GERMAN CRISIS

Hokitika Guardian, 20 July 1931, Page 5

GERMAN CRISIS

CERMAN PAPERS. [United Press Association. —By Electric Telegraph.—Copyright.] BERLIN, July 17. A new decree has been i sued which compels the newspapers to publish a Government rep.y to their attacks. . The newspapers must pu{)l.sh all of the Government manifestoes and proclamations free of charge. EXPERTS MEETING IN LONDON. LONDON, July 17. Financial experts' representing Britain, Belgium, France, Germany, Italy, Japan and the United States, met at the Treasury this, morning, to examine the outstanding question regarding the methods of giving effect to Mr Hoover’s proposal for one year’s suspension of war debts and reparation payments. Sipee the decision to hold this meeting was taken, fallowing the acceptance in principle by France of the Hoover proposal, the situation has nn-. dergone many changes. , The meeting of experts concluded shortly -after neon, and the following communique was issued;—“The Committee of Experts, set up to consider end recommend measures necessary to give effect to Mr McOver’fc proposals fold si suspension of inter governmental payments, met at the Treasury, this morning. Sir. Frederick Leith Ross was appointed Chairman, It was agreed to set up a special] sub-committee to examine and report on the facts relating to outstanding contracts for deliveries in kind. It was agreed that any Power not represented on .the Committee, should be free to submit in writing a statement of - any special points affecting its interests.”

The , feeling of optimism regarding the outcome of the financial crisis was strengthened somewhat throughout the day.- These have been reflected in the markets and in London. The cheerful tone apparent when the stock markets opened, was maintained to' the close of business. Britsh funds, in particular, were strong and German bonds also recorded a general improvement.

So far, the British Government has not received any official details of the suggestion put forward fiom French sources that 500,000 dollars international loan, secured upon German customs should; be made to Germany. It is obvious that such a proposal would require careful examination in a 11... fts implications.

BANK OF ENGLAND’S POSITION

LONDON, July 17. Tlie “Daily Telegraph,” in an editorial, stresses that the Macmillan report is clear on one point, lUlniely, it Affords not the slightest eiicoUragejnent to the favourite Labour nostrum of nationalisation of the Bank of England as the first stop to public . control of all hanking. The report on tho , contrary pays a tribute to the Bank as independent of political influences, functioning solely in the public interest untinged bv motives of private gain. ' ' '

FRENCH ASSISTANCE

ON CONFERENCE BUSINESS

(■Received this day at 9.25 a.m) " LONDON, July 19. Hon. A. Henderson was compelled to concede to the French insistanca that they would not 'j in the conference unless it confined the discussion to Germany’s financial position. The only alternatives wcfhld have been France’s withdrawal. The R.itish Government desired the discussions to extend far beyond the immediate German position, seizing the great opportunity which the conference presented to deal with the world problem instead of only part thereof. MR HENDERSON OPTIMISTIC. (Received this day at .9.25 a.m)PARIS, July 19. * Mr Henderson prior to leaving for liondbn with Messrs Stimson and Mellon, declared—l am optimistic; as I can he that this afternoon’s FrancoGerman conversations should fac.iliate the London negotiations.