The note then reminds the German Government that the Reich's own figures show that the German foreign commercial debt has been reduced from 39,000,000,000 to 16,000,000,000 reichsmarks during the past four years, and that 767,000,000 Telchsmarks worth of bonds had been repurchased up to February 2, 1934, this figure." the note comments sarcastically, "is considered too low considering ' that, on the Reichsbank's statistics, over 500,000,000 reichsmarks worth of bonds should have been purchased during the nine months prior to March alone."
Pointing out that the service the: Dawes many's total maturing foreign obliga tions of 716,000,000 reichsmarks, the note carries a reminder of the German official estimates of the Reich's foreign exchange income this year of 20,000,000 reichsmarks. This esti mate 1s considered too low, anyhow: but, in any event, the service on these two loans. would absorb less than two-fifth of these receipts.
Finally, the note asserts that Germany's export receipts average 350,000,000 to 400,000,000 reichsmarks monthly, only two per cent. of which would be required for the interest on the Dawes and Young Loans.
"wphese facts," the document charges, "give the impression that it is a policy of Germany's to claim that no. foreign exchange resources fare available to meet the service on her cans and then to apply, the resources which should have been used to meet that service to purchase her loans at the low prices resulting from a default."
Britain Anxious to Help The British communication ° also carries reminders that Germany enjoys a favourable trade balance with this country; that Britain has given ample evidence since the war of its desire" to. restore German prosperity and credit; and that the Dawes and Young Loans, being the most unconditional obligations the Reich, can have their interest rate reduced only it Germany re-establishes her own credit.
The German note of June 15, to which the British note of five days later was the answer, has already been made public ina summarized form.
Text read from the printed page and cleaned; old type leaves the occasional error.