New-York tribune., 1921-01-31
Present Plan of Premiers
Is to Call Off All In.
terest Obligations and
Have Principal Stand
42-Year Payment
Term Suggested
German Bonds To Be Sold
to America to Extent
1t Will Accept Them
By Ralph Courtney
Special Cable to Tho Tribune

Special Cable to The Tribune
copyright, 1921. New York Tribune Inc.
PARlS, Jan. 80. Premier Lloyd
George Of Great Britain, while here at
tending the Allied Supreme Council, is
said to have seized the opportunity to
discuss with Premier BRAND the ques-
tion of the Allies debts to America.
The discussion is reported to have re-
suited in an understanding that all
negotiations with America regarding
the possible remission of the debts be
left in the hands of France. Lloyd
George maintained his previous atti-
tude that whatever England might be
prepared to do in this matter depended
on the views held by America. If
America takes lenient attitude re-
garding the money owed it by England,
then the latter would do the same by
France.
1t is understood that during the last
conversations the idea Of rearranginr
the capital sums owed among the Al
lies was abandoned. Negotiations will
be begun with the proposal that the
Allies reliquish claims for interest on
the sums owed, leaving the capital
standing. AS to this capital sum, it
will be suggested that America accept
payment over the forty-two years COW
cred by the German indemnity.
America will be offered German
bonds in payment for Europe's debts
in any amount she is willing to accept.
England's acceptance Of German bonds
in payment of Frances debt to her will
depend on the number of bonds Amer
lea will take from England,
Temps Analyses Indemnity
The semi-oficial Temps tonight
makes tho following calculation re-
garding the figure Of Germany's in
demnity:
Calculated at per cent interest,
the present value of fixed annuities
Exclusive Of various sums which the
export tax will produce) should. bar
ring error, be 81, 1853, 100000 gold marks.
In the extreme case Of Germany being
able to pay all the fixed annuities by
May this, of course, is impossible,
but it is used as an illustration-the 8
per cent allowed by the Allies on ad-
vance payments would reduce the total
capital of the debt to 1926, 100000
gold marks.
"Of course, the export tax must be
added to the fixed annuities, and there
should also be added-at any rate this
is our Interpretation and we shall be
happy to hear that it is exact-20 ,000,-
100000, which the Versailles treaty re-
quires before May /, 1921. But Ger
many already has paid on account of
this last sum the equivalent of about
5000, 100000, and as for the IL per cent
velopment of German prosperity with
out interfering Herewith"
Financial experts reckon that the ex-
port tax will produce an average of
1000. 100000 gold marks annually, be-
ginning May I, 1921.
When Premier BRAND goes before
the Chamber of Deputies on Tuesday
and submits the reparation and dis
armament. protocol adopted by the Su-
preme Council he will experience little
difficulty in obtaining approval, ac-
cording to the comment of most of the
French newspapers.
BRAND Exhausted by Ordeal
The Premier is now in the country
resting after six days of strenuous
work, as hard as any ever done by a
first statesman of France.
BRAND is Frances bohemian Pre-
mier. Friends Of Lloyd George say Of
the Welshman in jest that he can both
read and write, but does neither. This
might also be said Of BRAND. Com-
pared with some Of the highly cult
waited members of the French political
world, such as Foincare, Clemenceau
and Barthou, it might be said Of BRAND
that he knows nothing. He takes no
interest in social functions, preferring
to sit on cafe terrace and smoke
and talk to any other occupation ex-
cept perhaps, fishing.
The Premier has, often been re-
preached by his friends for dreaming
his days away He consumes an end
less stream of cigarettes and it is re-
puted he never works. The results
Millerand achieves by dogged study
BRAND reaches by kind Of instinct.
Lloyd George paid the French Pre-
mier real compliment during the con-
ference when he said that BRAND. after
only few days in power, was able to
reach a conclusion which took his
predecessors much longer namely,
that it was physical impossibility to
make Germany pay what she owed.