Evening star., 1922-05-26
ALLIES TO TAKE UP
BULGAR WAR DEBT
Loan Declared Needed Be-
fore Country Can Regain
Pre-War Position.
BY EDGAR ANsEL MOWRER.
By Cable to The Star and Chicago Daily News

a
By Cable to The Star and Chicago Daily News.
Copyright. 1922.
GENOA, May 25.-The Question of
Bulgarian reparations will be dis
cussed in Paris at the end of this
month along with the German repair
atfons question.
This is the gist of a promise made
by Prime Minister Lloyd George to
Premier Stamboulisky of Bulgaria
before the conference here closed last
week. 1t caused great joy among the
bulgarlans. who realize that their
country cannot meet its reparations
pill but without it can balance the
Dudget for the coming year.
rms promise explains to some ex-
lent the warm terms in which the
bulgarian delegation thanked the
conference com nc at the final plenary ses-
both English and French by Premier
Stamboulisky's gifted secretary. Miss
Naoe1da Stanciov. The Bulgarians
possess many qualities appreciated by
americans. Stamboulisky and his
,rc neeretary were no exceptions. The
week received me at his hotel in Ner-
W. some seven miles out of Genoa
ne is huge man with black curling
nan mar ana IN appearance is something
iihe al opera singer.
Loan Declared Urgent.
ohtil we can get moratorium
ana loan" he said. Bulgarian recon.
struction Is paralyzed. A moratorium
WIN help US balance the budget and a
roam will enable US to restore The
railroads., to develop our mineral re.
SSources. which are considerable and
nase never been greatly worked: to
imnartont fiHunp our sack sea ports and. most
nmr farrs, ,ans OF all to give credits to
our nation. Three-fourths of our
raEners are grouped in co-operatiyes
Whicn own the machinery and ad-
vance money to individuals to pay for
@ me co-operatives receive
sarian agricultural banks, which
lenos 1t at 8 per cent to the farmers.
the surplus being devoted to general
improvements.
our taxes are so high that credits
are unavailable. The depreciation of
former value (about 20 cents at par)
weighs heavily. We need loan OF
SiO,oO0,O0O, distributed over a number
OF years. and we would be willing to
spend large part Of this money in
the United States. Our agricultural
need for the current year is about
S2:OOO.O00, part of which could be
taken as credits for the purchase of
agricultural machinery"
To stop the depreciation of your
money will 1t not be necessary for
you to balance the budget?" / asked.
Budget Balanced.
Our finance minister has balanced
the budget" was the reply. when
the reparations commission, which is
aii-powerful in our country, made US
add 100000 francs. gold (S2, 900, ,OO0).
ana unless we get moratorium we
cannot meet the deficit. Both the
moratorium and the reduction of our
treaty of Neuilly and we trust this
will be granted US in Paris. A small
agricultural country like Bulgaria
can never pay the enormous tribute
Of $3.50, 100000 gold francs ($45o. .oo0.-
0O0) with which We are saddled. But
if we get moratorium and a loan
with an outlet on the Aegean sea we
shall be able slowly to regain our
strength"
What guarantees could you. give
to the co-operatives and give a small
loan?" l inquired.
Gives Honesty as Security.
I'VE are an honest people," replied
the premier. "and have never failed
to meet our obligations. The loan
would be made to the Bulgarian agri-
cultural banks, but would be guaran-
teed by the Bulgarian state. am
glad to say this because Bulgaria has
great faith in the United States and
we think our history proves us
worthy Of trust"
Are you personally favorable to
Bulgaria's entrance into Jugoslav
federation?" I asked.
81 am favorable to her entrance into
a Balkan federation, in which Mace
donia and Thrace would exist as
units. The Balkan question can be
solved in no other way"
Then the American bankers may