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Nelson Evening Mail, Volume LVI, 15 August 1924, Page 5

WHAT IS HAPPENING IN LONDON

DOMINIONS SHOULD CONSIDER

(By Electric Telegraph.—Copyright.) (Auutralnwj and N.Zi. Cant# Association.)

LONDON, August 14

An authority acquainted with the inner history of the London Conferences asks the Dominions to consider whether Mr MacDonald is consciously or uncon-

sciously 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 monarch, and suggests that the dominions should insist on information concerning the status of their nationals in Russia in the event of ratification of the

agreement with them. Regarding the inter-allied conference he asks whether the Dominions’ Governments were fully acquainted with the secret clauses in the proposed treaty. He

declares that. America is endeavouring In exercise a dominant influence to secure her own terms. American bankers think the Joan guarantees under the Dawes scheme are reasonably good, but want the British Government to guarantee the American investors' portion in the event of German default. They also want provisions for wiping out a portion of the inter-allied debts. Are tlm

Dominions content to sa'crifice any part of reparations from Germany or to see the French or other Allied debts partly or wholly wiped out? Both issues are possible under the agreement reached at the London Conference. Such a settlement .might- be disastrous to the Empire’s producing industries, because the industries of Britain, and the Dominions and colonies continue to be saddled with a gigantic debt-, while Germany, France, and Russia have almost no debt. America is anxious for a settlement because she fears an economic crisis might cause the collapse of the export trade owing to tho inflation of credits prices from the excessive accumulation of gold. The proposed agreement would avert an economic crisis and enable- America to develop exports and exploit Europe by financing German industrial enterprises and flooding free trade Britain and the Dominions with cheap goods, undercut-

ting the Empire’s industries. It is reported that the Bank of England and the American Federal Reserve Bank have already agreed to terms for the worldwide restoration of the gold standard after the treaty is signed. Ame-

rican will not export gold but will use British gold for the payment of war debts and to establish credits for financing European industries.