Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-10-17
MORATORIUM FOR
GERMANY FOR FIVE
= YEARS IS PROPOSED
British Member of Repara-
tons Commission Makes
Recommendation to Pro-
tect SoIvenCy of Europe

PARIS, Oct. 16.-(By the Asso-
ciated Press.)--A total moratorium
on German reparation payments
for five years-not only on cash pay
ments but on deliveries in kinds
the substance Of the scheme pre-
sented to the Preparations commits
sion by Sir John Bradbury, Brit,
ish member Of the commission last
week, the details of which were
given out today.
The aim of the plan as conceived
by the British member, is thus to
restore the mark to value that
would make the balancing OF the
German budget possible. He is in
favor of the entire reorganization
of the Preparations commission with
an American as one Of the active
members, and a change of the seat
of the commission to Berlin.
The Bradbury plan provides for
the continuance by Germany of de-
liveries in kind, but, under an ar
rangement by which the country
receiving the goods would guaran-
tee an equivalent sum in German
bonds, the bonds to be negotiable
by Germany.
Would Check Debt Expansion
The summary of Sir Johns ar
guments in favor Of the proposals
states that one object would be to
stop the further expansion of the
floating debt and to obtain a bud
get balance. Sir John is of the opin-
ion that this can be achieved, eth
err by a complete suspension Of the
cash payments or by some arrange
ment by which Germany would be
enabled to obtain resources for fl
nancing the peace treaty charges.
The suspension of cash payments
would also be accompanied by the
almost complete suspension of de-
liveries in kind for a considerable
period, according to Sir Johns
opinion. The arrangement proposed
is that the powers receiving peace
treaty payments should agree to
guarantee Germany five-year treas
ury bonds. The amounts fixed for
each year would be determined bv
the sums they are entitled to re-
ceive as cash payments. The bonds
would be accepted in the form Of
payments and could be negotiated
by them under their own guaran.
tees.
Would Guarantee Bonds
The powers receiving deliveries
in kind would give their guaranty
of the German bonds N an amount
equal to the value Of the deliveries.
which the German government in
turn, would be entitled to nego-
tiace. The proposed bonds are pay.
able in gold in the currency of the
guaranteeing country at the rate
of exchange on the date Of issue.
which would be at the option of the
holder.
The guaranty, however, accord.
ing to Sir Johns plan, should be
limited to currency value.
The reparations commission would
reserve the right to require that
part of the cost of deliveries in
kind be met from the German bud
get.
The allied governments are to be
asked to consider the whole ques-
ton of the aggregate liabilities OF
Germany under the peace treaty.
The object of this would be to
arrive at a permanent adjustment
of her capacity of payment and the
liquidation of the liabilities by a
series of foreign loans.
The British member Of the COM
mission expects the plan to be sue
cessful only if, first, the facilities
given are extensive enough to eff.
feet the balancing of the German
budget; and, secondly, if the facili.
ties are used by Germany for the
purpose for which they were grant
ed