German Banker Foiled ULTIMATUM AT THE HAGUE

Sun (Auckland), Volume III, Issue 870, 14 January 1930, Page 9

German Banker Foiled

ULTIMATUM AT THE HAGUE

Torpedo for Conference “BIG SIX“ ADMINISTERS REBUKE AN attempt by Dr. Schacht, the big chief of German banking, to torpedo the conference finalising the Reparations settlement failed decisively. The Germans have agreed to make their monthly payments on the fifteenth of each month.

United l’. A.—By Telegraph—Copyright Reed. 10.45 a.m. THE HAGUE, Mon. Germany has yielded to the experts' request for payments of her reparations on the 15th of each month in return for which she has obtained minor concessions relating to assigned revenues. A Franco-German agreement has been reached whereby in the event of any wilful German default or complete denunciation of the Young Plan, France has the right to utilise the sanctions provided in any existing treaties. Dr. Schacht, President of the Reichsbank, surprised the conference by sending a letter in which he reserves his decision regarding the Reichsbank's co-operation in the International Bank, which is interpreted as refusing co-operation. The “Big Six” are now discussing the German delegates’ alternative proposal that another group of German banks should deposit £5,000,000 interest free, with the International Bank. SEQUESTERED PROPERTY SCHACHT’S MOVE TO SECURE RETURN INTEREST TO DOMINIONS Reed. 1.16 p.m. THE HAGUE, Mon. Dr. Schacht’s ultimatum has an interest to Australia and New Zealand in that he demanded that all partici-

pating countries recognise the rights of private property. This, however, is interpreted as an attack on Mr. Philip Snowden’s refusal to return the £14,000,000 worth of German property sequestrated by Britain and the Dominions, which the German Government recently accepted as final. Dr. Schacht also demanded that The Hague Protocol shall not include a sanctions clause. The ultimatum is regarded as Schacht’s challenge to the German Government. REBUKE FOR SCHACHT ATTEMPT TO TORPEDO CONFERENCE NO INTERFERENCE Reed. 11.15 a.m. GENEVA, Monday. The “Big Six” decided to accept another banking group, the name of which Dr. Curtius, German Chancellor. will supply within 30 hours. This defeats Dr. Schacht’s attempt to torpedo the conference, which resulted in nothing but a severe rebuke to the effect that the “Big Six,” including the Germans, will not tolerate his political interference. All the questions have now practically been settled.