The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1923-02-14
FINANCIAL AND BUSINESS SURVEY

The divergence between the British
and French points of view towards
the question of German PREPARATIONS,
although accepted amicably by Great
Britain, gives cause for apprehension
not only over the future course OF the
relations Of both countries with Ger
many, but also in other matters, such
as the Turkish situation, in which the
conflict of French and British inter
ests may develop difficulties, states
the current issue Of the Guaranty
Survey, published by tthe Guaranty
Trust Company of New York.
The relative interest of France and
Great Britain in the settlement of
Turkish affairs is indicated by the
investment by the French peoe of
four billion francs in Turkish bonds,
railroads and other enterprises, the
Survey says. British interests are
barely one-fourth Of this sum-, $780,
100000 francs being devoted to Turk
ish bonds. France holds nearly so
per cent of the Dette Publique Otto
name and England a little more than
s per cent. Great Britain, however,
holds a predominant position in trade
with Turkey; about one-fifth Of the
pre-war foreign trade of Turkey was
with Great Britain.
Political events in Europe have
been developing raidly and in a dra-
matte fashion during the last month.
For a long time the British have be-
lieved it to be imperative that a very
considerable reduction of the total
Preparations should be made and that
a moratorium should be granted, dur
ing which Germany should be left free
to find methods of stabilizing her cur
rency and balancing her national
budget. The British policy has been
based uon the assumption that the
economic well being Of Europe, and
perhaps the entire world, il depend
ent largely upon the rehabilitation of
Germany upon a sound industrial and
financial basis, and that PREPARATIONS
payments demanded in excess Of her
evident power to pay could serve only
to intensity the obstacles in the way
of a return to wholesome conditions
and would in fact tend to make it i'm
possible for Germany to pay any con-
siderable amounts at all.
France has been unwilling to as
sent to the British plan without Sc
curing guarantees from Germany af-
forded by the occupation of the Ruhr
basin and the control of the state for
ests and other definithe powers exer-
cised over German financial and eco
nomic life. She has taken the posi-
ton that Germany is deliberately
evading her just debt and is not hon.
estly making the effort possible to
her to comply with the terms of the
treaty and will not until actually
forced to do so.
The failure to reach an agreement
at Paris has thrown all the relations
of the allied countries and Germany
into fresh disorder, and European con-
ditions now enter on a new phase
whose outcome cannot be foreseen.
France, having secured the necessary
statements from the Preparations COM
mission that Germany is in default,
is moving under the clauses of the
peace treaty to enforce her will upor
that country. Her troops have occu-
pied the Ruhr region, and whatever
may be the political and moral justi-
f~ication, it is a serious question as to
what the economic consequences may
be.
The immediate effect Of present
military operations by France viii
evidently be restricted SHRDL on.
evidently be to restrict still further
the purchasing power of Germany
and there are unknown possibilities
of internal disorder which time viii
disclose. 1t is difficult at the mo
ment to see how the French occupa
ton can assist Germany to balance
her budget or check the initiation o.
her currency, both of which are essen.
tial to her economic sterilization.
It is becoming increasingly diff
cult to form any reliable estimate o
trade conditions in Germany. Report
received from German sources reiter
ate the disastrous effect which tn
shortage of coal and the difficulties i,
the way of obtaining raw material
are having upon industry.
On the other Ind, it is reporte'