SIGNING THE CONVENTION

Rotorua Morning Post, Volume 2, Issue 271, 11 July 1932, Page 5

SIGNING THE CONVENTION

(Press. Assn.-

— By Telegraph — Copyright) .

Rec. July 9, 5.0 p.m. LAUSANNE, Saturday. To the accompaniment of whirring film cameras, the delegates signed the Convention. Mr. MacDonald, as President, was the first first to advance to the horse shoe table, followed hy tbs representatives of other countries in alphahetical order, and thereafter by representatives of the dominions, including Sir Granville Ryrie and Sir Thomas Wilford. Mr. MacDonald addressing the assembly said "We have written a new page in history. Lausanne is not the last chapter of the old book, but the first chapter of the new one." The world' s wealth lay free for the interchange of trade and anything interfering therewith would he removed, Germany would h'enceforth not be required to pay and to receive nothing in return, but would join with the other payers in the task of bringing back prqsperity to the World. Europe could not exist alone. The agreements signed at Lausanne must have response elsewhere. M. Herriot attributed the success to Mr. MacDonald's influence. He said: "A new spirit in the world would replace violence with reason. The conference had prepared the basis for European reconstruction. The agreement declares that the signatories did not claim that the cessation of reparaiions alone will ensufe peace, but hoped that all' the significant aims so arduously attained, would he understood and appreciated hy all the pacific elements in the world. The agreement covers Germany's provisiori for bonds for £150,000,000 issuable when markets permit. At £90 there is 5 per cent interest and 1 per cent sinking fund. The bonds will be cancelled if they cannot he issued within fifteen years from the date of ratificatiori. The Bank of International Settlement will hold and devote them to a fund for the reconstruction of Europe.