Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-04-14
Money Commission
at Genoa Names
Three Sub Groups

nnanclal commission met III tue dIleT-
noon, Sir Robert Stevenson Horne
presiding, and formed three sub-com-
missions. the first on currency, the
second on credits and the third on ex-
change. Each b-commission in
cludes representatives cf the five in
viting powers and of Germany and
Russia and also five representatives
Of the smaller countries.
For currency, the smaller states are
Holland, Czecho-S lovakia, Denmark,
Finland and Rumania; for credits
Austria, Sweden. Latvia, Spain and
Switzerland; for exchange, Poland.
Jugo -Slavia, Greece, Norway and
Hungary.
At the suggestion Of Chairman
Horne a special consultative commit
tee of eminent experts now in Genoa
commissioners. Sir Basil Blackett,
controller of finance of the British
treasury, was named president of this
advisory group. which includes Pro-
fessor Karl Cassell Of Sweden: NJ
Gather, Of France; Robert H. Brand,
South Africa; Rudolf Havenstein,
Germany; Leopold Dubois, Switzer-
land: NJ. Ayenol, France: Signor BIZ
anchni, Italy: M. Vissering, Holland;
M. Pospisil. Czecho- Slovakia and Sir
Henry Strakosch. England.
Premier Rakovosky of Ukraine, pro-
tested that there was no Russian
member and insisted that Russia had
many capable experts. The chairman
explained that the experts were not
selected for national considerations.
l. When Chairman Horne asked the
Germans and Russians to introduce
their suggestions for amendments to
the London experts report, by An
dreas Hermes the German finance
minister, emphasized the impossible
ity. Of Cermany's balancing her bud
get, bu~dened as she was with for
eign debts, He did not wish to ap-
pear controversial, he said, but mere
ly desired to state a fact.
Russia's suggestions. presented by
NJ. Rakovsky, proved a rather dra-
matte feature Of the session. He
again raised the question of disarma-
Iment, insisting that all attempts to es-
tablish needed equilibrium Of national
budgets We're futile until all countries
gradually disarmed
The chairman rcjoincd that every
! body was entitled to mention the
causes Of his governments budget
| deficit. He might for his part men
ton the burdens of debt owed to
England, on which no interest was
| paid
Sooner or later, declared NJ. Ra-
kovsky, the world must consider dis
| armament. Then at the chairman's
request, he withdrew his disarma-
ment amendment. after which he
| took up the gold standard
Although all the sessions Of the
commission are secret, it was learn
| cd that NJ. Rakovsky proposed a
| monetary convention to terminate the
| increase in the price of gold and de-
| crease in the value Of paper money.
He criticized what he termed the
| capltalistic regime and suggested
many ways of reforming it. He in.
sisted that the only way of reaching
political solution Of the currency
/
| ing the greatest quantity of gold to
make the loans to the poorer coun-
| tries who were deprived of it and
here made particular reference to
| the United States
After recommending that a stable
relation should be fixed between pa
! per currency and the pound sterling
and the dollar. he affirmed that if the
! world wanted to establish a sounder
! currency in Russia, Russia must be
given credit under the form of a
! loan.
| NJ. Patton. a Dutch delegate, jok-
| ingly remarked that he was glad to
learn by NJ. Rakovsky's statement of
yesterday that Russia had practically
| succeeded in balancing her budget;
THolland was unable to boast so
much, and it was evident the world
was badly informed on the real con-
ditions in Russia.
DR.. Camille Peano, Italian minis
ter OF the treasury, spoke of reserve
currency for banks. He proposed
that tho international committee on
banks entitled to issue paper cur
rcncy as contemplated in the Lon
don experts report, should be COM
pleted with representatives Of the
treasures, of the various states, ex-
pressing the hope that the United
States treasury would be represented