The New York herald., 1922-04-17
TALK MORATORIUM
Experts Virtually Have
Agreed to One to
Extend for Four
Years.
BRITAIN A DISSENTER
French, Belgians and Ger
mans Reported Agreed
on Plans.
TEN BILLION GOLD MARKS
British Propose Second Con-
ference With U. s. for
Debt Problem.
Ten BILLION GOLD MARKS

specin, Gable to THE NEw YORK HEnAIp
Copyright, 1929, Jy THE NEw YoHK HEnALD.
GENOA, April 16.-With Russian
settlement delayed again by the dill.
atory tactics Of the Soviet delegation
the interest this week promises to be
focused on international loans. The
discussion of this issue, it now de-
velops, will not be under the auspices
of the Reparations Commission but
of the conference itself. A small
committee of experts has been named
by the financial subcommission OF
the conference to discuss credits and
loans. Carl Bergman. Germany's
leading reparations authority, is
member, as we'll as M. Wissering Of
the Netherlands Bank.
The report that this committee is
discussing four year moratorium
and an international loan was veri-
fed to-day, and also the fact that
France, Belgium and Germany agree
in the main but are opposed by Eng
land.
1t was stated by the Germans that
NJ. cDelacroix, the Belgian member
.; the Reparations Commission. was
chairman of this committee. The
French delegates said that M. Della
oroix Is in Paris and has been made
chairman of the subcommittee OF
the Reparations Committee to study
a similar question.
RcparatIons Loom Lnrgc.
The main fact. however, is not
altered. Reparations are being dis
cussed here. and the question is
bound to rise in Importance in the
course of the next few days. Some
one close to the French delegation
said to-day that it was true that GER
tain French experts favored mora
torium and loan, but that France
would not push it until after the
conference.
| 1t is no prearranged strategy but
the weighty pressure OF facts which
Las brought about this radical meta
nlorphosis in the conference. When
the conference opened Russia was
the central theme and Germany was
| II the background. The Russian
question can now be said to have
been driven into an inferior posi-
tion. and the men who know the
British mind here are announcing
/ that 1t really matters little to the
world what financial adjustment Is
made with Russia The German
question is what every one wanted
settled The British have now
brought up the scheme of a second
conference, at which the entire debt
problem is TO be solved. This post
pones settling the Russian debt ques-
tion and is intended to bring America
back to Europe.
Germany Ready TO Agree.
The paramount consideration at the
present stage OF the discussion il
whether such a loan could be floated.
II is said that Germany is ready to
agree to some form OF guaranty as
demanded by the French, either in tho
form Of customs control or mort
gage of railways or industrial prop
erty.
I Frank a. Vanderlip was asked last
week 70 give his opinion as to how
such loan would be looked upon b.
American banking circles lie told
The New YORK HERALD correspondent
to-day that he had replied that Amer
leans would be sSeptcal about tho
soundncss OF lending money to a
debtor tho size of whose debt Is un-
known.
The same sllepticism IS said to color
the Judgment OF NJ. wisscring. and on
his opinion rests the chance of loan
meeting tho favor Of England. III NJ
\ wisscring approves tho loan. It was
said to-day. the English probably
could be induced to abandon their op.
position.
TIE British base their opposition Oh
the general thesis with which they
came TO the conference. namely, that
the reparations, the moratorium and
4 the loan are only figments Of ono gen
eral problem Of debts. They want the
debts discussed as soon as practicable.
not only the debts OF Germany to tho
Y Atiios. bui OF tho Allies among thcm-
md of The Allies to America