Full resolution (JPEG) - On this page / på denna sida - IX. New plans for irrigation. Echmiadzin
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NEW PLANS FOR IRRIGATION 219
the Armenian refugees, it would make all the difference if
a similar procedure could be adopted. But here there was
the additional difficulty that the Soviet Governments refused
to have anything to do with the League of Nations ; and
of course wc could not make a proposal of this kind to the
League against the wishes of these Governments. As regards
the general prospects of raising such a loan as this it was
difficult to speak with any certainty ; it would depend mainly
upon the security that could be given for the repayment of
the loan.
The Armenian Government declared that they fully agreed
that a loan would be the best solution of the problem, and
assured us that they would be willing to take a loan of the
kind wc had indicated, if it could be secured on reasonable
conditions and the term for repayment was not too short,
at any rate not shorter than ten years—a proviso wc thought
very reasonable. The loan would be used exclusively for
the purposes named. As to the difficulty that it might have
to be raised through the League of Nations, the Government
did not think this would prove an obstacle, and they promised
to lay the matter before the Government at Moscow. Regard
ing the security offered, the Armenian Government were of
opinion that the value of the land to be cultivated in accordance
with our plans would far exceed the amount of the loan ;
and the yield from the land would be more than sufficient
to pay back the loan in a comparatively short time. Further,
the Government were willing to agree that all taxes and other
dues paid by the settlers on the new land should be applied
to pay the interest and instalments on the loan, if necessary
until the whole was redeemed. Over and above this the
Government and State of Armenia were willing to guarantee
the proper repayment of the loan ; and if it were considered
desirable they were confident that the Soviet Government
in Moscow would likewise give their guarantee, as well as
security in the State Bank of Russia.
The Armenian Government were also willing to make the
following concessions to refugees brought to Armenia in
pursuance of these plans : their property should be exempt
from customs duty, they should have free transport by railway
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