apoarently been anticipated. At it he opening of the S tock Exchange. German loans experienced a set-hack, but a sharp recovery was made toward* the close, German

•sevens again reaching sixty-nine, and r,i per ce”t. fiOv three. Leading p-i+Ph funds fiiP'died the day oneei"bth to a half higher. It is expected that the Cabinet meeting, arranged to consider tne

statement that the Prime Minister will wake at the concluding Burma Conference to-morrow, will also consider the reparations situation m the light of Chancellor Bruouing’s statement. ■‘MOVING TOWARD ABYSS.” MILAN, January 12. A strong article, advocating the abolition of the Reparations, appears 1 in the neswpaper “11 l’opolo d’ltalia," | which is do: ely associated with Signor Mussolini. The paper says that it is no exaggeration to say that Europe is moving towards an abyss. ITALY SEES' A CHANCE. ROME, January 11. Dr. Ui'tieuing’s reparations statement is not considered siirprisng, and is regarded as a further indication of i the need for decisive collective action. I Italy would loyally co-operation in the effort by all nations to re ostahlisli normal conditions. THE BRITISH DELEGATION. ' V RUGBY, January LI. At the Disarmament Conference, which is due to open under the Chairmanship of Hon. Arthur Henderson, on February 2nd., the British delegation will include the Prime Minister, Sir John Simon, Rt. Hon. J. H. Thomas, Lord Hailshnm, Lord Londonberry and Sir Bolton Eyres-Mon-sell. It will he unnecessary for all these Ministers to be present simultaneously. Ir. view of the heavy demand which the approaching Conference will make oti Ministers’ time, and the important issues that await discussion, it is anticipated that the members of the Cabinet will be in frequent consultation during the next fortnight. EFFECT UPON AUSTRALIA. CANBERRA, January 12. If Germany cancels her reparations Australia will lose £BOO.OOO a year for thirty-two years. The Commonwealth, so far, has received as reparations £sl i millions, the most whereof has been' added to the National Debt Sinking Fund. THE CANADIAN REPRESENTATIVES. (Received this day at 10.15 a.m.) OTTAWA, January T£. Sir George Derby, Hon. Maurice Dupre, Miss M. W. Kidd, Montreal, (President of the National Council of Women) will represent Canada at the Geneva Disarmament Conference, Air Bennett announced to-day, in receiving a petition containing the names of nearly half a million Canadians, asking for disarmament, and presented in the Senate Chambers. The ‘petition, weighing nearyll a quarter of a ton, was transported to Parliament Buildings in a motor truck.