THE DOMINIONS.

Hawera Star, Volume XLVIII, 15 August 1924, Page 9

THE DOMINIONS.

ARE THEY BEING SACRIFICED? WEAKNESS OF LABOUR GOVERNMENT. BY CABLE—PRESS ASSOCIATION—COPYRIGHT Received Aug. 15, 9.25 a.m. LONDON, Aug. 14. An authority acquainted with the inner history of London conferences + l u e Dwninions to consider whether Mr MacDonald is consciously or unconsciously sacrificing their interests to secure a European settlement at any price. He asserts that the King’s name was excluded from the provisional Anglo-Soviet agreement because the Soviet refused to make an agreement with a monarchy, and suggests that the Dominions should insist on information concerning the status of then; nationals in Russia in the event °i. the ratification of the agreement with them.

Regarding the inter-Allied Conference, he asks whether the Dominion Governments were fully acquainted lth the secret clauses in the proposed treaty. He declares that A’merica is endeavouring to exercise a dominant influence to secure her own terms American bankers think the loan guai antees under the Dawes scheme are reasonably good, but want the British Government to guarantee the American investors’ portion in the event of a German default. They also want- provisions wiping out a portion of the inter-Allied debts. Are the Dominions content to sacrifice any part °t the reparations from Germany or see. the French or other Allied debts partly or wholly wiped out. Both issues are possible under the agreement reached at the London Conference, a settlement might be disastrous to the Empire’s producing industries, because the industries of Britain and her Dominions and colonies continue rf dd ed w,th a gigantic debt, while Germany, France and Russia have almost no ~-debt. America is anxious for a settlement, because she tears an economic crisis might cause the collapse of export trade owing to inflations of credits and prices from an excessive accumulation of gold. The proposed agreement would avert an economic crisis, and enable America to develop her exports and exploit Europe hy financing German industrial enterprises, flooding free trade Britain and the Dominions with cheap goods and undercutting the Empire’s industries. It is reported that the Bank of England and the American Federal Reserve Bank have already agreed to terms for a world-wide restoration of the gold standard after the treaty is signed America will not export gold but Wll i use British gold for the pavcrehH,offn Va fi debt - S to establish cieidts f°i financing European industries.—Sydney Sun Cables,