MORATORIUM DETAILS

Greymouth Evening Star, 9 July 1931, Page 5

MORATORIUM DETAILS

GATHERING OF EXPERTS NEED FOR HURRY [OFFICIAL wireless.] RUGBY, July 8. Discussions with the French Government regarding the proposed meeting in London of experts from the Governments of the Powers which are. parties to the Young Plan, are proceeding. It will be the duty of the experts to examine the matters upon which the observations of French Government were attached to the announcement of the agreement ■with America on President. Hoover’s proposal. While it is recognised in Paris that a, conference of Ministers must follow the meeting of experts, a final reply from the’ French Government is necessary before, dates and other details may be arranged. Meanwhile, the view is expressed in Paris that the suggested period of one week may prove insufficient for the experts. “The Morning ..Post” says: Everybody will cordially endorse the satisfaction with which President Hoover welcomed the Franco-American ments, but if the universal enthusiasm with which President Hoover’s proposal was at first received is to be revived, further delays must at all costs, be avoided. It. is, therefore, urgently to be hoped that the conference to settle the final details of the scheme will be held most promptly, and that it will promptly roach its conclusions. The Hoover moratorium, provided it. comes into immediate operation will undoubtedly confer incalculable advantages upon the muchharassed world.

The meeting in London of the experts will open on July 17. Three main points for investigation by the experts involve matters which do not directly concern the American Government. Firstly, the demand for common action by the principal central banks through the Bank of International Settlements, to organise assistance for European countries, particularly affected by the proposed suspension of payments; * secondly, the question of a guarantee fund; thirdly, technical adjustments in regard io deliveries in kind, to ’ reconcile actual needs .with the spirit of President Hoover’s proposal. On the completion of their work by the experts, a. conference of Ministers will be called, but no date has yet been fixed for such a meeting.’ U.S.A. “OBSERVER.” WASHINGTON, July 8. Acting-Secretary Castle, announced to-day that the United States Government" will send an observer to the technical experts’ committee, meeting in London. GERMAN FINANCE RESTORATION OF CREDIT. [BY CABLE —PRESS ASSN. —COPYRIGHT.] "LONDON, July 8. Financial authorities express the opinion that the delay in the acceptance of President, Hoover’s plan, and the qualifications now made therein, have minimised tho full gains which would have followed a prompt allround acceptance. Funds have left Germany which might have been retained. It is difficult now io stop the exodus, and tho tasks of the Central Banks are made harder by the action of the French Government. Reports from Berlin state that a. fight from the mark, in the form of withdrawals from the Reich Bank to foreign currency reserves, has continued unabated. Tuesday's withdrawals amounted to three and a-half million sterling. With a view to a. restoration of German credit, a. thousand business men, industrialists, and bankers have sent a letter to Herr Luther, offering to ’guarantee twenty-five million sterling with (he Gold Discount Bank. Herr Luther, in accepting this offer, says that necrissary measures to create new and strong credit for tho institution will be taken most speedily in order to show the world that Germany is making a great internal effort t.o re-establish herself financially.

COTTON COMPANY’S FAILURE

BERLIN. July 8

The tonic effect of the Hoover plan agreement was offset by the collapse of the North German Cotton Company, threatening serious conseouences to the industry. The Company’s losses total eleven million sterling. The capital reserves of five millions were wiped out. German banks are among the largest creditors. PROTECTION OF POLICE (Recd. Julv fl, 11 a.m.). BERLIN, July S. Alarmed by the number of police killed in conflicts with political extremists, Herr Severing, the Prussian Minister of Interior, ordered the Berlin police officers to shoot to kill oi \Vound. , ... . Formerly’ they were only permitted to fire blanks. 'He promises full protection to all officers so doing.