Review of the Month

ON JUNE 7 the German Government handed to the French and Belgians a new proposal for reparations, which offered 1,200,000,000 gold marks annually, to be guaranteed as to 500,000,000 by a mortgage on the national railways, as to another 500,000,000 by a mortgage on industry, commerce, land and factories, and as to 200,000,000 by a luxury tax. The number of years for which this payment should run to be left to settlement by an international conference. This offer was taken under consideration by the French and Belgians, who instituted conversa-tions with the British in the hope of arriving, at some joint action with respect to the Germans. Up to the end of June nothing had been determined. In the meanwhile, the continued French and Belgian occupation of the Ruhr seemed to develop a condition of guerilla warfare, considerable bloodshed occurring throughout the region. The second Lausanne Conference dragged on, the Allies being apparently unable to take any firm, joint stand, while the Turks increased their importunities and managed to get concession after concession. Early in June a revolution occurred in Bulgaria, the previous Government under Premier Stambulisky, based on the agrarian party, being forcibly thrown out by a bourgeois and military combination. This pro-duced considerable disorder in Bulgaria, outside of which country the nature and purpose of the revolution does not appear to be well understood. Stambulisky's partisans offered feeble, isolated resistance to the revolu-tion; in connection with which there was some blood-shed and Stambulisky himself was reported killed, although this was later contradicted. Professor Zan-kof, the new Premier, issued a statement, that the change of the Government was the result of discontent, that the foreign policy of the new Government would be peaceful, and that Bulgaria would continue to fulfill her international obligations, particularly the treaty of Neuilly. It was the opinion of London that the immu-nity from taxation enjoyed by the farmers under the agrarian regime is likely to he superseded by more equi-table taxation, and in general that the bourgeoisie will be better administrators of the public affairs In domestic affairs industrial activity continued at a high rate, but there was distinct relaxation in the demand for raw materials, and also in some manufac-tured goods. During June there were reductions of prices by many of the automobile tire manufacturers. There seemed to be also further contraction in the demand for automobiles.