The Birmingham age-herald., 1922-08-06

Is that the four ministers can reach comprehensive solution of them in few hours. London dispatches i'm sist the Balfour note was entirely for Americas information. It was intended, they add. to make Amer ica understand that at least a par tial cancellation of the debts owed to 1t was imperative. The predomi- nant opinion here is that the United States never will consent to this manner of raising the question. Most Frenchmen believe that the best way to enlist Washlngton's interest Is for the European governments to show some aptitude among them selves for first settling the repara- tions debt.
 Forget Ruined Areas.
 Moreover, there Is considerable sur prise because Baifour spoke only of expenditures for the conduct of the war, forgetting that certain nations which served as battle fields. have heavy charges of another kind. Eng land, not in that category. easily can ignore these reconstruction expenses but 1t seems strange to include the United States, whose loans were spent for common cause and for get Frances ruined territories sao- rificed for the same cause.
 Thus we always come back to
 the truth which Hn nSisnd. also
 too often forects, that no final
 solution of the debate is possible
 sniess Germany ts COmpelied to
 put herself into a position to pay.
 BnifOur, indeed, acknowledges
 In one phrase Germany Is the
 .reatest Internn tionsl debtor but
 neither Baifour nor Lloyd 0eosse
 are doing anything to arrange
 for the payment of this dekt
 which lies at the bsse of all.
 England says to the United States: You'd do better not to claim what l owe" and to the European nations; Pay what you owe me because the United States hasn't rsnounced pay. ment," while to Germany she sim- ply says: Wen give you another moratorium. That's the great weak ness in British reasoning.
 Voluntary Bankruptcy.
 Germany has gone into voluntary bankruptcy. Nobody today denies this. She claims insolvency as a state because her budgetary and monetary policies have reduced the mark to worthlessness. She also rs. fuses to pay private creditors al- though the credits owned abroad by Germany total fifteen billion gold marks. Thus everybody in Germany, the government as we'll as the pri- vate individual. works the same de- oeption, and Britain during the last two and one half years has net taken any interest In this situation. She insists on her dshtors paying but disregards Germany's debts. So long as this attitude persists no worth while agreement Is possible and what Is worse the relations between the aIf1es will grow increasingly more tense.
 France during 70 months has been neither exacting nor iolent. but has waited patiently for fixed policy which has never been arrived at Meanwhile despite the fact that Ger many destroyed quarter of her productive capital she has dug into her pocket for ninety billion francs to repair Germanys damages to her soil. If Balfour will not consider this no Amount of notes can bring about that financial accord which the world sorely needs for it's eco homie rebirth.
 These are some of the reasons why do not hope for much from the London conference, but if events should prove me wrong, I'll be much happier than if they prove me right