EPIC CONTEST

Hawera Star, Volume XLIX, 29 August 1929, Page 5

EPIC CONTEST

WON BY MR. SNOWDEN. REPARATION SETTLEMENT. AN AGREEMENT REACHED. (United Press Association —By Electric Telegraph Copyright.) (Australian Press Association.) LONDON, Aug. 28. It is generally admitted that the Rt. Hon. Philip Snowden and the Rt. Ho-n. W. A. Graham have won an epic contest by a wonderful rush in the straight at the last lap at the reparations conference at 1.35 a.m. to-day. Under the proposed settlement readied by the conference Great Britain secure® £1,800,000 from sums guaranteed by the other creditor Powers. Great Britain also receives £900,000 from the balance of unconditional annuities under the Young plan, and finally £2,100,000 wiU be available by rearranging (subject to Germany’s consent) the annual amount of the unconditional annuity without increasing the aggregate total, so that the amount for meeting the services of the Dawes loan will be a fixed sum each year. Thus Great Britain has received a total of £4,500.000, or. 96,000,000 mark.

DRAMATIC MIDNIGHT MEETING

TERMS CONSIDERED SATISFACTORY.

THE HAGUE, Aug. 28. It was first reported that an agreement had. heen reached on the .basis of Britain receiving 75 ’per cent, of her demands and Germany being guaranteed complete evacuation of the Rhineland on June 30, 1930. The official British delegation state the basis of the agreement is that the other creditor Powers (by an adjust- 1 ment to he made with Germany within the framework of the Young plan) rill provide sums which will enable Great Britain to receive a, total of 96,000,000 marks as an unconditional annuity. Further, the Italian delegation undertakes that the Italian State railways will purchase 1,000,000 tons of British coal yearly for three years at the best British free market prices ruling at the date of the contracts. A final agreement is being prepared, but the conference has broken up for the night and. the five Powers will meet the German delegates in the morning. The Foreign Secretary (Rt. Hon. A. Henderson) states he considers the settlement very satisfactory. Air Snowden to loudly cheered as he left Binnenhof.

The untiring mediation of M. Jaspar. -the Belgian delegate, is largely responsible for the settlement.

The French Ministry of the Interior has ordered the cinemas to refrain from screening ia. news gazette showing Mr Snowden at The Hogue because of the fear that it would provoke hostile demonstrations ; perhaps riots. / It is agreed Mr Snowden has won a great victory, says a later message. It was he who suggested a decisive meeting and who showed the way, averting an impasse arising from the Powers’ refusal. They believed he meant what he said.

The debate -began, in an atmosphere of gloom and despair. Not one person in ten believed a solution was possible. There was a dramatic touch at midnight when the Germans were summoned by telephone, indicating that an adjustment of the British and the four Powers’ viewpoint had been reached'. Both M. Briand and Hr. Stresemann had previously implored a settlement to save political and financial chaos. Mr Snowden followed, assuring the conference that ho desired only just and equitable treatment for Britain, which the Young plan omitted. Then he outlined a scheme which, subject to Germany’s consent, would give Britain 80 per cent, of her claims, which was acceptable to him.

COST OF RHINELAND OCCUPATION.

GERMANY REFUSES TO PAY AFTER SEPTEMBER. Received 10.15 a.m. to-day. THE HAGUE, Aug. 28. It is reported that Germany’s refusal to pay the costs of the Rhineland _ occupation after September 1 is proving a stumbling block, but M. Loucheur, emerging at luncheon time from the conference, whispered that all is going well.