GERMAN CRISIS

Hokitika Guardian, 18 July 1931, Page 5

GERMAN CRISIS

CANKERS’ DECISION.

(.United Press Asoociation.—By Electric Xeleg rapd. —Copyright. J

LONDON, J.uly 17

Leading bankers in London and New York, who have conferred by telephone, have decided to co-operate m iieip.ng Germany to carry on until a larger, settlement is reached. This means that there will be no withdrawals of credits.

FRANCE’S HELP.

POLITICAL GUARANTEE NEEDED. PARIS, July 16. ' The French Cabinet, after a three and a-half hours sitting, has issued a communique declaring conversations between France and Germany will open on Saturday, 18tli inst. , The Communique adds that the Cabinet have studied proposals for enabling France to take the initiative in restoring European credit and confidence, The Cabinet had also examined tile financial guarantees, but political appeasement must accompany them,

£100,01)0,000 LOAN,

PROPOSED FOR GERMANY,

LONDON, July 17. The “Daily Telegraph’s” Paris correspondent understands that France is willing o participate in granting a loan of one hundred million sterling to Germany, to be guaranteed by the Gorman Customs Reveue, the loan being conditional upon there being no new naval or military expenditure incurred by Germany. COLD LEAVES ENGLAND. LONDON, July 17. Aeroplanes have carried gold worth two millions .to the Continent from Croydon. . FOREIGN CURRENCY. DEMANDED AT HAMBURC. RUGBY, July 16. Trouble occurred ',at Hamburg jvhere n-quarter of a million tons of shipping is held up, foregin vessels refusing to unload unless pad in foreign currency.

CENTRAL BANKS’ PART.

RUGBY July 16

. lit the broadcasting talk on the German,, situation Sir Basil Blackett said-: “It is not too late for the situation to be saved, but if tho immediate crisis •is "To ln> overcome, nothing abort oi drastic action and tho united cooperation of all the central banks and Governments can "restore that confi'dence on which alone the peaceful progress of the twentieth century depended.”

SEVEN POWERS.

TO ATTEND THE CONFERENCE LONDON, July 17. .Next Monday will see the greatest gathering of world statesmen in London that has been held since the war. France, Germany, the United States, Italy, Japan, and Belgium, have all accepted the invitations to the conference without hesitation. -• Mr MacDonald' (Prime Minister) hopes that no time will be wasted i n discussing the agenda or the mode of procedure. LONDON, July 16. < {Reports from Berlin state that the announcement of the London Conference or Ministers has awakened u new spirit of optimism in Germany. It is stated that, in view of the new development, Dr Bruening and Dr Curtius will leave Berlin for Paris whence they will proceed to-morrow to London. /

Tlfe .necessity for a full and frank discussion of the situation created by the recent events in Germany has for some time been recognised by the British Government.

The scope of the. task before the conference experts will be restricted to specific questions which niay arise concerning France’s acceptance, in principle, of the Hoover Plan for the suspension of one year of the war debt and reparations payments. The proposed conference of Ministers, which, it is believed, will meet with enthusiastic approval in America, will take a much wider view of the situation, and confidence is expressed that the summoning of the conference will result in some alleviation oi he present position.

Compete information is ’ not yet available as to the representatives attending . the conference, but besides the German an dFrench delegations, Belgium, Italy and Japan will also he represented, anil i tis expected that Mr Stimson will attend on behalf of the United States. British Ministers participating will include, besides Mr MacDonald, Messrs Henderson and Snowden.

The British Government yesterday decided to summon this Conference of Ministers in connection with the outstanding phases of the Hoover plan. The Conference meets on Monday next, July 20,