Evening star., 1922-05-03
D|SARM|NG SEEN As.
ROAD DTOPEACE AND.
BALANCED BUDGETS
Russ and German Spokesman
Raise Issue in Genoa Parley
Plenary Session.
u. S. AID IS HELD VITAL
TO FINANCIAL REFORM
Imnortant Commissions Make Re-
ports Insuring Long Step Toward
Rehabilitation of Europe.


ports Insuring Long Step Toward
Rehabilitation of Europe.
Iy the Associated Press.
GENOA. May 3.-A report was l.
circulated here today that the
American State Department had
instructed Richard Washburn
Child, American ambassndor to
Italy, to protest against the con-
tents of article of the economic
conference's memorandum to Rus
. sia ns affecting American holders
of property In Russia.
By the Associated Press.
PARIS, May 3-The French gov
ernment has decided to stand BY
Belgium in her opposition to the
terms of the allied memorandum
to Russia on the private property
questions, 1t was Ofacially nn-
nounced after toda;'s cabinet meet
ing. attended by Vice Premier Bnr-
thou. head Of the French deleSa-
tiOn Mt Genoa.
IENo-A, INdy hC oiSai
question bobbed up today in plenary
session of the Genoa conference.
Walter Rathenau, the German for
eign minister, said the worlds trade
must be doubled before conditions
could be bettered. but that this could
not be done while the nations were
jumping at each others throats."
Toh n
Wet Russia declared, in plea for
general disarmament:
only by a policy OF peace can the
nations balance their budget"
He said Russia must insist upon
reservations to the report of the finan-
cial commission of the conference, as
il carried provisions concerning the
league of nations, which Russia did
not recognize. He added that Russia
could not agree to renounce govern
.lnent control over eXcha nge opera
lions.
For Gold Sterilization.
Sir Laming Worthington-E Evans
presented the financial commissions s
report, which he termed as important
to the world as was the Justinian
code Stabilizing of the purchasing
power of gold could not be accom-
plished without American co-opera-
tiOn, he said.
The report, which was adopted, con-
tains nineteen resolutions, among
which is a recommendation that the
Bank of England call meeting OF
the central banks Of issue to regu-
late credit policy and study currency
reform. The resolutions also urge an
-, {al
centralize and coordinate the de-
mand for gold, which should be adopt
ed as the standard for European cur
rencies.
Richard Washburn Child, the Amer
lean ambassador. was among the VS.
itors at the session.
Report ON Transport
The report of the transport COM
missio on, which was presented by For
eign Minister JasDar of Belgium, pro-
Sides for the calling of a railway con-
Tention in Paris to discuss the i'm
PGovement of European trapsporta-
tion. 1t urges the universal adoption
of the Barcelona convention for rail-
way regulation, agreed upon at the
transportation conference of a year
ago.
Lithuania, Rumania, Holland, Por-
tugal, Russia, Germany and many
other countries make reservations
which are more numerous than the
articles of the report. They oner
their unsettled boundaries and vari-
Gus other reasons for their failure to
give the report unreserved approval
and as an explanation OF their ina
hility to indorse the Barcelona reso-
lutions.
The disarmament question was not
generally discussed, except by the
foreign ministers of both Russia and
Germany.
L. S. Participation Held Vital.
The Russian question and other
political subjects were not touched
upon, but the necessity for American
participation in any rehabilitation of
Europe was repeatedly mentioned in
the debate. In connection with the
financial report DR.. Teixeira Gomez
of Portugal ana orner delegates. en-
lean support for European financial
reconstruction.
After the session Prime Minister
LLOYD George of Great Britain de-
clared the work of the two commits
sions as set forth in their report
terial contribution toward reconstruc-
tion of Europe. 1t was satisfactory
to note. he remarked, the way in
which all the powers had accepted. in
such a rapid. businesslike fashion the
far-reaching resolutions OF the two
commissions.
Both the financial and transport
reports adopted provided for interna-
tional conferences to continue the
work of European reconstruction be-
gun here. The financial conference Is
TO embrace the banks Of issue of the
various nations and the hope was
expressed the federal reserve bank of
the United States would be represent
ed in it. This conference will be
held in London, while the transporta-
tion conference for the rehabilitation
of the European railways will take
place in Paris.
Gold Standard Proposed.
Besides the London conference of
banks of issue. the financial report
recommended the holding of another
international financial convention to
study the question of the adoption
of a gold standard. Its main purpose
would be to centralize and coordinate
the demand for gold, so as to.avoid
wide fluctuations in the purchasing
power Of gold. and to devise some
means of economizing its use by main
tanning reserves in the form Of foreign
balances such as a gold exchange
standard or an international clearing
system.
IF the participating countries and
the United States are to use the same
monetary standard" says the report,
mo scheme for stabilizing the pur-
chasing power of the monetary unit
can be effective without co-ordina-
ton of policy between Europe and
the United States, whose cooperation
should be invited.
The draft of the allied proposals to
Russia for the reconstruction OF that
lContfnUed on Pa1o 7SoI1inon Z -