ALLIES’ CONFERENCE

Manawatu Standard, Volume XLIV, Issue 1076, 24 July 1924, Page 5

ALLIES’ CONFERENCE

FATE STILL IN THE BALANCE. DAWES PLAN CONSIDERED.

LONDON. July 23. The fate of the Dawes plan still hangs in the balance. The Daily Telegraph’s diplomatic writer says that M. Ilerriot, on Monday night, openly stated that- if ho had to ciioose between the forty million loan and the Versailles Treaty he would choose the treaty as lie coqld not compromise the future sovereignity of France, but Belgian statesmen are calmer and more optimistic. M. Theunis immediately got to work upon a new formula, which is likely to be more satisfactory to the bankers, who were told that if they desired special German revenues to be earmarked for the forty million loan Hie Allies would gladly agree. It is stated from French sources that the bankers demand that the question of recognising Germany’s defaults should be taken out of the hands of the Reparations Commission, and it is added that international investors will not subscribe, while there is a risk of the repetition of the conflicts which have been poisoning international life. American Jjfinkors are of tho opinion that publie w will hold aloof if there is any chance of tho money going to France in order to pay reparations, instead of Germany using it to restore her own finances. The Daily Herald says that Mr Edward Norman, representing the Bunk of England, Sir Robert Kin-dersley, representing Lazard Freres, and Mr Lamont, of Morgan's, "Are emphatic in declaring that, they will hot undertake to raise a loan on the present terms. They are anxious that the arrangement should not only have Germany’s formal assent, but also Germany s godwill. On the contrary M. Ileriot i working under intense pressure from Paris. The shadow of M. Poincare is looming cover the conference. t Whatever happens at the full meeting of the Allied Conference to-morrow, as is almost certain that the reports of the three committees appointed last week will be considered.

The financial experts had two long meetings with the bankers’ representatives today regarding the Allies views about security- for the forty million sterling loan. It is expected that the bankers’ views will be submitted at to-morrow’s conference. The bub-cotnmittee of committee number two expects to finish its examination of the question of the restoration of German economic unity to-night in readiness •for the conference’s consideration to-mor-row.—A. and N.Z. cable. AMERICAN BANKERS OPTIMISTIC. NEW YORK, July 23. European exchanges, responding to the optimistic foreign news have' registered a distinct gain, notably sterling, which lias reached 441 i cents- the highest yet for 1924, representing an increase. of nearly three cents within a week. The franc has reached 5 2-10 cents, and others are gaining fractionally. Bankers declare that the market reflects faith in the cable advices indicating that an agreement to the terms of the proposed German loan would be forthcoming. despite the' present bickering of bankers and the conference committees. —A. and N.Z. cable.

GERMANY’S MAIN DESIRE

MONEY BADLY NEEDED. Received Julv 24. 8.55 a.m. LONOX. July 22. Tho Times’s Berlin correspondent says: “Germany naturally welcomes the attitude taken by the bankers at the London Conference since it is .'manifestly designed towards preventing a repetition of the Ruhr adventure. There is even a demand that demonstrations should be held in the Reichstag and elsewhere in order to emphasise that Germany must be secured against the possibility of further French invasion. This, however, is a shortsighted view and not widely held. Germany wants money übove all, and anything delaying the flotation of the loans will be in the nature of a setback to the German hopes.”—Times.