PEACE AT STAKE.

Taranaki Daily News, 5 May 1922, Page 5

PEACE AT STAKE.

WHAT GENOA MEANS. AGREEMENT IMPERATIVE. AI/TERNATIVE TO WAR. By Teie^rapt.—Press Assn.—Copyright. Received May 4, 7.45 p.m. Capetown, May 3. <?eneral Smuts (Prime Minister), in an interview on the prospect of the Genoa Conferencee, declared that unless Mr. Lloyd George could succeed in modifying the policy of M. Poincare and Tchitcherin disarmament must disappear all over Europe and Armageddon become the only goal of civilisation. He added: ‘‘With all my heart I pray for the victory of Mr. Lloyd George in this struggle. If he fails the results will be lamentable.”—Reuter Service. THE RUSSIAN AGREEMENT. FRANCE LOYAL TO BELGIUM. Received May 4, 9.45 p.m. Paris, May 4. M. Poincaire informed the newspaper Exchange’s correspondent that France will stand firmly by Belgium. “If there is difficulty at Genoa,” he said. “I prefer to resign rather than sacrifice Belgium. * He added that Cabinet, including M. Barthou. was unanimous that France would not sign the Russian memorandum while Belgium refused to sign. M. Barthou returns to Genoa on Fridnr. A DULL SESSION. London, May 3. The Genoa correspondent of the Australian Press Association says the plenary session was dull and the financial transport commission’s reports were adopted without alteration. . The Russians are now considering the Allies’ memorandum. Conference circles do not regard the French action as torpedoing the conference. When Mr. Lloyd George significantly declared the French amendments might lead to a change in the grouping of the Powers, deathlike silence prevailed in the room. There is a belief that the French used the Belgian opposition as the only pretext at hand to withhold approval, after M. Barthou had approved, alleging they could not desert Belgium. The Russians are likely to take time before answering the memorandum; meantime interest centres in what is taking place in Paris. M. Tchitcherin, addressing the plenary session, said the Russian delegates would recommend the Soviet to accept the findings of the various commissions to the utmost capacity of its power. M. BARTHOU’S ATTITUDE. Paris, May 3. M. Barthou, interviewed before leaving for Genoa, said: “I shall only return there in the event of a full agreement of Cabinet with entire approval of my former actions and complete confidence in my future activities.” The Matin is of opinion that M. Barthou will supply the necessary explanations. The idea of a disagreement with Belgium is far from everyone’s thoughts. The Journal says that M. Barthou came to Paris to urge consent to Mr. Lloyd George’s proposals, and found himself faced by colleagues seeking information concerning the strange decisions envisaged ' at Genoa and matters concerning Russia. M. Poincare displayed considerable surprise at them, and informed Brussels of his decisions, also expressing a desire to see a complete agreement established between France and Belgium. The Cabinet decided to support Belgium’s stand at Genoa. VERGING ON DISSOLUTION. Sydney, May 4. The Genoa correspondent of the Morning Post states that the conference is on the verge of dissolution. FINANCIAL REPORT. THE GOLD STANDARD. London, May 3. The Genoa Conference unanimously adopted the report of the Financial Commission. * Sir L. Worthington Evans, in presenting it, said the Commission had not been able to provide a complete and immediate cure, but a definite stage towards recuperation had been reached. Referring to currency, he said the report advised that gold be adopted as the common standard. This was not immediately possible, but was the ultimate object. The essential requisite was the achievement by each country of stability in the value of its currency. The currency resolutions embodied the principle of preventing undue fluctuations in the purchasing power of gold; therefore the purchasing power of currencies should be based on gold. He hoped the conference of the central banks, which had greatly influenced prices, would result in such co-ordination of the credit policy throughout the world as would enable the banks to stabilise a more general level of prices. Sir L. Worthington Evans said that meanwhile the sub-commission had made a useful proposal for the technical improvement of the exchange market, which would facilitate purchase and sale and limit the risks which seriously interfered with trade. Referring to the International Corporation, he said the capital to be subscribed was £20,000,000, controlled by the Central International Corporation, which would be registered under the British company laws and managed by directors nominated by the affiliated national companies. M. Picard said that if the banks studied their vast programme with complete independence of mind they would work much needed reforms. Mr. Lloyd George, alluding to the Transport Commission’a report, said railway managers would meet in Paris at an early date to put into operation technical measures within competence, and to agree to recommend to their Governments measures requiring Government action.