Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-12
The Story the Week Has Told

siderably and elaborately) Democratic
member Of the ways and means COM
mittee has been heard to assert that,
on q balance, the farmer, instead of
being benefited would be stung to the
annual tune of 100000, 900. Well, well,
people will be looking gift horses in the
mouth.
1t is satisfactory to note that Philip
pine products are not touched by the
bill. Perhaps 1t is correct to say that
the bill engages as much interest in
Europe as in this country, the Euro
pean reaction thereto being very sad.
Please observe that in the above
have expressed no personal opinion.
Such an expression could only be juSti-
f1ed after a thorough study Of the bill
On May 8, by Al to A, the Senate
rejected a motion to eliminate the de-
benture feature from the Federal Farm
Board bill under consideration by that
body. Thirty-four Democrats and 13
Republicans (mostly "insurgentS)
voted against the motion. AZ Republi-
cans and 2 Democrats for 1t.
x
THE EXPERTS COMMITTEE-The
week has seen very important develop
ments in what we might call the Ger
man reparationS drama at Paris. DR..
Hjalmar Schacht, head of the German
tee, did not return to Paris from his
visit to Berlin with any new proposals,
but owen d. Young, chairman of the
committee, submitted thereto q plan
devised by its American members and
known as the Young plan. The fol-
lowing notice of the main features of
that plan is based upon information
not officially authenticated, but prob
ably in the main very nearly accurate.
1t will be recalled that the plan
proposed by the allied members of the
experts committee contemplates So an
nuitieS, the first 81 to average 2198,-
000,000 marks (the value of the mark
gold par is about 1913 cents, or AZ marks
to the dollar). The next 20 to be of
00,000,000 marks each, the schedule
closing with an annuity Of 900,000,000
marks.
1t will be recalled, also, that the
German offer Of April II. contemplates
81 annuities, of 1,650,000,000 marks
each.
Now the Young plan contemplates 81
annuities averaging 1850 900 900 marks,
20 annuities of l,700, 600, 900 marks each,
and a final annuity of 100000, 900
marks.
The following calculation is of value
for the purpose of comparison: The
total OF the allied plan is calculated to
correspond, on S y per cent interest
basis, to a present value of 80 500 O0O,-
600 marks (about $9,400 .000,O00). The
total of the German offer on the same
interest basis is calculated to correspond
to a present value of $4,000 900 900
marks (about $4,000 900. 000). The total
of the Young plan. on the same in
tereSt basis. is CALCULATED to correspond
to present value of about $500, O0O,-
900 marks (about $8,7OO 900 OOO).
We are told that the Germans indi-
cate willingness to accept the Young
plan with certain reservations" Asked
to present these reservations i'll writing.
they strangely delay to do so, but the
general indication is that If the Young
plan goes into the discard 1t will not
be because OF German reservations"
Nevertheless, the Young plan Is in
danger of rejection. Why?
Observe that under the allied plan
there would be available (out of the
first 81 annuitieS) toward reimburse
ment of costs of repairing war damage
a total, present value, of about 13,O0O,-
100000 marks (about $500, 900 ,OOO).
cut this figure to about 10000 900 900
marks (about $4,000. 000,00O). Where,
chiefly, would the shares be applied?
The precise figures are not obtainable,
but apparently the British are called
upon to make far the greater sacrifice.
On May 10 the world was startled to
read the newspaper report of q state
ment made the previous day to the
British Commons, at Its last sitting be-
fore dissolution, by Mr.. Churchill,
chancellor of the exchequer. He re-
marked that the experts sitting at Paris
were empowered to reach conclusions
and make recommendations independ-
emily of their several governments: that
the British government had kept In
touch with its experts, but had given
them no instructions, nor would. But
that the proposals just published in the
press (the Young plan) would not, I'M
der any circumstances. be entertained
by the British government.
Now did Mr. Churchill really mean
all that? Or was the statement COM
PEELED by electoral campaign exigencies,
to lapse upon the general elections ito
be held May 800? You see, the La
borites and Liberals have been charg-
ing that, under Conservative manage