NEW ERA DAWNS

Rotorua Morning Post, Volume 2, Issue 271, 11 July 1932, Page 5

NEW ERA DAWNS

(British OfScial Wireless)

THREE YEAR MORATORIUM IN ALL PAYMENTS DECLARED TRIBUTES TO' MR. MacDONALD The protracted negotiations at Lausanne have concluded with a complete agreement regarding reparation. payments. Germariy will pay approximately £150,000,000, into a conimon fund for the reconstrUction of Europe, but a mdratorium 'is declared for three years jn all payments, The payments will be giiaranteed by 5 per cent. bonds to be issued at 9Q. The successful termination of the conference has been gr eeted with international acclaim and is described as marking a new er& in post-.war reconstructioh. Unanimous tribdtes are paid to th'e work of the British Prime Mihister, Mr. Remsay MacDopald, in brmging France and Germany to ari agreement.

RUGBY, Saturday. A settlement of the reparations problem, the existencd of which has been one of the chief djsturhing factors in the political and economic recovery of Europe since the war, was reached at Lausanne to-day., *The news was received here with intense satisfaction, particularly in view of the prominent part taken hy the British Prime Minister in the prolonged negotiations during the past few days. The heartening news was immediately communicated to th'e House of Commons by Mr. J. H. Thomas, who intefrupted the Irish debate to make the announcement that had first been conveyed to the Government in a telephone message from the Prime Minister at Lausanne. Intense enthusiasm prevailed. Although the issue was in doubt until the end, a more favourable atmosphere was detected wh'en the chief French and German delegates met at Mr. MacDonald's hotel this morning to resume negotiations, which had continued far into the night. The terms of the final settlement have not yet been officially disclosed, but according to Press reports the agreement provides for a definite moratorium for three years and the suppression of all reparation payments by Germany, their place to he taken by a final restoration payment by Germany when prosperity returns, of 3, 000, 000', 000 marks, plus charges, to be guaranteed_ by 5 per cent. bonds to be issued at 90.