The Hartford republican. (Hartford, Ky.) 18??-1926, 1921-12-02
EXCHANGE PROBLEM
WILL Be DISCUSSED
Bankers Of America and AL
lied Countries To At
tend Conference


a conference OF allied bankers to dis
cuss means of preventing exchange
fluctuations upon the. payment of
German idemnity installments, high
treasury officials said today. The
conference is expected to be called
In London. or Paris. shortly.
An invitation to participate in the
conference was rendered this govern
ment by the banks of issue of Eng
land. France, Italy and other allied
countries. The United States proba-
bly, would not be officially represent
ed, they said. but the presence of an
advisor of the reserve board would
permit the presentation of the Anne
rican viewpoint.
Officials here indicated that 1t was
more than probable that Roland T.
Boyden, observer for this government
before the PREPARATIONS commission,
would be asked to serve as unofficial
representative OF the reserve. board
at the exchange discussions, while
continuing in his present capacity.
Exchange discussion at the coming
conference. officials declared, would
be confined to devislng means OF
avoiding disturbance OF exchange ra-
tics by the payment on the German
indemnity in January and later and
would not include any proposals for
International exchange sterilization.
settlement of the foreign debt propo-
sitions or other world economic prob
lens
The effect upon American exchange
1t was said. had been carefully noted
by the administration
While the possibility of any imme-
date discussion OF international eco
nomic questions tending to world re-
adjustment was discounted both in Of
fetal circles and among the delegates
of the Limitation of ornaments con-
ference. 1t was indicated strongly
that some such International confer
ence may be held later.
Spokesman for both the British and
Italian armament delegations today
declared their governments had no
desire to go beyond the agenda of the
present conference. but indicated
favorable attitude towards later
exchange of views on the war debts.
The attitude of the American gov
eminent towards an international
economic conference was that some
effort must be made to solve the
angle of world difficulties, but not
during the present arms conference.
The administration. II was asserted
takes the opinion that the nations
should first determine whether una
nimity of action could be obtained.
internationally through the present
conference before attempting to ex-
tend the field for concerted action by
the leading countries of the world.
Germany's Future Payments
Germany is required to pay $780,
600, 900 marks of gold on Jan. 1,
1922. and about 100000 marks on
February Is, the latter payment be-
ing the quarterly installment OF the
&c per cent on the estimated value
of German exports during tra last !
quarter of 1921. These payments |
are due unoer the reparatioEs agree /
ment between the allies and Germany /
of last March, of which France is to I
receive So per cent Great Britain 26 I
per cent, Italy 10 per cent, the re-
mainder going to the smaller allied !
and associated states.
The German treasury, according to
authoritative statement in Berlin
feels itself able to cover these pay
ments. but doubts whether its re-
sources will be sufficient to meet in
stallments of the same amount COM
ing due April land May Is, ls22.Au-
thoritatiye opinion in the French ar
mament delegation is that while the
meeting of representatives OF the J
hanks Of issue may give temporary
assistance to Germany on the ques-
zion of exchange. something more
must be done early In
the new year to restore the value oil
the German marks abroad or Ger
many may not be able to meet sub
sequent instaliments
The only solution, 1t is felt, that
might be adequate would be one ar
rived at by an international confer
enee I'm which to assure success the
United States as the dominant finan-
eial power, must take art. The de- u