Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-03-03
Major General William Thwhites and
General Bingham.
Ger.nan 0fYer ApoIv,ed

German Oher Analysed
After yesterdays meeting a statement
was issued from the allied conference
embodying summary Of the German
proposal and comment thereon.
The plan prepared by the Allies at
Paris for the payment of reparations."
says this statement, relieves Germany
OF substantial proportion OF the
amount payable by her under The Treaty
Of Versailles"
Then follows q summary Of the Ger
man proposal, and the statement says:
This proposal does not merit either
examination or discussion. To demon
strate its true character IL Is sufficient
to note the following:
First. The German Government as
sumes Il IL at liberty to calculate
the present value Of the fixed annuities
on an s per cent basis. This table
is applicable in the Paris plan only to
discounts Of fixed annuities made In the
first two years.
Second. The German Government
nuities provided for In the Paris plan,
the amount Of which depends upon
ME value Of German exports.
"Third. The annuities payable under
the Paris plan are in addition to what
ever sums may be found to have been
paid on account of reparations.
Fourth. The German Government
assess at twenty billions the value Of
deliveries made by them on account of
various obligations imposed upon them
by the treaty. The reparation commits
sion assess their value at less than half
that sum. The amount TO be credited
to the German Government in respect
to these deliveries in the reparation ac-
count will be found to be very small.
Fifth. The German Government use
an 8 per cent table for the purpose Of
arriving at the amount due them. They
propose at the same time that the inter
est upon their debt shall be limited to B
per cent.
Sixth. The German Government pro-
pose that their securities shall be re-
lieved Of taxation in the country Of is
sue, thus burdening the country of issue
with mart Of their liabilities.
Seventh. On the assumption that the
amount which Germany will pay during
the first five years will be / 800 200, 900
marks. and that the whole obligation
will be discharged in thirty years, the
amount she will have to pay for the
twenty five years following that period
to provide for the interest on the sink
ing fund of her whole debt will be three
billions a year. The present value Of
German payments on this reckoning will
amount at the outside to somewhere
about q 200, 900, 900 marks.
Berlin Proposal Inadequate
"It is only necessary to compare this
sum with the value Of payments under
the Paris plan to expose the entire in
adequacy of the German proposal.
Under the Paris plan, on an per cent
table, the present value Of the fixed an
nuities alone is 1900, ,0O0. 900 gold
marks. This table is, however. applica-
BILE only to discounts of future annui-
ties made during the first two years.
On a per cent table-the rate at which
present value Is over 5000, 200, 900
gold marks.
1T is, of course, difficult to make an
estimate Of the value Of the variable
annuities under the Paris plan. but n
substantial addition, at any rate, should
be made to the above figures in respect
to these annuities. The sum which the
German Government asks the Allies to
accept in satisfaction of her debt
amounts, therefore, to a small fraction
of the sum fixed at Paris.
THE consequence would be that Ger
many s external debt. which is limited
to her reparation liability. would cor
respond to small proportion only of
the external debts which the Allies were
compelled to contract for the war;
Paris, March 3. - (By A. P.) -
Gcrmany's deliveries applicable to the
reparations account. including war ma :
tcrial, are estimated at 5000, ,00O, ,O0O
gold marks, it was announced by the
Allied reparati0ns committee here to-
day. This would leave 10000, 900 ZOO
marks due on the first 5000, ,00O, 900
marks Germany would pay under the
Versailles treaty.
Berlin, March 2.--By 4. P.O-De-
layed)-The German cabinet went into
executive session late this afternoon
for the purpose of examining the off
Cial private reports transmitted by DIR.
SimOns. the foreign minister. at the
conclusion of Tuesdays session of the
London conference with the Allies.
The complete text of the foreign min :
ister's speech has not yet been pub
lished here, and the excerpts from It,
contained in the evening newspapers
show slight variations. These. how
ever. failed to indicate the extent to
which Dr. Smons interpreted the
counter proposals with respect to their
vital aspects His reference to the
rejection of the proposed export tax
for instance. is not entirely c'eor in
the accounts published here, and this
has provoked the question whrtucr T.,
German Government expects to concedC
economic benefits of a different nature