GERMANY

Hawera Star, Volume XLVIII, 9 August 1924, Page 5

GERMANY

ALLIED DISCUSSIONS. GOOD PROGRESS MADE. STERLING ADVANCES AT NEW YORK. BY CABLE—PRESS ASSOCIATION—COPfBIGHT LONDON, Aug. 7. The newspapers agree that the discussions between the Allied and German delegations are making excellent progress, and no serious hitch is threatened. The Chancellor (Dr W. Marx) and Herr Stresemann exchanged courtesy calls with M. Herriot (the French Premier), this being the first time such exchanges have occurred since the war. Considerable progress was announced at the conclusion of to-day’s sitting of the reparations conference. The Germans agreed to consider a loan as a moral obligation, thereby satisfying one of the essential conditions for the enforcement of the Dawes plan. It is also stated that the Dawes plan, on the request of the Germans will be put into operation on October 5, instead of on October 15. Further progress was made in .the discussion on the reports of the first and second committees, on which an agreement was virtually reached.

WASHINGTON, Aug. 7. It is stated that the United States Ambassador in Britain (Mr. J. Kellog), pursuant to the State Department’s in! structions, has informed' the London conference that the United States desires to participate officially in the proposed Paris meeting to discuss the allocation of the German reparations payments. Thus the United States will have a voice in the determination of the methods of repaying the costs of America’s army of occupation. The State Department lias not yet been informed whether such a subsidiary conference will be held, but it is understood that it will be especially desirous to pursue a solution of the economic problem on the Continent, in view of the distinct advances made at the present parley. This decision, it is believed, and the administration’s avowed willingness to participate therein, will likewise strengthen its hold domestically, because of the widespread eagerness to see a settlement of the reparations question Continued optimistic reports from the London Conference caused the sterling to reach 447 f cents, representing a. gain m excess of two cents within seventytwo hours

The lire gained slightly, but the French and Belgian francs decreased fractionally. Nevertheless French and Belgian bonds advanced to record prices, many Government and municipal •and railroad issues gaining one to three points. Reports of the impending flotation of a Geramn loan caused a scramble for central European loans, on the theory that the former will imnart greatet general stability to the others.