Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-12-30
LISTING LIABILITIES,
FRENCH MINISTERS
IGNORE WAR DEBTS
No Intention of Reputation,
elemental Says, but Burden
Should Be Eased

=
ciated Press.)-France's war debts to
America and Great Britain, amount
ing close to 81 900, 900, 900 gold francs,
are absent from the liabilities of the
French treasury as shown SATURDAY.
| in a balance sheet issued by the
French ministry of finance.
The amounts due France from 9TH
ar countries, including Russia, for
war and postwar advances, amount
ing to about Is billion gold francs,
also are not included in the assets.
The inventory was issued ''for non
party purposes" with the view of
y creating confidence by clean breast
of the facts, rs the document says.
On the other hand, 1903 billion pa
per francs, rs the capitalization of
the French share in the Dawes plan
annuities, are included in .the as
sets.
Although the figures are omitted
from the balance sheet, inter-allied
debts are freely discussed throughout
several pages of inventory. Finance
Minister Clementel, renewing the
J French thesis that these debts form
part Of the general allied resources
pooled in war time, argues that a
strict equity would seem to demand
general addition of war expenses
and their distribution among the al
lies in proportion to the wealth Of
each, without taking into account
special undertakings imposed by
monetary necessities.
Argues for Reduction
The finance minister insists that
France, therefore, is entitled to spe-
,faI 10 1p,.l-e fln
inventory that the choice of French
soil as battlefield saved the allies
, much blood and money. He also
AYERS that America and Great Brit
ain pocketed duties on profits made
by American and British firms which
fulfilled French wartime orders. He
suggests that the amount OF these
duties should be deducted from the
French debt.
NJ elemental concludes his state
ment by declaring. France has no
intention Of repudiating her debts,
but that she Is convinced an appeal
to conscience and the sentiments of
justice of the allies will not be in
vain.
The French government as "go-
ing" concern, Is valued at 796,SS0,-
! 100000 francs, according to the bal
ance sheet, issued to show the
errors and weaknesses of our
financial policy" blame for which
is put on the preceding govern
r1ents. Against this total Of assets
the finance mipister lists the debts
and pending obligations, exclusive
Of American and British debts, at
$50, $40, 900, 900 francsa
The statement, which Is under
the date Of July 81 this year, gives
the internal debt in round numbers
at 27S, 900 900, 900; the external debt,
not including inter-allied debts, at
1880, 000,0 and pensions, capital
lied at five per cent, at $780,.
100000 francs.
In addition there are obligations
listed such as completion Of rSto-
ration of the devastated regpns,
which is placed at 22,000,009000
francs; permanent military changes,
< capitalized at 5 per cent, Ill ,00,-
eNO00,000; permanent civil charges,
LAC, 1000 100000 and other ittms
amounting 19500,000 francs.
Assets Then Listed
The listed assets have as their
largest items, permanent taxes. apl-
talized at per cent, 596, O00, 00opoo;
railroads, 10000 900, 900; Saare mhes,
1,400, 900, 900; public buildings ind
other properties, 10,650000, 900; for
ests, $500, 100000, and income fom
\ Dawes plan operations, 10,300,O0,-
\ 900 francs. The statement doesnot
include property such as calals,
which are unstable and difficult to
value.
A discussion of inter-allied 0bts
Is utilized in the statement to rpbl-
lie arguments for reductiof OF
these obligations. In this resect,
the statement says:
IF one leaves the juridical grand
to rise to higher views of co'onra-
W ton and equity, strict justice wnld
seem. to demand a pooling of var
expenses and their distributor
among among the allied states ro-
portionally to the riches of ech,
and without keeping account ofthe
particular engagements undert1en
because of momentary ,snecessitis.
4 Another argument for a reduqon
is that the United States and Ceat
Britain collected taxes on busless
done with the money loaned F'relce,
and, therefore, that amount slsuld
at least be deducted The rduc-
ton of German PREPARATIONS ais is
advanced in support Of better TENS
for inter-allied debts, but "Frhce
\ does not mean" the statement on
Ncludes. ito repudiate any contact
she made, and her signature yin
always be sacred to her." Nevelhe-
less, the statement insists hat
France lis convinced an appeal TO
the sentiment OF the just will noble
in violation"