LONDON CONFERENCE

Hokitika Guardian, 22 July 1931, Page 6

LONDON CONFERENCE

SEVEN! POWERS MEET. (British Official Wireless.) RUGBY, July 20. Within an hour of their arrival at Victoria to-night, delegates from France, .Germany, Italy and Belgium, who came from Paris to attend the Seven-Power Conference on the German financial situation, re-assembled in company with representatives of Britain, America and Japan. A communique issued at the conclusion of the sitting stated that Mr MaicDonaid as President of the conference, outlined the origins of the crisis, and the importance of the task confronting them. Afterwards M. Laval gave the conference an account of the meetings which had taken place in Paris,, and explained the. spirit in which the .conversations between the French and German Ministers had been carried out. \ Dr. Bruening confirmed the need for co-operation, and expressed gratitude for the opportunity 'of the Paris conversations. ... : ■ •, ; Questions of procedure were then discussed and the meeting adjourned until' to-morrow morning at the Foreign Office. In opening the ’proceedings," Mr MacDonald expressed the view that for' good or ill, the . present moment might prove one of the turning points in the world’s history, for if no solution were found of the present crisis, the political and financial dangers which might follow could not be foretold. If a solution were found, then it would be striking proof of the growing effectiveness of international co-operation. He recalled how in the past two years the unprecedented fall in prices among practically all the primary commodities had thrown out of gear I the economic life of the world:. This accentuated the burden of debts, and led to difficulties for all debtor coring, tries. The effects were most acutely, felt by international, industrial and. j financial Spates, and the special posi-/. Germany, both as an exporting , and as a debtor State, had involved her to a supreme degree in all the problems which other States had to face in a less critical manner. '■

THE PROBLEM. STATED

' EUROPEAN CRASH IMMINENT. GERMANY’S CREDITORS SCARED RUGBY, July. 20. i lr ri speech at the opening of the Sever Power Conference, said that the Get 5 man Government had increased taxation, hut last mqnth they had fell bound to declare that unless the sit uation. improved., they would, have tf use their right, under the Young Plan;; to declare a postponement of then liabilites. This had- alarmed the for eign lenders, on whom Germany bar largely depended during the past sis years and, then withdrawals of short term credits ensued on a large scale, When the , German situation appeared to he almost hopeless, £here had come the dramatic ahnoucement of President Hoover’s offer which, he said, history would pronounce as an act oi rare courage and statesmanship. It'had been estimated, saidl Mr MacDonald, that Germany had lost from one hundred and fifty million to two hundred million pounds sterling, what was over the equivalent of over two years reparation payments. The trickle of exchange purchases grew into a torrent, until the inevitable breakdown' occurred!.' Thus,, they now must not merely cons ider measures for putting into\effect .M¥ Hoover’s proposals, but also the emergency which had since developed in' Germany: Otherwise the., ffood could 'not be' stemmed before the- whole /'of Central Europe with consequences, social and political, as'/well - a's - : pure]y financial, that it was impossible to estimate, Their task briefly stated 1 , was to restore the confidence of foreign investors in Germany. Clearly this problem had both a political and a financial side. Though the conference wais to be concentrated on the latter side, they had met in a spirit of co-opera-tive goodwill, determined to reach an agreement not oidy meeting requirements of the present crisis, but to make, an effort to pacify Europe’s disturbed mind. They must candidly admit that there were . some things which their respective public opinions would not permit them to do. They were not at the conference to enforce, or defeat or humiliate, but to consider the .problems objectively; to remember that they were in essentials, interdependent, and to . find accommodation upon something to which their various Parliaments would agree.

'.“As regards the financial aspect of the ■ crisis,” he said, “the question of what can he done must largely be 'reserved for the bankers and the financiers.” He could only speak in general terms. There seemed to be two main alternatives. One was to find a means of providing new loans or credits to Germany. That was a matter which had been under consideration in Paris. He was told that there were difficulties which would have to be surmounted before any loan could be obtained in the market here. They must consider this It might be the solution, or it might not, hut a solution, mutually effective for its purpose, must be found. The other way, lie said/ Would be to attack 'directly the question of whether

by strengthening the internal position of Germany, they could give an assurance of its stability to the outside world, so as not only to prevent the capital that was already in Germany from being withdrawn, but to enable it to be augmented. There was no doubt about Germany’s inherent strength, provided that she had the required capital resources. It was for that purpose that President Hoover had proposed the suspension for one year of all debts and reparations. This represented a very real relief. It might prove insufficient; but that could be examined later. Their first problem was to decide how to put it into effect, with the greatest speed. They must again work from the point which had been reached in Paris. They were all glad of the conference that had been held there between France and Germany, and these should prove of infinite assistance.

STIFF PENALTY IN GERMANY. FOR DELAY IN TAX PAYMENTSBERLIN, July 21. The British United Press says: Germany decreed that five per cent, shall be added to all arrears of taxation each fortnight as from August Ist. U.S.A. PROPOSALS TO HELP GERMANY. WASHINGTON, July 20. Acting-Secretary of State, Mr Castle, said to-day that the United States delegates to the London Conforenca will submit formal suggestions tomorrow for the" relief of Germany in the economic crisis. : GERMAN BANKS. BERLIN, July 20. The re-opening of the hanks brought a queue to tire Municipal Savings Banks, to draw out the maximum of one pound each. The general hanks were very busy all day, but there was no suggestion of a panic. CUSTOMS UNION. GERMAN-AUSTRIAN PROPOSAL. , „ HAGUE, July 20. t. 'Fifteen,. black-robed judges began /tlic hearing, of the Austro-German customs case, which will last for weeks. Interest in the proceedings is. completely swamped by, the Seven-Power, Conference at Loudonj Only, a few of 1 tb'e' hundred journalists promising, to attend, have arrived. GERMANS STRANDED ABROAD. .PARIS, July 20. A thousand German tourists and students unable to exchange marks for francs, were reduced to a condition of despair. They were unable to pay Ti'otel hills or get home" The Genii a'it Embassy will assist them. STEADFAST CONFIDENCE. •f Could stronger proof (if tlio merit' .pf any product fie desired than' the Statement' of grateful ‘endorsers who say'their confidence lias been undimished by lapse of time? These are the kind bf statements that arc' appearing in your local papers for Doan’s Backache Kidney Pills. They are twice-told and confirmed with new enthusiasm. Can any reader doubt the following: j

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