Evening star., 1920-03-10

to this end: (thfrd) that states which
have been created or enlarged as a
result of the war should Immediately
re-establish full and friendly Coop
Grafton and arrange for unrestricted
interchange of commodities. in order
that the essential unity of European
economic life may not be impaired by
the erection of artificial economic
barriers.
Urges Increased Production,
secondly-Not only the government
OF each country. but all those en-
gagged in the task of production in
every land, should give immediate
attention a,a to the execution of all meas
ures which will contribute to the full
resumption of peaceful industry, to
the encouragement of better out
put on. the part of the workers in
every country, to the improvement of
machinery and means of transporta-
tion and the removal of such, disturb
ing factors as profiteering.
Thirdly-Each government should
Immediately consider means for urg-
ing upon its nationals in every rank
or life the vital necessity Of sup
pressing extravaganza and reducing
expenditure, SO as to bridge the gap
which must for some years exist be-
ply of essential commodities.
Fourthly-It is essential that early
steps be taken to secure the defiation
or credit and currency (first) by the
reduction Of recurrent government ex-
penditure within the limits of the
revenue; (second) by the imposition
of such additional taxation as is
necessary to secure this result; (third)
by the funding of short-term obli-
cations by means of loans subscribed
out of the peoples savingss (fourth)
by the imm ediate Limitation and grad
ual curtailment Of note circulation.
Raw Materials, Credits.
Fifthly-Provisions for raw mate
rials being essential to the restora-
found whereby the countries which
are. in the present conditions of in
ternational exchange, unable to pur-
chase in the world markets, and, so.
are unable to restart their economic
life, can obtain commercial credits.
1t win be possible to achieve this
when the countries have made the
Sixthly-The powers represented at
the conference recognize the neces-
sity for continued cooperation be-
tween the allies and for removing
obstacles to the easy interchange OF
tinue to- consult together regarding
the provision and distribution OF
necessary raw materials and food
stuffs with a view to the early resto-
ration Of normal conditions.
Devastated Region.
Seventhly-The powers represented
at the conference have given care
full attention to the special case OF
the devastated regions. and more par
restoration of these areas is of pri-
mary Importance for the establish
ment Of the economic equilibrium OF
Europe and the resumption of normal
trade conditions. 1t is evident that
the large sums required for this pur-
pose cannot be provided out Of the
current revenue, nor can the wor
Of restoration be postponed until the
reparation due from Germany under
the treaty Of peace has been received
The council recognized that the cap
ital sums required for this restoration
may properly be raised by market
loans in anticipation OF the repara-
treaty, and that the restrictions which
they desire to see placed on new bor-
rowing do not apply to loans and
credits raised for the purpose of meet
ing this abnormal capital expenditure.
Eighthly-The powers represented at
the conference have taken under con-
sideration article 235 and cognate ar
ticles of the treaty of Versailles and
passages in the letter addressed June
is, 1919, by the supreme council to
the peace delegates which contem-
plate that Germany shall make pro-
posals for fixing the total Of the pay
ments to be made by her by way of
reparation and that facilities may De
given her to obtain necessary food
stuffs and raw materials in advance
Of payments being made by way of
reparation.
Concerning Germany, the memoran-
1T is most desirable in the interests
Of the allied countries. no less than
of Germany, that at the earliest pos
sible moment the total of repayments
to be 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
pow ers to the German delegates. dated
June 1S. 1919, she should be enabled
to obtain essential foodstuffs and raw
materials, and, if necessary in the
opinion of the separations commission,
should be allowed to raise abroad a
loan to meet her immediate needs OF
such amount and with such priority
as the reparations commission may
deem essential.
TN the case Of Austria the powers
recognize that even more active as
sistance may be required to be given"
the memorandum makes tne IOllo"-
ing general observations:
Europe Can BE Restored.
'"The civilization of Europe has in
deed been shaken and set back, but it
is far from being irretrievably ruined
by the tremendous struggle through
which she has passed. The citizens of
every country are once again resum-
ing their normal occupations of home
life, and in their renewed labors the
sees a clear sign of re-
newed prosperity"
The memorandum estimates the in
creased cost Of living in the United
States at .120per cent, Great Britain
10 and France, Italy and Belgium at
300 per cent.
1t compares the coal production in
millions Of metric tons in 1913 and
1919 as follows: Great Britain, 292,
against 234;. France. including Lor-
raine, A. against %; Germany, ex-
the Sarre region and Lor-
raine, 173. against 109; the United
States, 617, against 495.
1t considers the general extrava-
gances as phenomenal following all
great catastrophes. 1t estimates the
worlds total war debt at 100000. .00O.-
900.