New-York tribune., 1922-12-17
Officials Declare, However,
Mark Must Be Stabilized
Before Trying to Float
a Loan for Germany
Urge Berlin to Act First
Predict Harding Will Out
line Details of His Plan
After Talk With Harvey
By Arthur S. Draper
-. IA Tgibaneis Yurogeaa. Bureaa

Copyright Atl4s ffN lofA AiA9ehp AHef
LONDON, Dec. ie.-Should Presidsn,
Harding call an international financial
conference at Washington, ss some re-
ports here indicate IL is possible be
may, Il can be stated beyond question
that Great Britain would send repre-
sentstives Authoritative opinion here
is, however, that before any loan can
be made 10 Germany the mark must
be stabilized through internal as well
as external arrangements. This view
coIneides with the best American opin-
ion, according TO reports received here.
II correspondents are accurate in de-
claring. RS they do. that President
Harding will insist on abandonment Of
the French plan for occupation Of the
Ruhr and o sharp scaling down Of
rsparations from Germany ss a prelude
20 any sort Of financial intervention in
Europe, this Ia almost certain % have
tremendously important political re-
actions in France.
New Reparstion Proposals
Meanwhile new reparstion proposals
are expected from Germany before the
eonvening Of the adjourned meeting Of
the Allied pTemiers, set for January z,
at Paris. Herr Bergman, who deliy-
cred the last rejected proposals from
the Cuno government In person at
London. had opportunity on that oeea-
sion 10 get the view5 Of the british
government on this subject, and II Is
believed that the results Of his visit
will serve as q basis for the fortheom-
ing Gernan suggestions.
Great Britain does not expect any
concrete American proposals before
Ambassador Harvey reaches Washing
ton and has had a chance TO confer
with his government. This means thai
no oficial suggestions for the hnancial
and economic stabilizstion OF Europe
will be Forthcoming from the United
States prior 70 the January meeting
Of the premiers, and the British gov
ernmept is proceeding with its plans
for that gathering in accordance.
There has been no change Of policy
here since the premiers meeting was
inconelusiyely adjourned last Monday
md none Is contemplated.
SO far as knowledge Of what plans
President Harding may have ih mind
for American action in the present
crisis Is concerned, the government
here 10 without any advieeS beyond tho
news reports appearing in the press.
Stress Is laid, however, upon the fact
that J. P. Morgan, who Is always prom
inently mentioned in connection with
M.Nt - ~ NJ
loan, was present az the Paris hnan-
elai conference which brought to-
gether some of the leading bankers Of
the world six months ago 20 consider
this very problem, and that a. that
time ne considered conditions unfavor-
able for a loan. With the exception
that the political atmosphere between
London and Paris now seems somewhat
clearer. there has been no real ehanga
for the better In the European situa-
tion since then.
Germany Must act First
Officials here all declare that Ger
many must take the initiative in
stabilizinR the mark. Until this Is
done the situation will remain un~
satisfactory, they say, and the British
government will approach all plans
looking 10 an international loan for
Germany with extreme caution.
This, however, should by no means
be interpreted as an indication that
the British are either cold or indif-
ferent 10 the news from Washington.
On the contrary, there have been no
reports from the United States IN many
months which have been studied more
closely than the important ones Of the
last few days. Ambassador Geddes
has been asked, also, to supplement
these reports from the British En-
bassy at Washington.
Next 20 the news from America,
members Of the Bonsr Law govern
ment naturally found their greatest in
terest to-day in snalyzing the speech
Of Premier POineaTe to the Freneh
Chamber last evening and the vote OF
confidence which he received following
II, despite the attack made on him BY
Andre Tardieu.
Much satisfaction Is felt IN govern
ment circles over the assurance that
public opinion IN Great Britain IL
united behind the government stand
IN this matter. Cause for eongratula-
tion was found, too. In the fact that
the news from the United States has
caused the mark 10 show consider
able appreciation to-day, while the
franc also improved.
Il is harmed that Ambassador Har-
vey expects 20 make his stay In
America an extremely short one.
/ Should the United States be repre-
sented 81 the Paris meeting on jan
uary 2 Il 10 understood that Alnbss-
sador Herrick, who Is on the ground,
will act as the American observer.
NJ I" IL rV1