Housing Prices and Mortgages

On March 3, 1924, under the supervision of the British people, the conference concerning Germany's default was held in London. The countries attending included every nation to which Germany owed reparations, naturally including Australasia.

The conference had only one topic: how to deal with Germany's request to delay its reparations payments.

After the reduction, Germany's reparations amounted to around fifteen billion pounds, of which more than one billion had already been repaid.

Of course, that did not mean all the repayments had been made in currency. They included large quantities of equivalent manufactured industrial goods, mineral resources, and even livestock.

This was a case of having no other choice. Germany had already been exhausted by the war, and it was impossible for the country to produce a fortune of more than fifteen billion pounds in such a short time—unless other nations were willing to lend it the money.

But the problem was that lending a defeated country a large sum to help it pay reparations was obviously a losing proposition. Even the French people would not do such a thing.

What was more, the only country in relatively good financial condition—the United States—was also burdened with massive reparations payments. This made it difficult for the Germans to obtain loans from other countries, and the collection of reparations naturally slowed again and again.

"Everyone, four years ago, we reduced Germany's reparations and gave it three years to restore its domestic economy.

But the results have already given us our answer. Continually yielding is not acceptable. It will give a country that should be punished hope of escaping punishment, while causing the countries that deserve compensation to lose what is rightfully theirs.

I believe we should maintain Germany's reparations quota and urge the German Government to repay this year's reparations as soon