The Supreme Council of the Allies published on Wednesday an
instructive memorandum on the economic crisis, emphasizing the need for national and individual thrift as the only means of regaining normal conditions. The Allies will continue to super- vise the distribution of food and raw materials for the time being. France is to raise loans for the purpose of restoring her devastated territory, in anticipation of the payments to be made by Germany. More time is to be given to Germany to propose a fixed sum by way of indemnity ; the Reparation Commission may allow her to raise a foreign loan in payment for raw materials and foodstuffs. The Allies declared that " peace and normal economic relations should be re-established as soon as possible throughout Eastern Europe." Unfortunately this ideal cannot be realized so long as the Bolsheviks continue to make war against their neighbours, especially Poland.
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