GERMANY
CARVING UP, GERMANY LOOKING AHEAD. Zurich, Jan. 23. A private circular embodying a basis for the discussion of peace terms, distributed semi-officially to German editors, has been published here. It proposes to demand a huge indemnity. England will surrender German South-West Africa, Rhodesia, Zanzibar, Somaliland, the Tipper Nile territories, and British East Africa, while Austria will receive Malta and Turkey Cyprus. THE TRADE OUTLOOK New York, Jan. 23. Herr Guttman, director of the Dresden 'Bank in Berlin, in an article in the World says: "iJermany has a largo quantity of goods ready for shipment and sale abroad after the war, while the proceeds of securities held in Germany, representing many milliards in hostile countries, will contribute to support the German rate of exchange.'' WAR EXPENDITURE. Copenhagen, Jan. 23. The German Imperial Budget for 1916 to next March docs not contain the military and naval expenditure. This is paid by war loans. The expenses appearing in the .Budget are thus 1100 millions below those "for 1915. The interest on loans is entered at two milliards of marks,
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Taranaki Daily News, 25 January 1916, Page 5
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177GERMANY Taranaki Daily News, 25 January 1916, Page 5
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