REPARATIONS.

Taranaki Daily News, 1 June 1922, Page 5

REPARATIONS.

GERMANY GIVES WAY. TERMS AGREED TO. DETAILS OF HER OFFER. ■ -< By Telegraph.—Press Assn.—Copyright. Received May 31, 5.5 p.m. Paris, May 30. The Reparations Commission has published the German Note containing her reply regarding reparations. Germany promises vigorous efforts to reduce the Boating debt and accepts interAllied control, provided it does not violate German sovereignty or interfere with the administration. Germany promises to prevent the exportation of capital, and will attempt to secure the return of exported capital. She will submit a legislative programme enforcing these measures before June 30. Germany is convinced that financial help must be forthcoming abroad if an increase in her floating debt is to be prevented. Provided aid is forthcoming, Germany is willing that the floating debt in March shall be considered the normal maximum. Pending receipts from foreign loans, however, to cover payments made by - Germany in satisfaction of the Treaty of Versailles, any paper marks issued to cover the payment will be added to the floating debt. The Note stipulates that Allied supervision shall not violate the secrecy of the income or private affaire of taxpayers. It says subsidies to public services have been abolished and the expenditure to reduce the price of foodstuffs is now only 95,000,000 marks instead of 172,000,000. The German reply states the 1922 Budget is 24,500,000,000 marks less than 1921. Germany promises that the publication of statistics will be resumed on the basis existing before the war. Germany attaches special importance to the return of evaded capital, and will take every-means to obtain its return by means of a foreign international loan. SATISFACTION IN FRANCE. AT GERMANY’S ACTION. Paris, May 30. The Matin says Germany’s reply conforms with the results arrived at between the Commission and Mr. Hermes. Germany will only have to meet a normal Budget expenditure and reparations in kind, on which the Commission made an important concession, fixing the amount at 720 million gold marks for 1922, of which 350 million is already paid, the remainder to be settled by an international loan. The Berlin correspondent of the Petit Parisien states that the Note expresses Germany’s intention to avoid increasing the floating debt. This will only be possible by the help of an international loan. Germany wishes the amount of floating debt, at March 31, 1922, to be considered as its normal maximum; if it exceeds that in any month after June, measures will be taken to repay it the following quarter. The paper says: “Germany has given way before the French Government’s energy and the pressure exercised on Berlin by the British Government, acting with perfect loyalty under the influence of the conference of bankers. Germany, with a little goodwill, is certain to emerge from her great financial difficulty. It only remains for Germany to give evidence that she will not join the Bolsheviks in any sinister adventure against European order.”