New-York tribune., 1921-11-21
Foreign Credits
Berliln's Hope to
Meet Indemnity
Preparations Con IN ission
Makes No Reply to Offer
Advanced i'm Effort to
Settle January Payment
Wirth's Policy Assailed
Chancellor's Optimism Has
Resulted in Collapse of
Finances, Paper Charges

BERLIN, Nov. 20 (By The Associated
Pressl.-A communication handed to
the Reparations Commission by DR..
Wirth, the Chancellor, telling of the
German governments Willingness to
seek foreign credits required to meet
the January reparations payment to
the Allies, has been received by the pub
lie as confirming the belief popularity
held that the government possesses no
illusions as regards its ability to secure
a period of grace in which to meet it's
obligations. The commission departed
yesterday for Paris without answering
the communication, but in official quar-
ters the belief is expressed that a re-
ply will be Forthcoming from Paris.
The belief has prevailed in Berlin
official circles since the arrival here
ten days ago of the members of the
Reparations Commission that it was
the primary object of the commission
to obtain at first hand an idea upon
which to base its attitude for an ad
juatment of Germany's reparations
payments subsequent to the falling due
of the January and February install
ments.
The January payment amounts to
500,000,o0o gold marks. The February
installment is 25 per cent tax on
Germanys exports for the preceding
three months
Deliberations Wholly Informal
The deliberations of the commission
in Berlin were wholly informal, even
when consulting government officials
Aside from making a courtesy call on
the Chancellor, the members of the
commission, singly or collectively, have
conferred chiefly with departmental
heads of the ministries of finance,
economics and foreign affairs.
Although the heads of the Foreign
Office are reported to have made strong
efforts to impress the members of the
commission with the internal and ex-
ternal effects of a forced entry by Ger
many into the foreign money markets
it is asserted that the commissioners
have declined to suggest other meas
ures of relief for the country.
The Reichsbank's statement for the
week of November Is, which was pub
lished on the eve of the departure of
the commission for Paris, announced
the addition of $500, 100000 marks in
new paper to the national currency
bringing the total to more than 1922
G00,000,000 marks, of which 1000, 900. 600
heavy output of fresh paper has been
all the more conspicuous as it oc-
Cured in the midmonth period. Specu-
lation has been stimulated as to the
total at the close of the year.
Chancellor Wirth's negotiations with
the German Industrialists' League have
not yet been .decisively concluded.
Nationalist Press Assails Wirth
The Nationalist newspapers are up
braiding the Chancellor for "the mser-
able collapse of his policy and it's full
fillment at the expense of the taxpay-
ers," as the "Tageszeitung" puts it.
This newspaper says the Chancellor s
optimism has resulted in the complete
collapse of the national finances with
out the slightest prospect that the En-
tente will give Germany's economic
misery due consideration.
The "Lokal Anzeiger" expresses the
belief that the Cabinet already admits
it's inability to raise the gold needed
to meet the January reparatons pay
ment and is pinning its last hope to
credit which industry and the banking
world can furnish. The "Vossische
Zeitung" says it is informed that fall
ing off in payments in kind and the
slump in the value of the mark have
gravely complicated the whole repara
items problem, and that both factors
have completely vitiated the guaranty
under the survey of the commission of
last June.
Industry Pledge for Credit
The "Boersen Gazette" disposes of
the charges that Germany is showing
bad faith by seeking to prove that the
Reichstag budget not only would bal
ance but would show a surplus of
% ,000000,0 ,0O0 marks if there were no
reparations to be paid. The "Boersen
Courier" is bit more hopeful of the
situation than the other organs. 1t ex-
presses the belief that German indus
Try is sufficient pledge for foreign
credit. The newspaper sees in the trip
Of Hugo SHINES, the financier, to Lon
don symbol for the indivisibility of
the trinity composed of "the German
government, German industry and
world economies