UNDER THE YOUNG PLAN

Evening Post, Volume CIX, Issue 125, 29 May 1930, Page 9

UNDER THE YOUNG PLAN

LONDON REPARATIONS LOAN ' STATEMENT.BY SNOWDEN , British Official Wireless. < EUGBY, 27th May. Answering a number of questions regarding the reparations loan under the Young Plan, the Chancellor of the Exchequer, Mr. Philip Snowden, in ithe House of Commons to-day, said that the detailed conditions of the proposed issue of reparation bonds were still under discussion between representatives of the Governments and of the banks concerned, and he could not yet say definitely what the precise form of the bonds would be. The Chancellor said that he had made clear to the British representatives that he could not agree to any modification of the provisions included in the experts' plan with a view to protecting the interests of the market, and in particular that* he would object to any arrangement under which either the principal or the interest on the bonds of foreign issues was payable at the option of the holder in sterling at the par of exchange. Subject to this details of the bonds would have to be settled by agreement consistently with the plan. " It would not have been possible to ensure the success of the loan if no issue had taken plaeo in London, Mr. Snowden continued, and he did not think it would have been reasonable or consistent with the position of London as the financial centre to refuse the issue in London, provided that it was subject to the condition that the proceeds would be paid to the British Excheqaer. Mr. Snowden added that the money subscribed would bo applies! to the redemption of the National Debt.