PROGRESS MADE AT BIG CONFERENCE.

Star (Christchurch), Volume XLIV, Issue 173, 23 July 1931, Page 1

PROGRESS MADE AT BIG CONFERENCE.

QUESTION Of CREDITS FOR GERMANY ARE DISCUSSED.

United Press Assn.—By Electric Telegraph—Copyright.

(Received July 23. 9.25 a.m.) LONDON. July 22.

A communique states that the plenary meeting of the Seven-Power Conference further considered methods of restoring confidence in Germany by concerted international co-operation on the basis of the Finance Ministers’ statement.

Progress was made and certain technical questions were referred to the Finance Ministers, who will reconsider them this afternoon and report to the main conference to-morrow. It is semi-officially stated the Ministers’ report was quite short and dealt entirely with the question of supporting German credit and keeping foreign 'short-term credits in Germany. A most interesting discussion concerned the possibility of dealing with the fundamental causes of the crisis, but it was decided that this would occupy overlong and speed was the essence of the situation. All energies should be devoted to German credits. The discussions then dealt with the possibility of recommending redistribution of credits among Germany’s creditors. No decisions were reached.

The conference is likely to conclude to-morrow by outlining the intended measures for relieving Germany’s plight and afterwards forming an international bankers’ committee to deal with technicalities.