REPARATIONS

Nelson Evening Mail, Volume LXIII, 22 July 1929, Page 5

REPARATIONS

FIFTH ANNUITY YEAR PUNCTUAL HERMAN PAYMENTS AN OPTIMISTIC REPORT 'United l’retw Association—By Eleetrio ‘ Telegraph—Copyright) (Australian Press Association.—United Service) LONDON, 20th .July. Mr Parker Gilbert's interim report on reparations for the first nine months of the fifth annuity year ending 31st May is distinctly optimistic in Lone regarding Germany's present position and future economic and financial development. Germany Ims made, as previously, punctual payments without interfering with the stability of German currency. Mr Gilbert, however, again warns Germany to keep down expenditure and pay from existing revenue. There lias boen great productivity of revenues, but tin: constantly increasing levyl of expenditure is going even beyond the rising revenues and necessitating extensive' borrowings and creating much tension ip Germany’s finances. Mr Gilbert considers the Young plan provides an opportunity for the development of a sound financial programme not merely because of the reduction in annuities, but because finality removes uncertainty as to tlie extent of Germany’s reparation obligations. Mr Gilbert is convinced that budgetary difficulties have thrown no doubt on tlio essential soundness of the Reich finances. Germany’s experts continue to rise while imports continue to remain below the high level of last year. 1