New-York tribune., 1920-03-03
Securities To Be Offered
Will Be Made Exempt
From All Claims on Ac-
count of Reparations
Teutons i'm Serious
Plight, Experts Say
Premiers Decide That
Ruin in Berlin Will Inn
peril Future of Europe
Bv Frank Getty

By Frank Getty
From Ths Trtb.~e's Es,epeo~ Bvrsss
Copyright. 1890. New York Tribune Ino.S
LONDON, March 2-Germany is
to be permitted to float huge In
ternational loan in neutral Euro
pean countries and South America
and, if possible, in the United States.
according to information reaching
the Tribune correspondent to-day.
The negotiable securities which tho
Berlin government will put up will
be guaranteed exempt from the
claims of the Allied
powers.
This most sensational Of all tho
decisions Of the London conferences
of the Allied preniers was initiated
by Mr.. Lloyd George. It is believed
to have come as the result Of the
three-day discussions on financial
subjects with the participation Of
financial experts of the Allied coun-
tries, several French ministers and
Baron Moncheur, the Japanese Am
bassador.
Germany's Plight Serious
The decision was reached after the
most serious consideration Of the
economic difficulties Of Central Europe,
and Is taken as an indication Of the
desperate straits Germany and her
allies were said to be In by the En-
tente experts, who recently returned
from Berlin.
Apparently Premier Nitti. the French
spokesman for Premier Millerand and
the Japanese representative were In
accord. Their decision will be sub
mitted to the various Allied countries
for their approval and definite pernlis-
sion to instruct Germany of the de-
cision as soon as favorable replies
have been received from all the Allies.
Financial experts here predict that
the loan will be a success. The Allies
themselves naturally cannot lend Ger
many money with one hand and take
by their acquiescence to the proposed
plan, they virtually guarantee the loan.
and it is expected that the European
neutrals and the wealthy South Amer
lean countries will put up the neces-
sary capital.
The question whether American bank
ers and citizens will subscribe Is an
open one.
Amount Is Not Fixed
There is no indication here Of the sise
of the suggested loan and that question
probably will be left largely to the
German government to decide. The
Allies will not fetter Germany's hands
in any way in connection with the loan
and will not interfere beyond relin-
gushing their claim to securities which
the Berlin government must put up as
a guarantee of capital and interest
LONDON, March (By The Associ-
ated Press).-A noteworthy phase OF
the present meeting Of the peace con-
ference is the changed attitude toward
Germany In high diplomatic circles
it is asserted that the conference has
come to recognize that Germany ruined
would mean a weak spot, and a dan
gerous spot, in Europe.
Great Britain, and personally David
Lloyd George, the British Premier. are
credited with being the chief forces in
bringing about this policy. The French
peace delegation is described as NOV
ing toward this point OF view reluc-
family, although it is moving. 1t is as
serted that the French are less i'm
movable than when NJ. Clemenceau was
at the helm Of state. How to set Ger
many on her feet Is one of the largest
questions the conference is now con-
sidering. 1t is considered probable
that 1t will sanction an international
loan to Germany, but the question of
security Is basic one.
England Expected to Subscribe
1t is expected that plan will be ar
ranged which will offer inducements
70 the rich, smaller neutral countries
to subscribe to q loan. Even England,
her representatives believe, will con-
tribute, officially or unofficially. al
though England's financial commit
ments Of various sorts arising from
the war are greater than those Of any
other nation. One Of the conferees ex-
pressed the opinion to-day that per-
haps German sympathizers in America
at least will come forward with sub
scriptions.
The question Of finally fixing Ger
many's war indemnities at q specific
sum also is being discussed. The be-
lief is being expressed that the Ger
man government can organize its
finances and industries more efficiently
if the German people know exactly what
are their obligations and what they
are to be called upon to pay. This
question was one left by the treaty to
the reparations commission. but the
present idea seems to be that the con-
ference likely will take it out Of the
hands Of the commission.
Interpreters Delay Proceedings
The peace conference is reaching its
decisions more slowly than otherwise
would be the case because Of the diff
eulties Of language, The proceedings
are being conducted In three Ian
guages-English. French and Italian.
There are no members Of the confer
ence who understand al three lam
guages, and few who understand esen
two perfectly. This involves interpret
ing and reinterpreting everything said
at the council table. Even then Il de-
veiops At the next days meeting that
one delegation did not understand
[ Il %ka - ~.