The Birmingham age-herald., 1924-08-04
PRoGREsS AT LONDON

The first great obstacle to agreement at the London conference on the ex. perts' plan of reparations payments, the stipulations of France, appears to have been successfully surmounted. There remains one more test of allied patience and sagacity. It is the winning of Ger man consent and adherence to the pro- gram as outlined. If this second test can be met, then there is every reason in the world to believe that the way is finally open for Europe's return to sol vency.
 The decision to invite the Germans is itself a triumph for intelligence and square dealing. The fact that Germany has hitherto not dealt squarely is no req son why the other powers should simi- larly sin. Furthermore, it is apparent to calm observer that Germany will CO., operate more effectively in a program which has the outward appearance of her voluntary acqwescence, than in pro- gram which has been composed without her participation and forced upon her. It is likely that the chief disputes, when the Germans arrive on Tuesday, will be between the French and the Germans, for the French are most suspicious of their late enemy and most tenacious of all sureties that pave the way to com- pulsory collections in case of default. These questions, however, have been thoroughly threshed out in conference, and France has yielded far more than was earlier predicted.
 There is one factor which gives hope that the German attitude will not be too difficult. That factor is the German gen. eral approval of the experts plan, and the general feeling of optimism that has 1 pervaded Germany ever since the out lines and purposes of the plan have be- come known. The plan shows the Ger mans a way out of the depression and indebtedness which retains the sem- blance of German sovereignty and gives promise of early restoration of business, credit, commerce, and industry. This attitude cannot fail to reduce the pro- portions of disagreements that might otherwise be insurmountable.
 It is easily discerned that the views of the bankers and financiers have been potent in clarifying the minds of the diplomats. The conference is no longer battle of nimble diplomatic wits and covert national purposes. Such tactics may fool the people, but they cannot fool investors who want to make sure that their investments shall be safe. The proper administration of the experts plan calls for a capitalization of two hundred million dollars. The only place where this sum may be obtained is in the United States and from American in- vestors in foreign securities. The bank CTS, as the Representatives of these in- vestOrs, are demanding reliable assurL ance that the securities are properly safeguarded. This is service which ex- tends its benefits far more widely than is contemplated, for if it leads to final agreement among all the powers con cerned it will be a boon to the whole world.
 The counsel of American diplomats and administration officials present in London appears to have been influen- tial far beyond the merely nominal basis of our representation there. It is re- gretted that our formal diplomatic status should be so fragile; and yet it is gratify- ing to know that our position in world affairs by virtue of our command of the worlds money must be recognized. Were it not for that hold upon the attention of the nations, undoubtedly we should now be very deep in the valley of humil- iation. As it is, it is probable that we have contributed to the early return of European sOlvency and to the rehabilita- ton of the worlds markets. Whatever human happiness is involved in that set clement is only additional cause for gr'at- ification over the more hopeful turn the conference has taken.