Bisbee daily review., 1920-03-10

ticularly of northern Franco. The restoration of these areas is or prt mary importance for the establish ment of the economic equilibrium oi Europe and the resumption of nor maj trade conditions. It is evident that the large sums required for this purpose cannot be provided out oi the current revenue. nor can the work of restoration be postponed un til the reparation due from Germany under the treaty of peace has been received The council recognizes that the capital sums required for this restoration may be properly raised by market loans in anticipation of the reparation payments provided for by the treaty, and that the restrictions which they desire to see placed or new borrowing do not apply to loanc and credits raised for the purpose ol meeting this abnormal capital expen diture.
 Eighthly-1he powers represented at the conference have taken under consideration article 235 and cognate articles of the treaty of Versailles and passages in the letter addressed June 16, 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 oi reparation and that facilities may be given her to obtain necessary food stuffs and raw materials in advance of the payments being made by way of reparation.
 The powers are agreed that 1t Is desirable in the interest alike of Ger many and her creditors that the total to be paid by her for reparation should be fixed at an early date. They observe that under the protocol fo the treaty d period of four months from the signature of the treaty was provided during which Germany should have the right to make pro- posals of the kind referred to and they are agreed that in the circum' stances as they exist today such pc riod should be extended.
 Concerning Germany, the memaran- dunn says:
 Tt is most desirable in the inter ests ofs the allied countries no Jess than of Germany that .t the earliest possible moment the total of repay ments to be made by Germany under the treaty of Versailles should be fix ed and that in accordance with the terms of the treaty and the reply of the powers to the German dele gates. dated June Is. 1919, she shoulo be enabled to obtain essential food stuffs and raw materials and, if ne cessary in the opinion of the repara tions commission, should be allowed to raise abroad a loan to meet hei immediate needs of such amount ant with such priority as the reparation; 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 the fol lowing general observations;
 "The process of recovery of Eu rope must nee essarily be a slow one which cannot be expedited by shor, cuts of any description It can be most seriously hsmpered by the dislo- cation of production, by strikes. lock outs and Interruption of work of al kinds.
 "The civilization of Europe has in deed been shaken and set back, but it is far from being irretricvaSly ruined. by the tremendous struggle through which she has passed. The restoration of her vitality now de- bends on the wholehearted coopera- tion of all her children. who have it in their own power to delay or accel- crate the process of reconstruction.
 Tt is the hope of every government that improved conditions of livelihood and employment may be assured to workers. Taking the allied countries as a whole, the recovery of industry has been remarkable. Nearly IS months have passed since hostilities terminated, and the raction which ne cessarily followed the tepsion strain of war is gradually passing. The ciu- zenE of every country are once again resuming their normal occupations of home life and ip. their renewed labors the conference .es a cellar sign of re- newed prosperity
 The memorandum reviews conditions in Europe at length. It es-<nates tho increased cost of living in the United States at 12o per cent; Great Britain TO and France, Italy and Belgium at 300 per cent
 It estimates the men under arms in Russia at 100000; Poland. Rumar'~ ---------------------------- ---------------