New-York tribune., 1922-12-12

ried cut, although al the same time
Ne stressed the fact that the Paris
conference next month would be work
ing under \ time limit, With the tatAi
date Of January 10 looming eoios-
sally near.
He seemed 70 base chiefly on this
fact his hone the Paris gathering will
be more productive Of results than
this which has Just ended. which ne
summed I'D BIZ saying "it might have
ended better, 4 might have ended
worse"
The announcement Of Adjournment
Of the Premicrs' conversations until
after the holidays was preceded BY
meeting Of the British Cabinet. u as
sembled lust before noon, and Bonar
law explained 10 bis ministerial col
leagues the various phases OF the inter
Allied discussion and laid before them
the suggestion that an adjournment be
AZ that time the situation stood
about like this;
The British had offered 10 forego
the debts owed TO Britain up 70
certain point. provided a reasonable
settlement could be reached with re.
card 10 reparaticns. Mussolini asked
PreInier Law II the British would ae-
cept payment from Italy IN the
bonds Of Germany, and Law rephed
they would, adding. however, II would
be necessary In this case 70 reduce
the reparation total, or else the e
bonds would be utterly worthless.
Nussoijni mentioned $4,000 ,OOO,OOo
marks as a reasonable figure for the
reparation total. Poincare held this
was too little, and Bonar Law Il vas
too much.
French Call Germans Inslncero
The French consistently character
izcd the German note as insineere, tne
Belgians said that Il bad arrived too
late. The British, though agreeing
uith the Belgians in this. then said
that II might serve as a basis Of furth-
or discussion. Poincare held that the
note had been inspired by the German
ipdustrialists in an effort 70 better
their position.
The British reply 70 this was that
Great Britain considered the mote
rood move both on the part Of Chan
eelor Cuno and the German Industrial
ists. for the reason that IL offered
chance Of stRbilizing the marx from
within.
The atmosphere IN which the Pre-
r,iers met and carried on their discus
sion to-day was a favorable one, devoid
of heat, yet Il was apparent from the
start that Il would be impossible 70
reconcile the French and British atti-
tudes At this stage. The British Prime
Minister. however, regarded PoineAres
present plan for occupation OF the kuhr
az more moderate than the one france
presented last summer.
Three Steps to French Plan
The program upon which the French
Premier Is determined now provides
for seizure Of tie Essen-Bochum dis
triet, control Of the customs OF the
Rhineland and supervision Of German
finances. After these steps have been
taken. Poincare said, II would be time
70 grant Germany a moratorium.
None Of the mitigating suggestions
advanced by Bonar Law, Mussolini or
Premier Theunis, Of Belgium, could
move Poincare on this point. he en-
phasized Frances need Of cash in reply,
and pointed 10 Chancellor Cunos ad-
mission that German nationals had
sent money outside their frontier as an
example Of German trickery and an IL
iustration Of the need for taking
strong line with the Germans.
Premier Theunis talked ever the SIT
uation for q long time with Poincare
this morning. but without altering the
Frenehman's views In the least for
political and economic reasons, the BEL
CLANS do not want 20 see France occupy
the Ruhr. Neither, as he made so plain
to-pigbt does Mussolni, whose chief
interest at this conference has been the
question Of Italy's debt 70 England.
MussoIini and Law Agree
MussoIinps proposal for European
stabilization, as he calls II, when boiled
down, is practically the same as bonar
Laws. Under the Italian Premiers
pian, the 9 bonds would be discarded
and German reparations covered oy
Series A and B, representing 2'O0O'OOO'-
600 pounds sterling. The e bonds, rep
resenting 4,i0o,000,O0O pounds steriing'
have never been issued.
II Great Britain should receive these
In payment for the continental debts,
however, she would obviously have
great interest in the commercial re-
covery Of Germany. Though practical
ly worthless now, receipt OF these
bonds would give Great Britain greater
financial stability.
On the whole. Bonar Law feels this
meeting Of the Premlers, despite It's
breakup and the undoubted Acuteness
Of the existing crisis, has not been al
toecther IN vain. In fact, British Of
nelAls generally feel tonight that
progress has been made toward an ulti-
mate settlement. It remains TO be
seen, however, what the political effect
Of the failure 70 reach agreement here
Will be In France, where Loueheur and
others are steadily out cunning for
Preunier Poincare.