New-York tribune., 1921-12-01
Stinnes's Negotiations To
Be Followed by Discus.
sions With Americans
With Regard to Credits
Marks Value i'm
England Advances
Moratorium Proposal for
Germany Receives Brit
ish Cabinets Attention

BERLIN, Nov. sc (By The Associated
Press).-~The executive committee of
the Imperial Union Of German Industry
yesterday discussed the question of
raising credits. During the meeting
Hugo SHINES, the fnancier, made a re-
port concerning his recent visit to Lon
don.
The "Lokal-Anzeiger" saws it was
decided to adopt the proposal made by
the Chancellor to appoint committee
of six members from the financial and
industrial worlds to communicate with
economic circles in Great Britain and
the United States regarding credits.
The union is concerned at present
over a credit for the January payment
OF reparations, but it is especially anx-
lous to find new methods for payments
so that Germany, after the January in
stallment is met will not reach a
similar necessitous condition.
The conferences DR.. Walter Rattle
nau, former German Minister of Re-
construction, is having in London are
viewed here as complementinp recent
visits to London of Hugo SHINES. Di
rector Deutsch of the General Electric
Company and Banker Rothschild and
other financiers and industralists,
whose efforts are expected to result in
radical reversal of the policy of the
Allies as regards reparations.
DR.: Rathenau is supposed to be act
ing IN the interest Of the Wirth gov
ernment in an effort to propose pay
ments in kind as a substitute for the
gold instruments for reparations which
Germany hitherto has been obliged to
pay at the expense Of currency inf1a-
ton. 1t is hoped by DR.. Rathenau ia
persuade the Allies to permit Germany
to make the major part of her obliga-
tory payments in chemicals, dyes
potash and other commodities, thus OBJ
change, and possibly, ultimately, ar
agreement similar to the Wiesbaaen
| agreement,
Meets with Encouragement
Advices received here from London
report that DR.. Rathenaus mission is
{ meeting with encouragement Reports
| of the London negotiations democrat
lied exchange rates to-day and resulted
| in fall of 81 cents in the dollar
Foreign moneys were unloaded in guam
titles at the opening of the Bourse
by recent heavy buyers. This forced all
exchange rates down several points.
From The T,fbune's European Burcou
! Copyright, 1921 New York Tribune Inc
LONDON, Nov. 3o.-The Anglo.Ger-
! man discussions on reparations and
trade resulted to-day in a sharp ap-
| probation in value of the mark, trans
actions being conducted on large
( scale. Witnin two hours of the open
| ing of the London Exchange the rate
had dropped from LOO to $50 pound
sterling, reacting to $50 at the close.
Tonight government offic ais listened
to the suggestions of Sir Robert Horne,
4 Chancellor of the Exchequer; Lord
( D'Abernon, British Ambassador to Bcr-
lin, and Sir John Bradbury, British
member Of ths Reparations Commits
SION. on ii y p'9H of >. German mora
torum of rom iva X $hree years. AS
reported in The r.hsHe 70 day these
three otfirials hnl, lag consultation
witt Dr. W. ter Ri ncnau, former Min
/ istes of Reconstruction in the Wirth
Cabinet, and his secretary, Dr. Simon,
a German economist, wherein not only
| the moratorium question but the
method of raising funds for the rcpa-
rations payment of January 10 and the
Wicsbaden Franco German agreement
were discussed.
Meets British Bankers
To-day DR.. Rathenau had a series of
conferences with British bankers and
manufacturers, Sir Robert Kindersley
director of the Bank of England. &C
companying him on most of his calls
1t is declared probable that Germany
will pay the January installment, as
her industrial chiefs have volunteered
to pledge their plants, but the Feb
ruary payment may be postponed.
Great Britain is expected to recon-
mend to her allies that Germany be
given long extension form of mora
torium, and Dr.. Rathenau probably
| will take such message to the Berlin
government. French newspaper com
ment reflects feeling of mistrust and
suspicion in Paris, and the charge is
made that the British are going be-
hind the back of their ally. This is
CONTINUED on page three)