Word: settlements
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Soon afterward The Hague Conference made Philip Snowden a world figure (TIME, April 19, 1929, et seq.) and "the final settlement of Reparations on a business basis at The Hague" made it possible to sell 96 millions of Germany's obligation to the U. S. public in bonds enthusiastically subscribed above par. This year these so-called "Young Plan Bonds" (German Government 5½s) have sold as low as 24¼ but climbed little by little to 39 fortnight ago and to 49 last week...
...Lausanne settlement is supposed to provide for repayment of these bonds and scales down Reparations to a final total of only 714 millions-1? each on the original 64 billion dollars of 1920 which was in itself a cut of nearly 50% from the Governor of the Bank of England's first fantastic figure of 116 billions. In 1918 Mr. Lloyd George won Britain's election with the slogans "Make Germany Pay The Whole Cost Of The War!" and "Hang The Kaiser...
Minor Achievements of the Lausanne agreement last week were to provide: 1) A total moratorium on Reparations and inter-allied debts until the settlement is ratified by the signatories or until one signatory gives formal notice of intention not to ratify. 2) Final payment by Germany not in cash or in kind but in 5% bonds, to be sold to the world public after July 8, 1935, all bonds remaining unsold in 1947 to be destroyed. 3) Security already given to the Allies by Germany in the form of stock certificates of the German State Railways to be returned...
...Papen's Dream. Exceedingly ingenious and in the trickiest tradition of European diplomacy, the MacDonald-Herriot formula appeared to settle everything while actually settling nothing. It fitted the U. S. State Department's demand that Europe must reach a final settlement of Reparations without reference to War Debts, yet if the next U. S. President and Congress prove reluctant to cancel all or part of what Europe owes, the Allies or any one of them can regain a completely free hand, merely by failing to ratify the MacDonald-Herriot formula...
...persistently in England. This His Royal Highness is now doing (TIME, July 4), but is understood to have bet Her Royal Highness that the style cannot be revived, even by himself. As is usual when bets are made in the Royal Family, the ?25 is to go to charity. Settlement is supposed to be made at the close of this year's London "Season," ending traditionally with the Royal Garden Party...