REPARATION CONFERENCE.

New Zealand Herald, Volume LXVI, Issue 20235, 20 April 1929, Page 13

REPARATION CONFERENCE.

AGREEMENT NOT REACHED.

SITUATION CRITICAL.

GERMAN DELEGATE FIRM

OFFER NOT INCREASED

Australian and N.Z. Press Association. (Received April 19, 8.25 p.m.) PARIS, April 10

Reports that the experts' conference on German reparation had resulted in a deadlock spread rapidly, but that scarcely re- J presented tho actual facts, although the N situation is critical. c What happened was that the sub-corn- t mittee which was appointed in an en- t deavour to bridge the gap between the * German and tho Allied proposals failed, after live hours of strenuous work, to I agree. The German delegate, Dr. S'chacht, was courteous but firm, and did not budge , one inch. i Tho sub-committee will report its fail- , ure to-day to the plenary session of experts, who are faced with a responsibility of makiug ai grave decision. If there is no hope of an agreement it will probably wind up the 10-weeks' work of the finest financial brains in Europe with majority and minority reports. , The German offer is at present about equivalent to two-thirds of the sum required to meet the reduced demands of the Allies. It is stated that Dr. Schacht refused to raise his offer by one pfennig. The press reveals that Dr. Schacht, at the eleventh hour, introduced the political element bv making an offer of £82.500.000 a 1 year for 37 years. PARIS PRESS COMMENT. LAST WORD NOT SPOKEN. GERMANY AND RHINELAND. Australian Press Association—United Service (Received April 19. 11.45 p.m.) PARIS, April 19. In commenting on the reparations deadlock the Petit Parisien says it thinks too tragic a view should not be taken, as the Germans have not said their last word. Dr. Schacht has apparently lost control of himself and much time will be required to dispel the dark clouds caused by his maladroitness. The Echo de Paris declares that the German Ambassador, Herr von Hoesch, informed the ioreign Minister, M. Briand, two days before the funeral of Marshal Foch that Germany would not tolerate tho Rhineland Commission longer than 1935 and said Germany would again ask for an immediate relying on expected assistance after the British general election.

DEATH OF DELEGATE. LORD REVELSTOKE. SUDDEN DEMISE IN PARIS. Australian Press Association—United Service (Received April 20, 1.15 a.m.) PARIS. April 19. Lord Revelstoke, the chairman of the British delegates at the reparation conference, was found dead in his bed at 7.30 a.m. to-day. He died from heart disease. Lord Revelstoke was busily engaged yesterday in the events leading to the deadlock. John Baring, second Lord Revelstoke, banker, a director of the Bank of England, was born in 1863, and succeeded to the title in 18S7. He may be said to have been born in banking, tor his greatgrandfather was the founder of the famous firm of Baring Brothers, and his grandfather and father had each in turn been head of the business. It was his father who had to face one of the gravest financial crises in the banking history of London. The firm got into temporary difficulties owing to the heavy demands , on it in 1891 when its liabilities amounted to £28.000,000. Disaster was, however, averted bv the Bank of England advancing £3.000.000 with the backing of a guarantee fund of £15.000.000 underwritten bv the leading London banks. This prompt support gave the firm time to liquidate the necessary assets and prei vented a catastrophe. t When King Edward came to the throne, Lord Revelstoke was given the task of reorganising the Royal finances, and in ' 1908 he was made Receiver-General for - the Duchy of Cornwall, in which post t he undertook a similar financial reorgani- , sation with marked success. After the disastrous earthquake of 1923 in Japan, which imposed a terrible strain on the i resources of that country, Lord Revel-

f stoke with other London experts accepted the onerous task of bringing order out. of financial chaos. lie was presented with a gold cup bv-the Emperor of Japan s in recognition" of his services. 5 When in January, 1929, the question came up of the appointment of British members of the Committee of Experts to J frame proposals for the definite settle--3 inent, of the German reparations proliB lem, Sir J. Stamp and he were chosen, lit 1911 he was made G.0.V.0., and in J024 a Commander of the Legion of Honour. He is succeeded by his brother, z the Hon. Cecil Baring.