The Sun and the New York herald., 1920-09-24
SEE LITTLE HOPE IN
BRUSSELS MEETING
Germans Welcome Conference,
but Do Not Expect Great
Results.
8 PLANS PUT FORWARD
Reducing Currency Value, In
ternatiOnal Clearing
House or Loan.
Nv RAYMOND SWING.

sidH Correspondent Of TH suN AND NHv
YonK llEhArp. Copyright, 1850, bv TnH suN
AND INV YohK llmALp,
BERIiN, Sept 2S,-Gorman fnanclers
do not expect fundamental results from
the Brussels financial conference, They
welcome the summoning OF such ca
pable body OF economists and also the
broad scope OF tho programme OF the
conference, but they believe the chleI
BENEFITS WIN come from Intimate con-
yersatlons between delegates, rather than
by open sessions
Associates OF the German delegates
said to-day that three outstanding
schemes for the rehabilitation OF Euro
penn finances might cryHtalllze az brus-
sells. These are
1. An arbitrary reduction Of the face
value OF inflated currency, 10 bring u
down 10 gold value.
2, An International clearing house FOR
foreign trade
8. An International loan for the sta.
noatlng debts,
Germans scepticRI Of Result
The German delegates are known 10
he sceptcal regarding the results TO be
derived from amy Of these schemes A
change IN the face value OF currency
would have 10 be undertaken simultan'
oously by all nations whose money was
below par they hold, and this could be
done by Germany for example, only
after passing n law that after n certain
date the mark would be worth ten pfen-
mig, or whatever was It's relative valuH
TO the American dollar. The scheme
however, would be only temporary
measure, Il was argued here, for un-
less the economic diseases In nearly
bankrupt currenoles are cured. II would
be only the beginning OF new cycle or
imitation,
II IA also feared here that any such
International measure would paralyLe
business because OF the uncertainty re-
gardlng what would follow,
BY an International clearing house
tho Germans undertand an institution
would be established which would make
possible the exchange OF raw materials
for hnlshed goods.
socinIiEation OF Industry.
Germans say that TO bo successful this
plan entails the sociallEatlon OF all In
dustry OF every nation, because unless
the entire output OF each nation was
under Government control private initln-
tive could cut In behind and defeat coop
erative ondeavor. Without socializa ton
they see no great gain In departing from
the present system, In which credit rs
extended by private concerns and syndi-
Gates.
The Germans recognize tho urgent
need for an international loan. but feel
that the magnitude OF the loan required
TO bring results is greater than the world
can meet Tho United States and a
few South American republics would
have 10 lend the lions share OF tho
money, and tho bank rate 10 so high and
money 30 expensive that there Is no
prospect OF success In this direction.
The German delegates have gone to
Brussels with the intention 10 keep
reticeht. They will not lay any pro-
gramme before the conference beyond
that embodied In the memoranda al
ready furnished by the Government here.
BRUssELs, Sept 2s.---Promier Della
croix. the chief Belgian delegate at the
Financial Congress. Intends TO submit
scheme for the creation of an interna-
tlonal bank empowered 20 issue against
real guarantees bills payable In gold.
The scheme necessitates in certain cases
direct control Of the receipts proceeding
from these guarantees,