Accord?

After almost a year's struggle in the Ruhr, France and Belgium seem to have vindicated their occupation by securing a promise from the German industrialists to make reparation deliveries to the Allies. Actually, however, the French have received nothing but a promise, and, although reparations are in sight, there are many things within the comparatively quiescent political orbits of Europe that may balk the French in realizing these German promises.

The outline of the reparations agreement, signed at Duesseldorf by Herr Vogler of the Deutsche-Luxembourg coal mines on behalf of the magnates, Herren Stinnes, Thyssen, Reusch, Hubert, Fickler, and himself, is:

1) Immediate payment of a tax of 279,000,000 francs ($15,000,000) due for the period Jan. 1 to Nov. 1. All taxes are to be paid into a "productive pledge fund" under the control of the Reparations Commission.

2) Payment of a future tax of 10 francs (about 50-c-) a ton on coal sold.

3) Free delivery of 18% of net production to the Allies.

4) Transfer of accumulated stocks as at Oct. 1 to the Allies.

5) Present export licenses to remain in force. Steel and iron stocks to be released against payment of due taxes, but exportation only to be made in quantities equivalent to average exports of 1922.

6) Deliveries of benzol, tar, sulphate of ammonia, creosote, etc., to be subject to a special arrangement.

7) The agreement to remain in force until April 15, 1924.

This agreement affects 80% of the Ruhr industries, and practically the whole of the remaining 20% has already been settled under agreements with Herr Wolff and Baron Krupp von Bohlen.

From Berlin it was reported that all the directors of the Krupp concern, who were imprisoned by the French last Spring, have been released.

Meanwhile the Reparations Com-mission in Paris heard the Germans explain why they could not pay reparations. Herr Fischer, heading the German delegation, stated that the Ruhr occupation was illegal and so long as France occupied that territory so long would it be before Germany could pay reparations.

This statement principally concerned cash reparations. Despite unfounded reports that the Germans were playing their traditional policy of evasion, their position was clear: it was that France had largely contributed to the political, economic and financial chaos in Germany, and that her presence in the Ruhr considerably aggravated that condition; under such circumstances it was impossible for the German Govern-ment to pay reparations until it had set the Reich's affairs in order.