THE GERMAN LOAN.

Ashburton Guardian, Volume XLV, Issue 10168, 24 July 1924, Page 5

THE GERMAN LOAN.

ATTITUDE OF BANKERS.

FATE OF THE DAWES PLAN.

future policy UNCERTAIN

fPer Press Association —Copyright.) {Received This Day, 8.55 a.m.) ' LONDON, July 22. A Berlin correspondent says Germany naturally welcomed the attitude taken by the'bankers at the London Conference, since-it is manifestly designed towards preventing a repetition of*the Ruhr adventure. There is even a demand that a demonstration should be held in the Reichstag and J in order to emphasise that Germany must be secured against the possibility of further French invasion. _ Ibis, however, is a shortsighted view and not widely held. Germany wants ■ money above all, and anything laying the flotation of the loans anil he in the nature of a set-back to Gei of tho Do.es plan still "** hangs in tlie balance The diplomatic writer of the Daily Telegraph” says M. Hernot on Monday night, openly stated that if he. had to choose between the L 40.000.000 loan and the Treaty of Versailles, Le would choose the Treaty, as he could not compromise the future soveieign y of France. , , ' „ But the Belgian statesmen are calmer and more optimistic. M. xneunis immediately got to work upon a new formula, which is likely t more satisfactory to the bankersubo axe told that if- they desu-e special < SKoTan, e r a Ss for would Sl It l3 is aS stlsed from French sources that the hankers demand that tne question of recognising Germany s defaults should he taken out of the hands of the Reparations Commission. And it is added that international investors will not subscribe while theie nsk of a repetition of the conflicts which are poisoning international life American bankers are of opinion that the public will hold aloof if theie is any chance of the money going to France in order to pay reparations, instead of Germany using it to restore her own finances. . The “Daily Herald says that bn Montagu Norman, Governor of tb© Bank of England, representing the Bank, and Sir Robert Rindersley, re--.presenting Lizard Freres and Lament, associated with J- P. Morgan and Co are emphatic m declaring that they will not undertake to raise the loan on the present terms. They are anxious *ilkt any arrangement should not only have Germany’s formal assent, hut also Germany’s goodwill. On- the contrary, M. Herriot is working under intense pressure from The shadow of M. Poincare is looming over the Conference. Whatever else happens at the full meeting of the Allied Conference tomorrow, it- is almost certain that the reports of the three committees appointed last week will be considered 1 The financial experts had two long meetings with the bankers’ representatives to-day regarding the Dilips vmws about security for the loan. It is expected that the bankeis views will he submitted at to-morrow s

conference. T A sub-committee of Committee lwo expects to finish its examination of the question of the restoration of German economic unity to-nignt, in reaciness for conference consideration tomorrow. (Received This Day, 11.5 a.m.) LONDON, July 23. In anticipation of a- crisis at the Inter-Allied Conference there was the usual crowd of sightseers m DoumngStreet to-day. The principal Allied delegates were closeted with Air Aiac:'Donald and Mr Thomas in the Cabinet room in the morning. It is feared that M. Hernot, while determined not to yield France s right to isolated action in the event of uer■r man default, may accept a compromise which will simply gild the bitter pillThe "Petit Farisien” suggests that M. Herriot will not hesitate to sacrifice +he forty million loan rather than permit encroachment ory the treaty and the sovereignty of France.