The New York herald., 1921-05-03
Securities to Bear ) ?. c.
Interest and Be Issued in
Sections, According to
Trade Prosperity.
READY FOR RUHR MOVE
BRAND Anxious to Invite
America to Participate in
Work Of Commissins; For
NAL Request May BE Made.

Sssciol Cabie 10 TIE NEW YorK HEEarp.
Copyright, 1921. bv THE NEW YORK HEsALp.
New York Herald Bureau.
London. May ..
Germany must acknowledge debt
Of f6.6OO.o 100000 (132, O00,O00O 900
marks gold.)
Germany must meet her obligations
by issuing in sections bonds at an
interest rate of per cent. The first
section must be issued Immediately.
the second In November and the rest
later. according to her ability to pay.
Germany must agree to begin TO
pay at once f10O.OO0,0Oo t2oOo,00o,-
coo marks gold) per annum, plus -
per cent. of the value of her ey-
ports. When her payments amount
TO more than the sum required to
nav interest on the bonds already
issued the Reparations Commission
win be entitled 70 require the issue
OF additional bonds.
Germany will have until May T. 10
accept these terms. otherwise the
Ruhr district will be occupied by al
lied troops, a British naval demon
stration will be made probably at
Hamburg and certain German reve-
nue. sources, such as the customs, will
he seized to pay the annual obliga-
tons.
This summarizes the conclt.sions
reached by the Supreme Council to-
day after q long session. Tomorrow
the final session of this conference
will be held. the details definitely de-
cided upon and the ultrmatum framed
for despatch to Berlin.
BRAND VIII Invite q. q. Aid.
1t was learned authoritatively to-
night that Premier BRAND is anx-
ions to invite America to name rep
resentatives TO the Supreme Coun-
eli and 10 the Preparations and the
other permanent commissions, and
IL Premier Lloyd George indicates
he is willing request 10 this effect
will be made formally at the meeting
Of the Supreme Council tomorrow.
Premier BRAND realizes the difficul-
ties in the way Of American partici-
pa ton in the work OF the commis
sions, but ne believes the Allies should
show that they want America repre-
sented, and that 1t would be desira-
Bile for America to be so.
Late tonight 1t Is reported that
what is worrying the allied experts
is the form OF security for the bonds
which are to be demanded of Germany
and what Is 10 be done with the
part Of the German debt which Is not
covered by bonds.
II has been practically agreed that
there will have 10 he commission in
charge Of the German debt. similar
to the commission which conducted
the affairs Of Turkey under the Otto
man debt agreement. The French
naturally are seeking 10 give this
commission not only absolute financial
but military power. 1t was again
repeated on behalf of the French dele
cation that they were seeking only
the payment Of the reparatlon debt
and not either the ACKNOWLEDGMENT or
ruin of Germany. but that stern meas
ures are the only ones through which
they arc capable or collecting. They
say that Is their way Of restoring the
normal peace status of Europe.
Security for bonds.
Among the measures proposed IL
the hypothecation Of all the German
customs, as well as the - per cent.
levy on all German exports. One
hundred million pounds sterling an
nually (2,0OoOo0.o 900 marks gold) IS
the same as the amount Germany
said she was unable TO pay under the
Paris demands. and the - per cent.
export levy may eventually net
similar amount, as the value Of the
German exports in 1913 was put az
10000. 100000 marks. Also IL Ia un-
certain whether the Reparations Com
mission will hold the bonds given TO
IL or will sell them 10 the public
While this indefiniteness gives
strength 10 the French demand for
;hc allied occupation Of the Ruhr.
much 10 tho worry of the British ex.
perts. they arc defending these pro-
posals on the ground that they pro-
vide a just aud elastic method neces
sary to accommodate the allied de-
maDds TO Gcrmany's recurring pros
perity. The Repsraticns Commission
N