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Show ALLIES liD- , i;m:: wt BE JO Note Received at Pam May Lead to Further Invasion Into German Region Beyond Rhine ARIB. Meek tSv Additional panel-tiea panel-tiea aa ba Inflieted an tKa Oeeexena war eufgeeted aeday by tna Interallied eeparetiena aammieeien kaea. TKa roe emmendetiene will ba faewarded to at lied aapitala tamerrai. THair eharaeter waa net divulged Kara. Tna aeenmieeiee) daearlbad tha Oar. man note received tea ay aa an "va-dwalifiad "va-dwalifiad eafuaal ta pay." , PARIS, March 23 (Dy' Aaao-ciated Aaao-ciated rreaa). Germany, in her reply today to the recent ultimatnrn if ium auiru repara-tiona repara-tiona commiaaion, refuaea to pay tha one billion marka gold dua an thia data, and dieputea lha rotnmlaalon flgurea ahowlng a balance; of 1 ... aa eoa marka dua May I ll la maintained In lha German note that tha M.OOO.avo Xi marka whk h the peara treaty -"U 'f tj'"inl Hg k-vaml-ad aver by May 1 baa Ln muia niaa aid. ASKS FURTMIB PARLlY. Tna note aaka that a )olnt corn ml a-alnn a-alnn of ai parte fig tha value or tha (German deliverlee on reparatlona aa count, but It declare that. In any even. It would Iw Impoeatble fur tier many to pay I l.v. vv.v marka by the flrat of May. Tha note eoncludee aa followa: "If. after tha eaperta hava conferred. It la eetabllahed that there la a deficit In tha paynaenta y (lermany. aha la ready to begin negotiations with lha repara. Ilona commiaaion regarding tha floating float-ing of a loan abroad." Tha reparatlona commiaaion met Ihla morning to conaider tha German reply, which waa transmuted from berlln laat night. Tha Germans- failure to pay la deemed a violation of tha treaty of Versailles, which tha commiaaion will report to tha allied govrmmenia. Tha allies will then determine what measure mea-sure ehall ba taken, VALUATION FINAL. It la commented here that tha Oar-man Oar-man experts already hava been heard by tha eomnateaion. which Uatened to their argumenta before fixing tha valuation val-uation of lha German deliverlea credited cred-ited aa payments against tha Ju.lHia,. oov.Oeo marks. Thia valuation, there- ' fore, waa conaldered final, ainoa tha treaty gives tha commiaaion aula Ja-rledk'tlon Ja-rledk'tlon In the matter. The German reply doea not answer directly the commlaalen'a demand for ' a first payment of 1 .000. 000,000 marka , today. Thia point, however, la covered cov-ered on the face of things by Germany Ger-many s contention of overpayment of . tha entire amount dua by May I. German Bank ' Clings to IU Gold ' ' j IIKIILIN. March fl The ' relche- , hank will el-rnfy oppose any attempt by lha entente to aeise Ita gold reserve re-serve to apply to lha reparatlona I demands, the Krucs iCellung Irarna. ' Any such move, the bank'a directorate la quoted as aaylng, would not only ' ba Inimical to holders of Herman certificates, but a violation of tha ' treaty and In contradiction - to tha prartlra observed by Germany on ' Ir'rench territory and tha fc'renc-h army ' on German eo!l. when depoella In state hanks wera treated aa private ' proerty. Tha relrhsbank announced It would not surrender Its gold voluntarily, and that eetxure of Ihe gold would In stantly result In devaluation 'of tha currency, of which Immense 1 quart- 1 tltlea ara privately held abroad, notably In tha I'nltttl Rtatea, Holland, and rU'anUlnavla. Theaa are estimated esti-mated at 20.000.000 000 marks: while German hank rredita abroad total another JO.OuO.OOfl.OOO. The relchabank'e gold raaerve, ae- cording lo the laat statement, waa 1 l.oyl.ooo.OOO marks. |