The Birmingham age-herald., 1920-03-10
Supreme Council Issues
 Memorandum on Present
 World Economic Situation
tcontinued from Page one)

present conditions of international ex- change. unable to purchase in the world markets, and, so, are unable to restart their economic life, can obtain com mercial credits. It will be possible to achieve this when the countries have made the reforms indicated in the fore going paragraphs.
 Sixthiy-The powers representep al
 the conference recognize the necessity
 for continued cooperation between the
 aliens and for removing obstacles to
 the easy interchange of essential com modities They will continue to con
 suit together regarding the provision
 and distribution of necessary raw ma
 terials and foodstuffs with a view to
 the early restoration of normal condi-
 tions.
 Seventhly-The powers represented
 at the conference have given careful at
 teption to the special case of the devas-
 tated regions and n ore particularly
 of Northern France. The restoration or
 these areas if there is primary import ance for the establishment of the eco- homie equilibrium of Europe and the re- sumption of normal trade conditions. It is evident that the large sums re- quired for this purpose cannot be pro- vided out of the current revenue-nor can the work of restoration be postponed until the reparation due from Germany under the treaty of peace has been re- ceived. The council recognized that the apital sums required for this restora- tio nmay properly NH FIR NH FIR M | ton be raised by loans in anticipation 1 of the reparation payment provided Tor l by the treaty, and that the restrictions which they desire to see placed on new
 borrowing do not apply to loans and credits raised for the purpose of meet l ing this abnormal capital expenditure. l MATERIALS FOR GERMANY 1 Eighthly-The powers represented at the conference have taken under considera- | tion article 235 and cognate articles of ! the treaty of Versailles and passages in
 the letter addressed June IS, 1919. by the supreme council to tine Ieace delegates which contemplate that Germany shall make proposals for fixing the total of | the payments to be made by/her by way lof reparation and that facilities may be | given her to obtain necessary foodstuffs and raw materials in advance of the pay
 ments being made by way of reparation. l The powers are agreed that it is de- !, sirable in the interest alike of Germany l and her creditors that the total to be l at an early date. They observe that un- 1, der the protocol of the treaty a period of 1 four months from the signature of the treaty was provided during which Ger many should have the right to mako pro- posals of the kind referred to, and they are agreed that in the circumstances as they exist today, such period should bs extended.
 l Concerning Germany, the memorandum says:
 Tt is most desirable in the interests of the allied countries no less than ol | Germany that at the earliest possible moment the total of repayments to pe made by Germany under the treaty of Versailles should be fixed, and that in accordance with the terms of the treaty | and the reply of the powers to the Ger | man delegates. dated June 16. 1919. she should be enabled to obtain essential ! foodstuffs and raw materials. and, il necessary in the opinion of the repara- | tions commission. should be allowed fc raise abroad a loan to meet her imme- diate needs of such amount and with such priority as the reparations commission \ may deem essential
 I sIn the case of Austria the powers rec ognize that even more active assistance may be required to be gwen
 GENERAL OBSERVATIONS
 The memorandum makes the following general observations:
 ,'sThe process of recovery of Europe must necessarily be slow one. which cannot be expedited by short cuts of any description. It can he most resiously lhampered by the dislocation of produc- tion. by strikes. 1ockodts and interrup- jtions of work of all kinds
 "The civilization of Europe has indeed been shaken and set back. but 1t is fal lfrom being irretrievably ruined by ths Tremendous struggle through which sht has passed. The restoration of her vi ltality now depends on the whoie-hearted Ico-operation of all her children. who have if in their own power 10 delay or accel Ierate the process of reconstruction.
 sTt is the hope of every government that improved conditions of livelihoos and employment may be aesured to work Iers Taking the allied countries as 2 whole the recovery of industry has beer Remarkable. Nearly eighteen months hAv' passed since hostflities terminated. an, the reaction which necessarily folIowes