America Stays Out

Sun (Auckland), Volume III, Issue 665, 17 May 1929, Page 9

America Stays Out

PROPOSED REPARATION BANK “INTEREST AND SYMPATHY” (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association) Reed. 9.5 a.m. WASHINGTON, Thurs. The Secretary of State, Mr. H. L. Stimson, declared that Federal Reserve officials must abstain from participation in the work of the proposed international bank, which is being discussed by the reparations experts at Paris. Mr. Stimson stated that while the United States looks with interest and sympathy upon the work progressing at Paris, this Government does not desire to have any American officials participate in .the collection »>t German reparations, through a batik or otherwise. Moreover, Federal Reserve officials would not be permitted to select American representatives to serve on the proposed bank.

DAWES PLAN ABOLITION NEW BRITISH PROPOSAL FORECAST CONTROL OF THE RAILWAYS (Australian and N.Z. rress Association) (United Service) PARIS, Wednesday. The newspaper “Le Matin” predicts that the draft reparation plan prepared by Sir Josiah Stamp, chief British representative on the Committee of Experts on Reparation, proposes that the control under the Dawes plan shall be abolished as soon as a new system is in operation. Also that the German railways shall remain in the hands of an independent company, on the board of which the creditors of Germany shall be represented. The report contains no figures relating to annuities, except deliveries in kind, but it includes a copy of a letter from Dr. Hjalmar Schacht, chief German delegate, to Mr. Owen Young. This states that the German delegates accept the figures Mr. Young suggested on May 6. “Le Matin” says it is by no means certain that the figures will be approved by Germany’s creditors.

MR. YOUNG’S SCHEME DEFINITELY REJECTED BY CANADA REVENUE AUGMENTED (United Service) OTTAWA, Thursday. The Prime Minister, Mr. W. L. Mackenzie King, made it clear today that Canada will not be a consenting party to the new reparation plan evolved by Mr. Owen D. Young, United States representative at the Paris Conference. He said Canada’s revenue had been materially augmented in the past few years and would be for some years to come from German reparation payments.