New-York tribune., 1922-05-12

ing to-day for the first time IN history
real and practical character. In such
circumstances there can be no question
Of an impartial super -arbiter. rs &C
cording to the sense Of Clause l tho
role Of super-arbiter would inevitably
be filled by The other interested party.
which would lead fatally to the inter
vention of foreigners in the internal
affairs Of Russia and would be tanta-
mount to the abolition in practice Of
the inviolabiity recognized at the be-
ginning of Clause Z of the regime Of
property existing in Russia.
Furthermore, the Russian delega-
ton denies that Clause 7 has any prac-
teal character. It's presence in the
memorandum can be explained only as
the result of desire to satisfy Ger
tain resentment of class or party. and
not by any means rs Il result of an
adequate knowledge Of the state o~
things in Russia, to say nothing Of the
perpetual conflicts to which it would
give rise between the claimants and the
Russian government and between the
Russian government and the foreign
powers.
Holds Hostility Would Develop
Clause T. far from creating between
the Soviet regime and the capitalistic
the condition OF fruitful collaboration,
would tend only TO poison their rela-
tions The foreigners who went into
Russia, not in consequence Of a friend
~ agreement with the Russian govern
meut in order to work under the pro e
lection of Russian laws, but in virtue
Of the decisions Of mixed court of ar
bitration, would SOON feel general
hostility toward them.
"Tbe Russian government on its part,
in order TO cnahlc the former owners
OF nationalized property to apply their
technical knowledge and capital to the
economic revival OF Russia for their
own advantage. has recognized in them
preferential right in every case
where thcir former property is to be
Lei q ( Tncession, whether under the
TORN OF lease, mixed company
formed by ti--> state and the foreign
capital, or under any other form pro
viding for the participation of foreign
crs.
Small Holders Sacrificed
"Iho Russian delegation further OBJ
serves lhat interested states, in re
serving al their soIicitude for a re-
str,ctcd group of foreign capitalists
and IN manifeStinG an ineXplicable in
ltdHS IS'uul UoClilUt. nave SdCTlICeU q
great number of foreign capitalists de-
sirng 10 profit by the facilities and
guarantees offered to them by the
Russian government in order to return
ANA work in Russia. and they have
sacrificed, as vel the interests Of a
multitude Of small holders Of Russian
bonds and small foreign proprietors
whose property has been natonalizcd
or seQuestratcd. and whom the Rus
alsM government had intended to in
cludo among those the justice and
merit OF whose claims she recognized.
''Fhe Russian delegation cannot re
frain from expressing surprise that
powers like France, which includes the
majority of the small holders of Rus
sian bonds, has insisted most upon
the restitution Of property, thus subor-
dinating the interests OF the small
holders of Russian bonds to those of
certain groups who demand this rcsti-
tuition of property.
"Thc sovereignty Of the Russian
state becomes the plaything Of chance.
1t can be defeated by the decisions of
mixed court of arbitration composed
of Four Foreigners and one Russian.
which Will decide in the last instance
whether the interests OF foreigners are
to be subjected 10 restoration, restitu-
ton or cmniiication"