The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-04-27

But contracts made after November 7,
: 1917. by local Governments who are
/ not under the authority OF the Central
Soviet Government do not fall within
the purview OF the above article.
THE Russian Government recognizes
all contracts relating to public utility
enterprises guaranteed by the Imperial
Russian Government.
Article 3--The Russian Government
Is ready to return 20 foreigners their
property. which has been nationalized or
y tequisitioned, whenever il be possible
!. Under the social and economic system
and fundamental laws OF the Russian
4 Republican other words, grant to them
presumption rights to take their prop
crty either in the form Of Il concession
Or in fee simple. or wills grant prefer
\ ence TO them to become members OF
! companies or trusts. The above forms
\ of control will be arranged for fixed
period ON conditions arrangeable sep
] arately for each case.
1.-THE Russian Government is also
ready to satisfy the claims of foreigners
. who We're former proprietors. IL II
thinks their claims are just and not
4 in conflict with the above conditions,
and is ready to hold direct negotiations
with them or to negotiate by such
other means as may be arranged by the
/ ssenoa conference.
Article 4.-Arrears OF interest and
J IN interest which would normally fall
/ due to the end of the period of a
z moratorium, and all redemption OF
. debts and obligations of every nature
\ referred to in the first three articles
will be cancelled.
Article 5--On their part, the Powers
|. promise TO restore to Russia property of
whatsoever nature which is now held
in foreign lands-for example, precious
!. metals, buildings and ships-and the
Powers promise to see to 1t that all
financial obligations, either of them
selves or OF their nationals, toward the
Russian Government will be liquidated.
"(Note) Powers bind themselves
10 give every assistance to guarantee
execution of this article by giving every
POSSIBLE facility for the examination Of
bank and account books. &c.
Article 6-Payments growing out OF
/. acceptance by the Russian Government
of financial engagements covered by
Articles l, and 8, including the pay
lnent Of interest. will begin after a
period of 49, years. following the sign
ing Of the present accord"
Moratorium Desired by Russians.
During the discussions some OF the
4 Russians appear to have demanded a
moratorium of thirty years, but the
space was left blank because it seems
there was some doubt of their desires on
This point.
George Tchitcherin. discussing with
the Italian delegates the question Of the
economic resurrection OF Russia, de-
ylared that IL Italy would grant Russia
u credit and goods Russia in return
could supply Italy with the 1000 ions
cf oil monthly which Italy needs. This
would relieve Italy. he said, from the
high cost of American oils and freight,
gradually help her to substitute oil for
coal and thus free her from the neces-
sity OF purchasing coal and oil in Eng
land and America.
The Italian spokesman to-day was
even more optimistic than yesterday.
Declaring the difficulties now confront
ing the economic conference were more
in the procedure than in the substance.
lie said:
THE Russians are right in certain
things, wrong in others. They are right
when they say: we, being Commu-
nistic state, cannot repudiate the Com
'1nunist principles by restoring to for
eigners property which we deny to Ma
1ionals.'
.They are wrong when speaking of
concessions they are ready to make TO
foreigners they use the elastic phrase !:
Foreigners will be compensated when
possible They again are right when
they say that the Western countries
must let them know what concrete
things they intend to do for the recon-
struction of Russia.
"As last week the main question was
the recognition OF Russian debts. this
week the pivot of the discussion is to
find guarantees for foreigners ana their
properties in Russia"
Recognition of Russia de jure, he de-
clared, would be the browning work
Of the conference. but recognition should
not necessarily imply solution OF the
Russian frontier difficulties, especially
with the Caucasus countries.