REPARATIONS.

Taranaki Daily News, 5 June 1922, Page 5

REPARATIONS.

A GLOOMY VIEW. GERMANY’S BURDENS. A CRISIS FEARED. By Telegraph.—Press Assn —Copyright. Berlin, June 2. Herr Schmidt, Minister of National Economy, takes a gloomy view of the situation. Addressing Saxon journalists, he said he feared the economic situation would develop into a serious crisis. He was convinced that Germany would never be able to meet her obligations in accordance with the Cannes decisions. The outlook for industry was distinctly unpromising. The miners were demanding an increase in images. If this was conceded it would result in a big jump in coal prices. Already the importation -of dear English coal was causing an alarming increase in the costs of production in German industries. He did not know when the printing of paper currency would cease but, until it stopped, it was useless to expect improvement in the value of the mark. CONFERENCE OF FINANCIERS. GERMANY’S IDEAS CHANGED. Received June 4, 5.5 p.m. Paris, June 2. Le Journal’s Berlin correspondent states a party of German bankers is in Paris conferring with Mr. J. P. Morgan’s committee., The German Press asserts a conflict has arisen between the Morgan Committee and M. Poincare. on the question of concessions to Germany, Air. Morgan taking the view that it is impossible to float an important loan until France -has consented in the reduction of the German debt. It is stated Germany has altered her | ideas and now favours a reduction of 'reparations to forty-five milliards, with capitalisation by means of a loan extending over at least twenty or thirty years.—Aus.-N.Z. Cable Assn.