The New York herald., 1921-12-31

1. The promotion of a vast inter-
national consortium, under Govern
ment auspices, Of private CONNER
cial, financial and industrial inter-
ests of each country for making pos
sible the exchange of commodities
between producing and semi-pauper
countries.
2. There will be the principle of
equal participation in this con-
scstium by every country so wish
ing, regardless of it's exchange posi-
ton or financial strength. provided
and this principle was unanimously
adopted to-day--it agrees to respect
private property enterprises and to
establish laws to that effect, this be-
ing particularly directed against
Russia and Germany.
3. The right TO be reserved to the
United States to come in on an
equal participation basis if it so de-
sires, and also to Japan and other
European countries.
A. The individual commercial in
terests of these countries having
subscribed to the full extent of their
participation in this gigantic inter-
national combine. orders are to be
taken from consuming countries and
allotted by countries according to
their participation, payment to be
made to the syndicate either In Sc
curities or commodities, which. IN
turn, are to be allotted according to
the extent of participation.
5. 1t was suggested that the capi-
tai be one billion pounds sterling.
Anxious for u. s. to Take Part.
A significant point in the delibera-
tions to-day was the evident anxiety
OF the participants for American CO.
operation, with the implied suggestion
that If American interests refuse to
profit by the opportunity America pos
sibly may be shut off from participa-
ton in the European reconstruction
trade. 1t is proposed that Great Brit
ain. France. Italy. the United States
and Germany, and to a lesser degree,
Belgium and Holland participate.
The plan, in short. contemplates that
should Rumania, for instance. need
railroad equipment for which she was
unable to pay in cash owing to her
deprecated exchange, the order for
the equipment would include condi-
tions for payment to be made. first. in
such commodity as oil. of which Ru-
mania has large stocks, and secondly,
by handing over control In the rail-
road system until the debt was either
paid out of the profits OF operation or.
If bonds were given, by an increased
value given them by the improved con-
ditions of the railroad. Thus the plan
provides rather for barter than for
Of Europe's deprecated
All this would be under the official
auspices of the European Governments.
approval 90 be given formally at the
projected European economic conference,
thus differentiating the scheme from the
So called Ter-meulen and other plans
heretofore adopted. In fact, this con-
sortium which is practically the offshoot
OF the European Governments which are
in control of the continents destinies,
would insure against competition by out
side private firms. If, for instance. an
firm endeavore to compete.
even offering better terms than a firm
In the consortium. there would be needed
only one word from the sponsors OF the
combine to render a deal impossible.
Accepted by All.
Two poinis stand out to-day. First
that the plan was conceived originally
by Sir Robert Kindersley governor OF
the Bank of England. under the inspira-
ton of the British Prime Minister. Mr..
Lloyd George. and was accepted In prin-
riple by delegates from all European
including France. as n practi-
,al suggestion for the reorganization OF
Europe. This suggests that the plan
will be strongly recommended 10 the
Premiors when they meet at Cannes
next week. Second. that the delegates
favored welcoming Russia
INTO the plan II she will only agree TO
he principles OF private property rights
demanded
The acceptance by Louis Loucheur.
French Minister Of the Liberated Re-
yions. and French industrial leaders OF
his principle is OF the utmost signifi-
,ance. foreshadowing. II Leninc stands
~ his latest declaration OF principles.
he admission OF Russia to the proposed
European conference.
The British delegation here Is jubilant
1t the results achieved Mt the confer
,nce this afternoon in the acceptance
N principle of the plan.
Everything so far is quite as adj
sanced az can be hoped for declared
Lord Inverforth, the prominent British
to THE NEW York HERALD
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