The New York herald., 1921-12-14
MORATORIUM HANGS
ON FRENCH DEMAND
Paris Would Agree if Britain
Cedes 450,0O0,000 Marks
Paid by Belgium.

Special Gable to TIE NEW York EEnALp.
Copyright, 1891, BY The NEW YoRK HERALD.
New York Herald BureassR
Paris, Dec. 13.
The terms which France will demand
of Great Britain before any considera-
ton will be given to a moratorium be-
came known tonight. If Great Britain
will cede to France the 450.000.000
marks gold which under the August
agreement she was to receive from Bel
gium as the British share Of the Belgian
war loan France will waive all payment
IN cash by Germany during the coming
year.
This is believed to be the limit of con-
cessions France will make in the way of
a moratorium. Under the present sched-
specie if Germany fulfilled the London
agreement would be this amount, which
Is exactly what Great Britain expected
to obtain from Belgium as the portion
Belgium had promised to pay from her
priority of 1000, 600. QUO marks gold. In
other words. If England wishes to grant
d
British and not French expense. This
money France would Immediately ex-
pend on the devastated regions, and it
would therefore ease the French budget
to this extent.
PARIS, Dec. 13 (Associated Press) -
The Temps commenting on the payment
of the instalment due by Germany for
the January and February reparations
account, says:
"The day when Great Britain re-
nounces in favor of the devastated
regions of France the 450.00O,0o0 gold
marks awarded by the convention OF
August Is TO the British troops of oc-
cupation. then France could propose
that Germany be exempted from money
payments in 1922"
Special Cable TO TIE NBw YORK HERALD.
Copyright, 1897, by The NEW YoRK HERALD.
New York Herald Bureau,
Berlin. Dec. 13.
The very meagre results Of Or. Walter
Rathenau's mission to London regarding
moratorium and reparations credits
are mainly due to the opposition of
American financial circles here. From
what has leaked out it Is believed that
DR.. Rathenau brought back very little
mostly vague promises. Political circles,
however, hope that at least short term
loan. mainly of British capital, will be
possible, thus enabling Germany to pay
the January and February reparations
instalments.
This impression has gained ground
owing to the fact that the Economic
Council to-day. upon the suggestion Of
Chancellor Wirth, resumed deliberations
for the purpose of creating a credit
association for a foreign loan.
1t Is said that representatives Of
American finance pointed out to DR..
Rathenau the exceedingly small number
of unemployed in Germany as compared
with the masses of unemployed in the
United States. which they said proved
the favorable situation Of German in
dustry. The Americans are said to have
declared that German industrfalists
ought to be able to advance money to
the German State.
Meanwhile the strict secrecy regarding
the outcome of DR.. Rathenau's efforts
continues and liis expected public state
ment was not forthcoming.
Upon n question from DR.. Gustav
Stressemann, who is chairman of the
Foreign Committee of the Reichstag
Chancellor Wirth replied that he would
be unable for the next few days to In
form the committee about DR.. Rathe-
nau's achievements. The public disap-
pontment is reflected by the Bourse,
where the dollar rose to 1879 marks. fol-
lowing its fall OF 30 points yesterday
German stocks thrown on tho market
caused big decline in prices, the weak
ness being accentuated yesterday by the
announcement that 2.000, 100000 paper
marks had been printed In the first week
OF December.