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Show 'ALLIED BOARD SENDS NOTE 6TATT.MCNT UPHOLDS RIGHT TO ' MAKE OFFCR, HUT HAS . DOUOf OF SECURITY -';. i Net Prepared by Sir John Dradtmry 1 Of EnuUnd ami M. Delacroix Of France; Calls Attention , i To Voraalllo Treaty s Paris. Whllo various Intornrotii-5 Intornrotii-5 i tlonu may lui put upon tho noto tlio 5; rop:r:itii3 commission 1m Bonding to Gormiiuy iu ivnnoitkm with hor fortilgn I'linoiuy loan Issuo, tho cor- root ono ui'onlini; to somo of tho host Informed circles. U that It holds lu ubstanco that thoro is no ipioslloii s of tho liormau govoriunont's rl.ht to '' ctfor tho loan hut that hero does olst Question as to tho security it may ' 1 glvo. Tho tuxt of tho noto, prepared by i j Sir John l'radbury of England nnd us II. Delacroix of lSoltum. calls attention atten-tion to article IMS of tho Versailles treaty, defining priority lights lu ro- paration. and continues: i 'The commission makes oppress '" reserve, as against subscribers to tho loan, of Its right of priority against i-i any funds which may lo assigned ly the German government to tho payment pay-ment of Interest for tho repayment 55 of capital to tho loan lu question, more particularly If tho receipt lt- 5 self Is not applied to tho discharge of reparation annuities." It !s apparent that there was con- t elder-able discussion before tho text Of the noto was dratted, and the dis- ;5: cusslon made it first necessary to obtain ob-tain the Interpretation placed upon article C-iS by the legal section of the commission. The French contended con-tended this article arplted virtually to any assets of Germany unless her reparation obligations were first sat-lsfled. sat-lsfled. It Is affirmed that the original Intention In-tention of the Kreuch was to prevent the launching of the loan with a guarantee by the Keichsbank. hut now that tho loan is said to be hut 60 per cent subscribed the orkin.il ! French position has been temporarily taodilied. |