The Birmingham age-herald., 1921-03-03
ALLIED ULTIMATUM
 TO BE DELIVERED
 TO HUNS AT NOON
(Continued from Page One)

assess at twenty billions the value of de- liveries made by them on account of the 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 IS per cent table for the purpose of ar irving at the amount due from them they propose at the same time that the interest upon their debt shall be limited to 5 per cent.
 Sixth, the German government pro- pose that their securities shall be re- lieved of taxation in the country of issue, thus burdening the country of issue with part of their liabilities.
 Seventh, on the assumption that the amount which Germany will pay during the first five years will be 1,500, ,00o,0oo 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 sinking fund of her whole debt will be three billions year.
 The present value of German pay- rnents on this reckoning will amount at the outside to somewhere about IT, 0O0, ,000, ,000
 Tt is only necessary to compare this sum with the value of the payments made under the Paris plan to expose the entire inadequacy of the German proposals Under the Paris plan, an per cent table, the present value of the fixed annuities alone is ss,oooooo,ooo gold marks. This table is, however, appli- cable only to discounts of future an nuities made during the first two years. On an per cent table-the rate at which discounts can be made after 1y25- the present value is over S3oo0, ,0oo,o00 gold marks.
 Tt is of course difficult to make an estimate of the value of the variable an- nuities under the Paris plan. but sub startial addition. at any rate, should be made to the above figures in respect to these annuites. The sum which the Ger man government asks the allies to ac- cept in satisfaction of her debt amounts therefore to a small fraction of the sum fixed at Paris.
 "The consequence will be that Ger many's external debt which is limited to her reparation liability, would corres- pond to small proportion only of the external debts which the allies were compelled to contract for the war"
 CABINET DISCUSSES REPORTS
 Berlin, March 2.-The German cabinet met this afternoon and discussed ths reports sent from London by Dr. Simons, head of the German delegation. The va rcus political parties held meetings to- night to consider the situation arising out of the London conference, and ac- oording to the vossiche Zeitung, it is assumed that new attempt will be made to arrange a united front in the Reich- stag, although prospects are not con sdered very favorable.
 Among the newspapers commenting, the Zsitung Am Mittag thinks the allied gesture is an expression of preconcert- ed affair having practically nothing to do with the German proposals and hopes the German delegates will not be mis- led with this artificially heated atmos- phere, but demand. as they are entitled by treaty, that the reparation commits sion shall fix the total indemnity and elaborate scheme for paying" George Bernhard in the Vossiche Zei- tung remarks that the doors of the Ion- don conference are not yet closed ana that an attempt ought to be made even at the eleventh hour to avert extremes | by another formulation.