The New York herald., 1922-01-01
BANKERS PROGRAM
GOES TO PREM|ERS
Initial Capital of Corporation
to Be Twenty Million
Pounds.
U. s. CAN SHARE EQUALLY
Washington Decides to Give
Every Aid Except Taking
official Part.
U. s. CAN SHARE EQUALLY

Special Cable to THE Nxw YORK HEAIp
Copyright, fose. bv THE New YoRK HssALD.
New York Herald Bureau
Paris. Dec. 81.
The British plan for an interna-
tional industrial corporation to cure
Europe's economic ills was adopted
to-day with some notifications by the
conference Of allied bankers and
manufacturing interests here. AS
adopted it will be recommended to the
Allied Supreme Council, but It will be
many months before the plan can be
put into effect should the Premiers
approve 1t.
While unanimity has been reached
ON the outlines of the scheme indica-
tions of future difficulties were OBJ
served to-day. when. after long dis
cussion by the delegates, It was found
impossible TO reach a decision regard
ing the currency in which the capital
of the consortium should be sub
scribed.
iC tdPiAdi iido DCtit tCltd
lively fixed at 10000. 900. but this will
be INCREASED to much larger sum II
the corporation is organized.
The British proposed that the capital
should be in pounds sterling. contending
that three-fourths of the European ma
tions prefer this money. This was Inn
mediately combated by the French.
whereupon the British suggested making
subscriptions optional In francs or
pounds sterling. but the question of cx-
ei,nge Intrr.ded violently into the dis
cu'ssnn. foreshsdowin apparently. the
cessfty OF sta bilIzing francs and even
cther currenci.s for subscription pur-
poses. While this stabilization would
not be official. 1t is believed 1t would
lead to virtually the same effect as a
governmental decree on exchange rates
America May Share Equally.
While the principle OF equal participa-
tion is recognized, II Is admitted here
that the smaller countries will be un-
able to avail themselves Of The oppor-
tunities offered to them to the extent
that the larger countries will be. but to-
day II was definitely decided that Great
Britain, France. Germany and the
United States, II the latter wants TO
come in. must have equal shares In the
corporation.
The idea is that groups OF Industrial
lists be formed In most countries to take
up that country's allotment, but the
German subscription will have to re-
main under the strictest control OF the
Reparation Commission. On this point
the French are understood to be insist
ing. fact which may deter Germany
from promptly accepting the plan.
While the French industrialists have
agreed to the scheme. IL cannot be said
that any great amount Of enthusiasm
has as yet been displayed In French
circles over II. and II Is certain that the
will arouse strong discussion
at the meeting of the Premlers In
Cannes. Before II can be put into ef-
feet the different Governments inter-
csted must formally accept the princi-
pies of protecting private property and
recognition of law and order.
A big point that will come up at
Cannes will be whether the Soviet Gov
ernment shall be invited 20 make such
or promise In return for the
OF participating In the con-
sortium and It's economic operation.
The working out OF further details
with the scheme will be left
to a Franco British organization COM
mlttee. some OF whose members arc go
ing to Cannes for the Supreme Council