NEWS OF THE WEEK.
THE Allied Ministers in conference at Paris agreed on Saturday
last upon the terms of the reparation due from Germany under the Treaty of Versailles. They decided that Germany should pay two annuities of £100,000,000, three of £150,000,000, three of £200,000,000, three of £250,000,000, and thirty-one of £300,000,000. The annuities are to begin on May 1st next and to be payable half-yearly for forty-two years. The sums are to be reckoned in gold. The total amount will be £11,300,000,000. The present value of this is onlya little more than £4,000,000,000 —or twice as much as the very low estimate of what Germany should pay which was put forward by Mr. Keynes. In addition to the annuities, Germany is required to pay an export tax of 12} per cent., which is expected to yield £50,000,000 a year. This tax is to modify the advantage derived by Germany from her depreciated currency, which enables her to export goods at prices that may be high if calculated in German marks but are very low when reckoned in sovereigns or francs.
