THE PEACE TREATY.

Taranaki Daily News, 10 May 1919, Page 5

THE PEACE TREATY.

SECTION 9. (continued.) As reparation for the destruction of (tfce library of Louvain, Germany is to hand over manuscripts, early printed book*, prints, etc, to an equiv»'°"* «f those destroyed. In addition to the above Germany i» to hand over to Belgium the wings, now at Berlin, belonging to the altar-piece of "The Adoration of the Lamb," by Hubert and Jan Van Eyck, the centre of which.is now in the church of St. Bav« at Ghent, and the wings now at Berlin and Munich-of the altar-piece of "The Last Supper," by Birks Bonts, the centre of which belongs tp the Church of St. peter ,at Louvain.

' ~.' COAL, ETC. Germany is to deliver annualiy for fen yean to France coal equivalent to the difference between the annual prewar- output of- the N'ord and Pas-de-Ca'iais mines and the annual production during about ten years. Germany further gives options over tea years for the delivery of seven million tons of coal per year to France and, in addition to the above, of eight million tons to Belgium, and of an amount rising from four and a-half million tons in 1919 to 11)20. to eight and a-half million tons in 1023 and 1924 to Italy at prices to be fixed as prescribed in the treaty. Coke may be taken in place of coal in the ratio of three tons to four. Provisions are also made for the delivery to France over three years, of henxine, coal taf, and sulphate of ammonia The commission has power to post''<one or annul the above deliveries should tKsy interfere unduly with the industrial requirements of Germany.

DYESTUFFS AND CHEMICAL DRUGS. Germany accords an option to the commission on dyestuffs and chemical dm?*, including quinine, tip to SO per cent, of the total stock in Germany at the the treaty comes into force, and a similar option, during each six month* to the end of 1924, up to 25 per cent, of the previous six months' cutput. CABLES. . Germany renounces all title to specified cables, the value of such as were privately owned being credited to her •infest the reparations indebtedness. FINANCE. Th« Powers to which German territory is ceded will assume a certain portionof the German pre-war debt, the amount .*s> be fixed by the Reparation sion on the basis of the ratio between the revenues of the ceded territory and 'Germany's total revenues for the three years preceding the war. In view, howaver, of the. special circumstances under -which Alsace-Lorraine was separated 'ftttt'.fapca. in 1871, wheiuGermariy re- . fused to accept any part of the French public debt, France will not assume Any part of Germany's pre-war debt, nor will Poland share in certain debts incurred for- the oppression of Poland. v The value of German Government property m the ceded territory will in general be credited to Germany on account

of reparation, but no credit will be given 1 lor any German Government property fh Alsace-Lorraine. The mandatory -* Powers will not assume any German debts nor give any credits for German Government property. Germany renounces all right of representation on or control of State banks, commission or -other international financial and » economic organisations. Germany is required to pay the cost of the armies of occupation from'the date of the armistice as long as they are maintained in German territory, and this cost is to be a first charge on her resources. The cost of reparation is the ifcxt charge, after making such provision for payments for imports as the Allies nay deem necessary. Germany is to deliver to tie Allied Powers all sums deposited in Germany by. Turkey and Austria-Hungary in connection with the financial support extended by her to them during the war and to transfer, to the Allies all claims against. Austria, Bulgaria, or Turkey in connection with agreements made during ',s? war. Germany contana, the renunciation of the Treaties of Bucharest and Brest Litovsk. On the request of this Reparation Commission Qermany will expropriate any right or interests of her nationals in public utilities ia, the ceded territories, If those are administered by a mandatory, and >, Turkey, China, Russia, Aus- ', tria-Hungary and Bulgaria, and transfer them to the Reparation Commission. wkkh 1 will credit herewith their value. QOTnaay guarantees to repay to Brazil tha funds arising from the 'sale of Sao Panto coffee,! which she refused to allow Brazil to withdraw from Germany.

SECTION 10. economic clause; CUSTOMS. t * S.lifß twaty contains detailed provisions •'at- that Germany shall- sot >?f the trade of Allied and asioeiate

ECONOMIC CONDITIONS MADE FAJRLY DRASTIC GERMAN DELEGATES' TRUCULENT BEHAVIOUR

countries. These provisions will remain in force for five years, unless extended by the Council of the League of Nations. Temporary provision is made for the entrance into Germany, up to' a limited amount, of the products of Alsace-Lor-raine, Luxemburg, and the German territory ceded to Poland. The German import tariff applicable at the outset to Allied goods will not exceed the lowest rates of 1914. After six months Germany will be free to raise her tariff, so long as it is impartially applied to all the Allies, except as regards ft few specified articles, mainly agricultural products, .with regard to which restriction will extend for a further period of 2J year». Power is reserved, in case of necessity, to impose a special customs regime in the occupied parts. .

SHIPPING. Vessels of the Allies are to enjoy both national and most favored nation treatment In Germany for at least five years, and this provision will continue thereafter on condition of reciprocity, unless revised by the Council of the League of .Nations. As regards the fishing and coasting trade and towage, most favored nation treatment is to be accorded for the same period as for customs matters. Provision is made for the recognition by Germany of ships' certificates and places of registry of ships belonging to States without a seaboard.

UNFAIR COMPETITION. Germany undertakes to protect the trade of the Allies against unfair competition, and in particular to suppress the use, of false markings and indications Of origin and, on condition of reciprocity, to respect the laws and judicial decision of Allied and associated States in respect of national appellations of wines and spirits. ( TREATMENT OF NATIONALS. Germany is not to impose on nationals of Allied States, or their "property, any restrictions which were not in force before the war, or any taxes, unless those restrictions and taxes are applied to her own nationals- She is. also prevented from imposing restrictions in regard to the exercise of occupations, which are not applicable to all foreigners. These provisions are to be in force for a period of five years and, if the majority of the Council of the League of Nations so decides, for an additional period not exceeding years. German nationality shall not continue to attach to a person who has become a .national of an Allied or associated State. . MULTILATERAL CONVENTIONS. Some forty multilateral conventions are renewed between Germany and the Allied parties thereto, but special conditions are attached to Germany's readmission to several. For example, as to postal and telegraphic conventions, Germany must not refuse her consent to special arrangements concluded by the new States. She must agTee as respects the Radio-Telegraph Convention to fulfil provisional rules to be communicated to her, and to adhere to the new convention when formulated. Under the North Sea fisheries and North Sea liquor traffic conventions the rights of inspection and police over Allied fishing boats are for at least five years to be ei«rcised only by vessels of the Allied Powers. Germany loses the special rights granted her under Article 3 of the Samoa Treaty of 1899, and other treaties, and in particular is to renounce her right to the Boxer indemnity subsequent to China's entry into the war.

BILATERAL TREATIES. Each Allied State may, if it desires, renew any of its treaties with' Germany in so far as is consistent with the Peace Treaty by giving notice within six months. Treaties entered into by Germany on August 1, 1914, with other enemy States and before or since then with Roumania, Russia or Governments representing part of the former Russian territory are abrogated and con' cessions granted under pressure to German nationals annulled. The Allies are to enjoy the privileges conferred under the treaties entered into by Germany with other enemy States during the war.

PRE-WAR DEBTS. Clearing offices are to be established within three months in Germany by each Allied or associated State which adopt the plan. The settlement of pre-war debts and other specified pecuniary obligations will take place through these offices, direct settlement being prohibited. The adjustment of the proceeds of the liquidation of enemy property will also be made through these offices, each participating State to take the responsibility for the obligations of the kinds referred to on the part of its nationals towards nationals of opposing States, except in cases where, at the outbreak of war, the debtor was insolvent. Claims are to be discussed ' -'ween the clearing offices of two countries concerned and. failing agreement, are to be submitted to or to the mixed arbitral tribunal referred to helowj Sums due to nationals tof each - country are to be paid by the clearing office in that country and guniß o ( wi(jg by such' nationals are to be debited to jit. Debts i.re to

,be paid in the currency of the Allied country concerned and the rate of exchange to be adopted, failing specific .provision in the contract, is to "be the average cable transfer rate prevailing in that country during the month immediately preceding the outbreak of war between the country in question and Germany. It is optional with any Allied Power to participate in the above system.

ENEMY PROPERTY. The action of liquidation, control, etc., taken in the Allied country and in Germany in regard to enemy property and business under exceptional war measures is confirmed, subject to compensation in respect of loss of property, etc., of Allied nationals, to be determined by a mixed arbitral tribunal and charged upon the property of German nationals which is under the control of the claimant's State. Any compensation due to her own nationals is to be paid by Germany. All action of the liquidation, control, etc., in Germany is to be stayed and Allied property, if not completely liquidated, is to be restored. National's of the countries which did not make any g neral liquidation of German property may require restoration, if possible, of their actual property by the German Government in whose ever-ready hands it may now be. Stipulations are included for the protection of returned property and businesses in Germany in future.

The Allies reserve the right to retain and liquidate all German property within their territory. The net proceeds of sales of such property, both during and after the war, are to be credited to Germany and applied by each State to the satisfaction of claims by its nationals with regard to their property in Germany or debts owing them by Germans. CONTRACTS. Pre-war contracts between Allied nationals and German nationals are in genera] from the date at Which the parties became enemies. Exception is made in case of agreements for the transfer of real or personal property where the property therein had already passed, leases of land and houses, contracts of mortgage, pledge or lien, mining concessions, contracts with governments and public bodies, and inburauce contracts. In regard to the last-named clause of the contracts conditions provision is made as indicated below. Powers are reserved for the maintenance of contracts the execution of which is regarded by an Allied State as interest, if necessary, to the payment of equitable compensation, to be fixed by a mixed arbitral tribunal.

I Saving regard to constitutional dim- ■ culties in the case of the United States of America, Brazil, and Japan these contracts are excepted from the provisions relating to pre-war contracts. Fire insurance contracts are not considered dissolved by the war, even if the premiums have not been paid" but lapse at the data of the first actual premium falling duo three months after peace. Life insurance contracts are not dissolved merely by reason of the war, but where they have lapsed the surrender value may he claimed, or, if the'lapse was due to payment of premiums being prevented by the enforcement of measures of war. the contract may be restored on payment of the premiums with interest. Afarine insurance contracts are dissolved by the outbreak of war, except where risk had already attached. Where the same risk was again insured against after the. war bad "begun then the,new policy is to be considered as "substituted for the old. Where the risk had not attached at the outbreak of war the premiums paid are recoverable. Insurance treaties are abrogated unless invasion has made it impossible for the reinsured to find another reinsurance. Any Allied or associated Powers, however, mav cancel all life insurance contract running between its nationals and a Gernmn insurance or reinsurance company, the latter being obliged to hand over the proportion of its assets attributed to such policies. A mixed arbitral , tribunal is to be established between each of the Allies and Germany, consisting of one member appointed by each of the tV'o governments and a president to be chosen, failing agreement, by the Council of the League of Nations, or, until this is set up, by the present President of the Swiss Federal .Council. This tribunal is to decide all disputes relating to contracts njade before the date of the Treaty of Peace between nationale of Allied States and German nationals, so far as they do not fall within the jurisdiction of Allied or associated or neutral courts.

INDUSTRIAL PROPERTY. Rights: in industrial, literary, and artistic property arc re-etablished, but subject, in the case of the German owner's rights, to the effect of the snooiaj war measures of the Allies. The right of imposing on German patents and copyright* conditions in the public interest or to secure the fulfilment of Germany's obligations is reserved. Extensions of time .are given : for the accomplishment of formalities for the working of patents and for securing rights under international conventions Except as between the United States of America end Germany pTe-war licenses are cancelled, subject to the right of the old licensee to demand a new license on terms to be" specially settled, and, except. as between the 1 same countries, the right to sue for infringement committed during the war ia not recognised. OPIUM. ■ The contracting Powers who have not signed or ratified the Opium Convention of 1912 agree to bring it into foree.

SECTION 11. AERIAL NAVIGATION. The Allied and associated Powers shall have full liberty of passage and landing over and in German territory, and equal treatment with German planes as to the use of German aerodromes and with the most favored nation planes as to internal commercial traffic in Germany. Germany agrees to accept Allied certificates of nationality, airworthiness or competency and'licenses, and apply the convention relative to aerial navigation concluded between the Allied and associated Powers to her own aircraft over her own territory. These rules apply until 1923, unless Germany has since been admitted to the League of Nations or to the above convention. ! SECTION 12. PORTS, WATERWAYS, AND RAILWAYS. Germany is required to grant freedom of transit and full national treatment to persons, goods, vessels, rolling-stock, ' etc. coming from or gpjng to any Allied or associated State and passing in transit tlirough Germany territory. Goods in transit are to be free from customs

[duties. The rates of transport are to | be reasonable, and no charges or facilities are to depend directly or indirectly on the flag of the vessel. -Provision*! are made against discrimination by trol of transmigrant traffic and all kinds of indirect discrimination are prohibited. International transport lis to ba expedited, particularly for perishable goods. There is to be no discrimination in transport charges and facilities against Allied ports. Free zones in German ports arc to be maintained and adequate facilities are to be provided for trade requirements without distinction of nationality. Only certain limited charges are per-i missible in the free ports.

The Elbe, from the junction of the Vltava and Oldau, and tile Vltava below Prague to the Oder, from its confluence with the Oppa, the Nieman below Grodno, and the Danube below L'lm are declared international, together with the portions of their affluents. Nationals' property and tho flags of ail States are. to be treated on a footing of perfect equality with subjects, etc., of the riparian States, and various conditions arc imposed to ensure facilities at reasonable charges and tho maintenance of navigation under the supervision of the League of Nations and of the international commissions. These arn to meet in the near future to prepare projects for the revision of the existing agreements, which are temporarily to remain in force.

Germany is to hand over, within'three months from notification, a proportion of Hi river shipping, tugs, and material. In the case of the Danube the former commission is to resume its pre-war powers, but only Great Britain, France, Italy, and Roumania are to be represented on it. From the point where the competence of the commission ceases an international commission is to be appointed to administer the whole upper Danube until a definite statute is arrived at.

Provision is also made for the deepdraught Rhine-Danube canal, should it he decided to construct it within 25 years.' The Rhine and Moselle form the subject of a special series of clauses. The Convention of ISCB is in general to remain in force with important modifications. The expanded Central Commission is to sit at Strasburg, France to name the 1 president. As Holland is a party to this convention the modifications are subject to her assent. Within three months Germany is to hand < rto France a proportion of the tugs and river shipping from the Rhine harbors or shares in German navigation companies, a proportion of buildings, tugs, etc., owned by Germans in Rotterdam, in harbor on August 1, 11)14, or shares in such concerns are similarly to be handed over.

France is to have full rights all along her own frontier to use water from the Rhine for canals, etc., and to carry out works for deriving motive power, subject to certain payments and to consent of the Commission. Germany is to undertake to make no canals on the light bank opposite the French frontier, and to grant France certain privileges on the right bank for the establishment of certain engineering works, subject to the payment of compensation. _ Switzerland is also entitled to demand similar rights for the upper part of -the river.

If within 23 years Belgium decides to construct a Rhine-Mcusc(canal, the German Government is bound to construct such parts of it as fall within German territory according to the plans drawn up by Belgium the Government expenses to be divided among ,the. various States. Germany is to make no objection to the Commission extending its jurisdiction if desired to the lower Moselle, with the consent of the Luxemburg Government, to the upper Rhine with the consent of the Swiss Government, and to the lateral canals and waterways which may lie constructed to improve the navigation. The German Government ,is to lease to the Tchecko-Slovak Republic for TO years areas in the harbors of Hamburg and Stettin as free zones.

RAILWAYS The railway clauses provide that goods consigned from or to Allied States to or from Germany, or in transit through Germany, are entitled generally to the most favorable conditions available. Certain railway tariff questions are dealt with. When ft new Railway Convention has replaced the Berne Convention of 1890 it will be binding on Germany; meantime she is to follow the 'Berne Convention. Germany is to co-operate in the establishment of passenger and luggage services with direct booking between the Allied States over her territory under favorable conditions, as well as emigrant train services. Germany is to fit her rolling-stock with apparatus allowing its being incorporated with Allied goods trains and vice versa, without interfering with the brake system Provision is made for handing over tha installations of lines in transferred territory and of an equitable proportion of rollingstock for use therein. Commissions are to settle the working of the lines and the linking up of the two parts in one country and Crossing another, or branch lines .passing from one country to another. In the absence of particular agreements Germany 'is to allow such lines to be built or improved as may be necessary to ensure good services between one Allied State and another, if called. upon to do so within 25 years with the concurrence of the League, of Nations, the Allied States concerned paying the cost.' Germany is to agree, at tlio request of the Swiss and Italian Governments, to the denunciation of the IDflfl'Convention as to the St. Gothard route.

Asa temporary arrangement Germany is to execute instructions given in the name of the Allies as to the transport of troops, material, munitions etc., transport .for revictualling certain regions, and the re-establishment of normal transport, coastal and telegraphic services. Finally, Germany is to agree to subscribe to any general conventions regarding the international regime of transit on waterways, ports, or railways which may be concluded'by, the Allies with the approval of the.League of Nations within five years. ' Differences are to be settled by the Ueaeiie of Nations. Curtain specified articles, e.g., those providing for equal treatment, in matters of transit and transport, ara subject to revision by the League of Nations after five years. Failing revision, they will only continue in force in relation to any Allied State which grants reciprocal treatment.

KIEL CANAL. The Kiel Canal is to remain free and open to ships of war and merchant shipping of all nations at peace with Germany, subject to the goods and ships of all states being treated on terms of equality in the use of the canal, and the charges are to be limited to those necessary for the upkeep and improvement of the canal, for which Germany is to be responsible. In cases of violation of these provisions or disagreemaSts as to them the States concerned may appeal to, the jurisdiction established .by the League of Nations and, vy.y demand the

appointment of an international commission.

SECT4ON 13. ' THE LABOR CONVENTION. Under the provisions of the LaborConvention—(l) An international conference is to be held annually to propose labor reforms for adoption by the States composing the League of Nations. (2) There is to be a governing body to act as the executive and prepare the agenda for the conference and an International Labor Office for the collection and distribution of information and reports. The head of this office will be responsible to the governing body. (3) The annual conference Will consist of four representatives from each l State, two for the State and one.each for the employers and employed- Each delegate may vote independently. The conference will have power to adopt by a two-thirds, majority rcommendations or draft conventions on labor matters. Recommendations or draft conventions so adopted must be brought by each State before the authority or authorities within whose competence the matter lies for enactment, for legislation or action. If a draft convention receives the approval of the competent authority the; State in question is under an obligation to ratify it and carry it into effect. Should any State fail to observe the above obligations it •will be open to the governing body to appoint a commission of inquiry, as a result of whose findings the League of Nations may take economic measures against the offending State. (4) Special provision is made to prevent any conflict with the constitution of the United States or other Federal States.

(5) To, meet the case of countries where climate, imperfect industrial development or other special circumstances render labor conditions substantially different from those obtaining elsewhere the conference must take the difference into account in , framing any convention.

A protocol attached to the. convention provides that the first meeting shall be at Washington in the present year and sets up an international organisation committee for that purpose. The protocol also contains the agenda for the first meeting, which include the principle of the eight hours' day, the question of unemployment and the employment of women and children, especially in dangerous trades. Appended to the section containing the Labor Convention is an aiHrmation by the high contracting parties of the methods and principles for regulating Labor conditions, which all industrial communities should endeavor to apply as far as their special circumstances permit. Amongst these are that Labor shpuld not be regarded merely ~as a commoditj' or article of commerce; the right of association for all lawful purposes for employers as well as employed; the paymtnt to employed of a wage implying a reasonable standard of life as understood in their time and country; the adoption of an eight hours' day or 48 hours' week, where it has not already been attained; the adoption of weekly rest of at least 24 hours, including Sunday where practicable: the abolition of child labor and the limitation of the labor of the young so as to permit the continuance of their education and proper physical development; the principle of equal pay for men and women for equal work; and legal standard for conditions of labor to have regard in each country to the equitable economic treatment of all workers resident therein; provision for each State of a system of inspection for the protection of employed in which women should take part.

SECTION 14. WESTERN EUROPE. As a guarantee for the execution of the treaty German territory to the west of the Rhine, together with the bridgeheads, will be occupied by Allied and associated troops for 15 years. If the conditions are faithfully carried out By Germany certain districts, including the bridgeheads at Cologne will be evacuated after ten years and the remainder, including the bridgeheads at Mainz will be evacuated after 15 years. In case the Inter-Allied Reparation Committee finds that Germany has failed to observe the whole or part of her obligations, either during occupation or after the 15 years have expired, the whole or part of the areas specified will be reocenpied immediately. If before the expiration of 15 years Germany complies with all the undertakings resulting from the present treaty the occupying forces will be withdrawn immediately. 'EASTERN EUROPE. Similarly all German troops at present in territories east of the new frontier must all return as soon as the Allies think the moment suitable. They are to abstain from all requisitions,' etc.; are in on way to interfere with such measures for national defence as may be adopted by the provincial Governments concerned. OCCUPATION OF'TERRITORY. All questions regarding the occupation hot provided for by the treaty will bo regulated by a subsequent convention or conventions which will have similar force and effect.

SECTION 15. MKCENNANEOUS. Germany agrees to recognise the ful! validity of the treaties of peace and additional conventions, to be conqlud<>d by the Allied and associated Powers with the Powers allied with Germany tc agree to the decision to be taken as to tlw territories of Austria-Hungary. Bulgaria and Turkey, and to recogni* the new states in the frontiers to be feed for them. Tho high, contracting parties ratify the treaty of July, 1918, between France and the Principality of Monaco. They agree that the chairman of commissions shall under certain circumstances have a casting vote. The work of religious missions maintained by German societies in territory transferred to or belonging to an Allied or associated Power is to be continued under trustees appointed bv those Powers.

, In a clause Germany undertakes not to put forward any pecuniary claim against any Allied Power signing the present treaty based on events previous to the coining into force of the treaty. . 'Germany accepts all decrees, etc. as to German ships and goods made by any Allied prize court, and the Allies re-

serve the right to examine all decisions of*<3crman prize courts. Tie present treaty, of which, the and English texts are hoth authentic shall he ratified and the deposit of the ratification made iu Paris as soon as possible. Various diplomatic provisions as to ratification follow. The treaty is to enter into force in all respects for each Power on the date of its ratification.

THE DELIVERY SCENE,

RANTZAU'S TRUCULENT .SPEECH, ARROGANT AOT> AGGRESSIVE. ' London, .May 8. When Count Rantzau commenced to speak he was • obviously laboring under excitement, and his highly nervous manner was in remarkable contrast to that of M. Clemeucean, who spoke with brevity and decision, exactly indicative of the attitude of the victorious Allies, though he was careful to point out that the Allies intended to treat the German delegates, with all the courtesy which civilised'-communities owed each other. t As M. Clemenceau addressed" the gathering standing, everyone expected Count Rantzau to follow his example, but he remained seated throughout his speech and its interpretation. The speech became more truculent as it continued, particularly a passage denouncing the Allies' blockade and accusing the Allies of sharing the fault of war with Germany, A noteworthy passage was Count Rnntzau's declaration that Germany's former fulers were responsible for Germany's share in the war, but all Europe shared the responsibility. He added: "Wo arc asked to confess' we alone were guilty of starting this war. Such a, confession in my mouth would be a lie. For fifty years European imperialism has poisoned the international atmosphere." The Daily Telegraph's Paris correspondent states that Count Rantzau's speech wns arrogant and aggressive. It was much longer and more contentious and provocative than was expected. Count Rantzau looked haggard. His harangue cannot be exactly described as violent or defiant. Allowances must be made. As the Germans left the hall the correspondent was struck by their pale and pinched appearance. —Aus. N.Z Cable Assoc.

It is too early to get the final expression of public opinion on the peace terms London newspapers are generally favorable, bnt point out the necessity of seeing the actual texty Count Rantzau's attitude at Versailles is the subject of universal comment. Some onlookers describe it a* studied insolence, and a/il sharply criticise his manner and the tone of his speech, pointing out that it was a)} attempt to pose on an equality with the victorious Powers, rather than as a delegate of the vanquished. Count Rantzau put on large hornrimmed spectacles before reading his speech, which occupied fifty minutes His deliverance must be regarded as an expression of Germany's considered policy regarding the conference. —Aus.N.Z. Cable Assn.

. PtfESS COMMENTS. FAVORABLE ON THE WHOLE. London, May S. The Morning Post f»y.s that on the whole the treaty is better than was expected, but it must be enforced by a working alliance between the principal Allies. Prussia will not respect the conditions unless she accepts under duress. A policy of kindness to Germany is a policy of cruelty to the Allies. The conditions regarding the indemnity are not satisfactory, and do not bear out the jireat promises' made at the elections. The Danzig settlement, however, is unexpectedly satisfactory, it being again a free port under Polish influence.—Aus. N.Z. Cable Assoc.

The Daily Chronicle says the Polish settlement is incomplete and may lead to new disputes in the' next generation. The financial settlement is the least satisfactory feature, but the brutal fact is that .Germany ia capable of making complete reparation. The "Daily Express does not discuss the details, but says it is a good and great peace with just reparation and omtdo security.

The Daily Mail states that the military and naval terms are good and drastic, but there are danserotra loopholes on the financial side. The complete terms may show excessive consideration has been shown to Germany, The mercantile terms do not go far to meet British claims. The paper fears the full terms are verv short of the Premier's promises The Dailv News says the reparation terms cannot and should not stand. It will be hard to make Germany perform them. We a. : ro trving to have it both ways, stripping Germanv naked and then demanding that she empty her pockets. The Daily Telegraph entirely approves the sterni stringent, and just peace. Sydney, May 0.

The morning papers comment favorably on the peace terms, and regard reparation as the outstanding feature.--Aus.-N.Z. Cable Assh.

BELGIUM'S POSITION. DISSATISFACTION WITH TERMS. Brussels, May 4 Under King Albert's presidency, the Cabinet discussed Belgium's position respecting the peace terms. The Premier, interviewed, said the situation was serious and painful. The offer made at. Paris was completely at variance with earlier promises. It is understood that Belgian representatives consider the offer of a hundred millions sterling greatly • inadequate. Members of Parliament, local councillors, and public bodies urge t,Uo King and Government not to sign the treaty. President Wilson is unpopular with cinematograph aiidiences, who shout, "Down with Wilson" when his photograph is shown. —Aus.-N.Z.'Cable Assn.

DISTRIBUTION IN GERMANY. Paris, May 7. An aeroplane carried the Peace Treaty terms to Cologne, where they were printed in the Gorman papers under British orders. Thousands of copies were sent into the heart of Germany. Austro-Hungarian delegates have been invited to St Germains, near Paris, to receive the peace terms about May 12. AU6.-N.Z. Cable Asia. .

THE BIG THREE MEET.

TO CONSIDER RANTZAU'S TRUCULENT SPEECH. Received Slay 9, 9.5 p.m. Paris, May 8. The "Big Three" met :it Versailles after the ceremony of handing the Treaty to the Germans to consider Count ron Rantzau's truculent speech.—Aus N.Z. Cable Assoc.

THE SHIPPING CLAUSES. BRITAIN AT A DISADVANTAGE. ' London, May 8. One of the principal points of the treaty which is provoking comment in London, and is specially noted in the Times, relates to enemy shipping. The treaty recognises the principle of ton for ton for all merchant ships above Hioo tons, and half between that and 1000 tons, being given up. Germany will also build 200.0 IK) tons unnually for five years for the Allies. If America takes all the German ships, including the German liners in American harbors, the war will enormously diminish tlio merchant ships of the other Allies, particularly England, while the American losses will be made good nearly twice over. FREEDOM OP THE SCHELDT. ' Brussels, May 4. Public and semi-public bodies demand that the treaty be not signed unless the free uae of the iScheldt river is g-uaran-N.Z. Cable Assoc. JAPANESE POLICY. Received May 9, 10.20 p.m. Paria, May 5. Karon Makino, interviewed, said it was Japan's policy to return Shantung in full sovereignty to China, only retaining the economic privileges granted to Germany with the right of settlement at Tsingtao under the usual conditions.—Aus. N.Z. Cable Assoc.