Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-03-10

ell has issued a memorandum on
world economic conditions. Its
conclusions are as follows:
Firstly--It is OF paramount i'm
portance that peace conditions
should be fully and completely re-
! stored at the earliest possible mo-
ment throughout the world.
To achieve this object is desir-
able Qirst) that peace and normal
economic relations should be re-
established at the earliest moment
possible throughout eastern Eu-
rope, (second) that armies every
| where should be limited to the low
est possible figure compatible with
national security and that the
league of nations should be invited
to consider as soon as possible pro-
posals OF this end (third) that
states which have been created or
enlarged as a result of the war
should Immediately re-establish
fun and friendly cooperation ana
arrangements for unrestricted in
terchange of commodities, in order
that the essential unity of Euro
ipean economic life may not be i'm
paired by the erection of artificial
economic barriers.
Secondly--Not only the govern
ment of each country, but all those
engaged in the task of production
in every land should give imme-
diate attention to the execution OF
all measures which will contribute
to the full resumption of peaceful
industry, to the encouragement of
n better output on the part or tho
workers in every country, to the
impt ovement of machinery ana
means of transportation and the
removal of such disturbing factors
as profiteering.
Thirdly - Each government
should Immediately consider means
for urging upon its nationals in
every rank of life the vital neces-
sity of suppressing extravaganza
and reducing expenditure, so as to
bridge the gap which must for
some years exist between the de-
mand for and the supply of essen
tial commodities.
Fourthly-lt is essential that
early steps be taken TO secure the
deflatiLn Of credit and currency
(rirst) by the reduction of recur-
rent government expenditure with
I'm the limits of the revenue; (sec-
ond) by tie imposition of such ad-
ditional taxation as is necessary 10
secure this result, (third) by the
funding of short term obligations
by means of loans subscribed out
Of the peoples savings; (fourth) by
the immediate limitation and grad
ual curtailment Of note circulation,
Fifthly-Provisions for raw ma
! terials being essential to the restor-
alton of industry, means should be
found whereby the countries which
are, in the present conditions of in
ternatonal exchange, unable TO
purchase in the world markets, and
also, are unable to re-start their
economic life, can obtain CONNER
cial credits IT will be possible to
achieve this when the countries
have made the reforms indicated IN
the foregoing paragraphs.
Sixthly--The powers representa-
at the conference recognize the
necessity for continued co-opera
tion between the allies and for re-
moving obstacles to the easy inter.
change of essential commodities
They will continue to consult 20
gether regarding the provision and
distribution OF necessary raw ma.
terials and foodstuffs with a view
| A. prI,t NJ
conditions.
! Seventhly-The powers repre-
sented at the conference have
gwen careful attention to the spe.
,cial case of the devastated regions
and more particularly to northern
France. The restoration of these
areas is of primary importance foi
the establishment OF the economic
equilibrium of Europe and the re-
sumption of normal trade condi'
tions. 1t is evident that the large
sums required for this purpose
cannot be provided out of the cur.
rent revenue, nor can the work OF
restoration be postponed until the
preparation due from Germany un'
der the treaty of peace has beer
received. The council recognized
that the capital sums required fol
this restoration may be properly
, aised by market loans in anticl'
patton of the reparation payments
/ rovided for by the treaty, an6
that the restrictions which they
desire to see placed on new bor.
rowing do not apply to loans ano
credits raised for the purpose OF
meeting this abnormal capital ex-
penditure.
Eighthly-The powers repre-
sented at the conference have
taken under their consideration
, IArticle 235 and cognate articles OF
the treaty of Versailles and pass
ages in the letter addressed June
l16, 1919, by the supreme council tc
, the peace delegates which contem.
: plate that Germany shall make
, proposals for fixing the total of the
, rayments to be made by her by
way OF reparation and that facili'
, ties NAV be given her to obtair
necessary foodstuffs and raw ma
terials irN advance of the payments
being made by way of reparation
: The powers are agreed that 1t Ii
,, desirable in the interest alike OF
Germany and her creditors thai
, the total to be paid by her for rep
aration should be fixed at an early
date. They observe that under thu
protocol of the treaty a period o.
four months from the signature o.
the treaty was provided during
? which Germany should have thu
. right to make proposals of the kint
: referred to, and they are agreed
? that In the circumstances as the!
> exist today such period should b.
extended.
; Concerning Germany. the mem
, lorandum says:
, 1T Is most desirable In the IN
terests Of the allied countries NJ