The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-04-14
BRITISH BANKERS
SERVE WARNING
ON GOVERNMENT
Present Views On Eve Of
Anglo-Russian Debt
Farley
DEMAND SOVIETS
RECOGNIZE DEBTS
Declare Business Men
Must Deal With Russians
Without Interference
BY CHARLES nj. M'CANN
LEASED Wire to The Age Herald

LONDON, April 13.--On the eve Of
the opening Of the Anglo Russian debt
conference. a group of leading British
bankers have emphatically informed
the labor government that trade with
Russias will remain strictly limited un-
less Russia resumes the. accepted
methods Of intercourse common through
out the world
The conference, which will discuss
Britain's war and pre-war claims on
Russia and Russia's counter-claims,
opens Monday morning. Premier Mac
Donald will preside at the first meeting I;
Christian Rakovsky heads the Russian
delegation. The conference will iron
out debt questions which remain to be
settled following Britain's recognition
of Russia.
The views Of the British bankers
were voiced Sunday in a letter to Pre-
mier Macdonald signed by Reginald
McKenna. chairman of the London
City and Midland bank and head of the
experts committee No. 2, which report
ed on German finances; Walter Leaf,
chairman of the Westminster hank !;
e. c. Grenfell and Sir Charles Adds,
director of the Bank of England, and
other prominent figures in the banking
world.
They presented the following views
as correctly interpreting the general
opinion of the financial community of
the country regarding restoring Rus
STA to normalcy:
I. Recognition of debts by Russia.
2. Restitution Of private property.
3. Reconstruction of the judicial
4. No confiscation of property in the
future.
8. British bankers and business men
must be permitted to deal freely with
private Russians without interference
by the soviet government.
@. The soviet government must aban-
don propaganda.
Process To Be Gradual
When these conditions are estab-
lisiied confidence will begin to be re-
stored and the flow of credit will com
mence." the bankers letter read. But
the process will be gradual. Credit and
confidence can be destroyed at blow !;
they take years to restore, .
.sAIorenyer actual conditions in
Brft9in and the world Impose iifnitas
tons on the supply Of capital and credit.
which It is well to recognize
The bankers declare that Russia sp.
parently has an impression that an
agreement with Britain means that great
sums of capital will be available inn
mediately, but point out that this i'm
preston is mistaken one. The bank
ers also show that forms of assistance,
firstly in credits. and secondly. perma-
nent capital in the form of investments.
do not come from banks, but from pri-
vate investors and traders who only in
vest where they know their money is
safe.
The letter states that Russia is al
ready obtaining limited credits for raw
materials and that If she accepts the
program presented her confidence viii
return and capital will begin to flow
again.
If the confidence proves justified this
flow of capital will increase rapidly.
the bankers say, but if Russia does not
accept the program, trade will continue
strictly limited and Russian recovery,
which depends on the resumption of ac-
cepted methods of intercourse common
throughout the world, will be indefinite.
ly DELAYED"