Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-04-13
EQU|LIbR|UM IN
BUDCE: E:TSNE:EDE:D
To SAW: EUROPE:
SAYS COMMITTEE
This Must Be Done if the
Situation Is to Be Sta
biIized, Is View of Dele
gates at Genoa Meet,
WORLDLY WIDE PARLEY
OF BANKERS PLANNED
Premier of Ukraine Depicts
the Russian Financial
Condition in Rosy CoIors;
Army Is Reduced,

Genoa, April 12 (by the Associa- =
ted Press) The necessity of bring
ing about equilibrium in national
budgets, If the European situation
is to be stabilized. formed the most
important subject of the discussion
at the meeting today of the sub
commission on finance, at which
Sir Robert Stevenson Horne, the
chairman, proposed an interna-
tlonal conference of the great
banks issuing currency, il Guiding
the American reserve banks.
The commission decided to make
the London experts report the
basis of its deliberations and to ap-
point another subcommittee to eX-
anime exchange, with a second sub
committee to study credits. the
commission itself devoting its
labors to the question of currency.
Creates Commotion.
DR.. Andreas Hermes, the Ger
man minister of finance, created
some commotion by alluding to the
question of reparations. He de-
clared that the Germans had ex-
amined the London report and were
in accord on many points, but wish
ed to emphasize that Germany
would find extreme difficulty in
establishing equilibrium In her
budget while obliged to support
heavy payments externally. Ger
many. he promised, will bring in
practical suggestions later.
A report was current in confer
ence circles that the German chan
cellor, DR. Wirth would return to
Berlin within a few days, concern
ed over internal conditions in that
country and apparently depressed
over the situation at Genoa.
AIludes 10 Disarmament.
On the other hand. Christian
Ralovsky, premier Of Ukraine. de-
picted the Russian financial situa-
tion in rosy colors and seized the
opportunity to allude to disarma-
ment, which the Russians are con-
tending. should have a place on the
agenda. He wanted the world TO
know that the Russian budget was
in very favorable condition as SIX
sevenths OF the expenses were COW
tItu ny VI INNtlldN anu piAiF
the remaining seventh was met by
the issue Of paper currency.
After making the statement that
in two years the Russian army had
been decreased from 100000 to
1,450, 900, he said:
Has, Already Disarmed.
PRUSSIA has already disarmcd,
but all will be useless until the
great masses of gold which really
belong to all countries shall be dis
tributed fairly, instead Of being
concentrated in the bands of a few
nations"
Emil Gluckstadt. Danish delegate,
who was a member of the COM
mission which investigated the fl
uancial situation in Austria urged
the imperative necessity of return
ing rapidly to the gold standard as
the real basis of world currency
and thus bring an equilibrium in
the budgets. He emphasized the
necessity of adopting special meas
ures to restore credit in countries
like Germany, Austria and Hun
gary.
Goal of Conference.
Chairman Horne outlined the
great goal of the conference as:
First, to establish an agreement on
the financial programs of all gov
second. to achieve the
financial equilibrium of the bud
gets of all states. and third. the es-
tablishment Of the gold standard as
an effective monetary unit.
The Russian and German dele
gates announced that they hoped
tomorrow to submit definite sug-
gestions based on the report OF the
T.ondon experts. The days develop
ments showed distinct progress in
the serious application and study
Of the economic problems of Eu-
rope.
Premier Facta Of Italy. president
Of the conference, left tonight for
Milan. where he will confer with |
King Victor Emmanuel