SOVIET AND BRITAIN.

New Zealand Herald, Volume LXI, Issue 18685, 15 April 1924, Page 9

SOVIET AND BRITAIN.

RESTORATION OT CBEOTC : LONDON BANKERS' SCHEME, RECOGNITION OF DEBTS. SANCTITY OF CONTRACTS. NO STATE CONFISCATION. By Telegraph Association Copyright. (Eeceived 10.5 p.m.)Sub. LONDON. April 13. Leading London bankers have sent a memorandum to the Prime Minister, Mr. Ramsay Mac Donald, explaining by what means Russia's credit with Britain can be restored. They suggest:— (1) That both countries should agree to i recognise public and private debts. (2) An equitable arrangement for the restitution of private property. (3) A proper civil code, established independent of the law courts, to be created, and the sanctity of private contracts again to be firmly established. (4) The Russian Government to guarantee that private property shall, in future be free from the danger of State confiscation. (5) British banks, industrialists and traders to be free to deal without Government interference with similar institutions in Russia controlled by men In whom confidence may be reposed. (6) The Russian Government to abandon propaganda against institutions in other countries : particularly those' from whom she proposes to ask for financial assistance. The official Labour paper, the Daily Herald, in a leader, describes the bankers' manifesto as direct action in its most

barefaced aspect, and as being designed to force the Russian Government to abandon Socialism and restore private enterprise or it will bring the London Conference to naught. This procedure is presenting a pistol to the head of the Russian delegation, the paper declares. It was successful when applied to Queensland. The Premier, Mr. E. G. Theodore, obeyed the banks and got the money Queensland required. "We do not think the Russian Government will be so easily overawed,", continues the Herald. The banks' conditions mean interference in the internal affairs of Russia. If the banks,keep up this foolish attitude we must find means of trading without their assistance, as we cannot afford to lose the Russian market. The British Government can continue to insure British firms against loss for 10 per cent." "' ■: ' '.'., ' .'• - ■