The Washington times., 1924-12-10
Dawes Plan IS
PRAISED BY
0'CONNOR
Head Of Finance Department
Of Y. s. Chamber Of Com
inerce Addresses Rotary

tttOl ~ ttNut SS9Go tNOt4ty
progress Under the Dawes
Plan" was the subject 81 an adj
dress before the Rotary Club. to-
day. by John Jay o'Connor, man.
ager Of the finance department of
the Chamber Of Commerce OF the
United States.
Events Of Europe said Mr..
o'ConRpr. in part. have affected
the lives and fortunes of all our
people. Since we cannot escape
their influence, the major problems
pr this area demand our understand.
ing. The acceptance Of the Dawes
plan by the London conference. the
Rapid organization of its agencies
pr execution. and the initial success
pr their operations, comprise a
ieriestof events Of major Importance
not alone to Germany or the Eu-
'opean continent. but to the world"
Making Progress.
Aftds describing, in some detail
he essential features OF the Dawes
plan and of the London agreement
Fhieh:app the plan, Mr.. O'Con-
Tor reviewed the accomplishments
o date under the new reparations
organizations
'sTirst and foremost, said Mr..
Conner, i progress has been made
oward the restoration Of a spirit
trauas1itity s4ilI western Europe.
The dissemination to secure. final
ettlei snt of the PREPARATION. prob
em OF the other /. major post
var Stems of this; area is steadily
'ncr 81 n i. &.
TIN IL already in hand $780,
POO 40 for GeEfha5ly's repatriation
baJ 1T inaehs first year. mostly
Fec from the successful interna-
ion pan. Most of this sum, as
we'll of Fthe $500 200, 900 or so
of the second sSkaf payment win be
almost entirely within
Germany to finance the new bank
If Issue, to secure stability of the
currency, and to provide essential
deliveries in kind to France, Italy
Ind other countries dependent upon
German raw materials.
THE bank of issue is becoming
we'll established with representation
lpon itsssneral board OF the cred |
tor ard eAfthin neutral countries. |
md Mn & Foreign commissioner |
Wit SEer to enforce provisions Of |
aW Nd statutory regulations reis-
i've TO note issue and reserves, al
houE Administered iong of the bank |
will be IN control Of the Germans. 4
rhe process of replacing the all |
Dut worthless paper marks has !
,een begun SO that one Of the |
list essentials, viz, stable cur |
enAy,l is being met.
-, Railroad Situation Good.
THE government owned German |
ailroAds have been turned over to
private company with a foreign !
ailw&y commissioner with power
o supervise and, if. necessary, to |
:ontroi the German management
There have been turned over TO
ccoifrft of the creditor countries !
more than $4,000 900 900 of first
mortgage railroad bends upon which |
interest and amortization are to be
not out of railroad ee rnings, any
to be charged against :
receipts. III addition,
here have been delivered nearly |
Il ,200,009, 900 of industrial deben-
ures. as the Individual obligations
4 the German in0Cstr'a. concerns, |
which are, required TO meet the |
rrerest and sinking fund require |
i,ents. these payments and the
,riiHinal OF the bonds also being !
;uafpEtesl ny tie German govern /
emf BEYOND, .tlsis. the organiza- |
ion' Of the iIorTnan governments /
Midget to assure moi only that it |
VIC balance hit even provide a /
uraigS to meet the reparation sums !
which later are to be charged |
sainst it. is progressing
Attempts to force production at
he point of the bayonet in the |
2unr>~44aVe ceased, and military
Of this area. to. be COM
,leted within a. year if Germany
'erfornds satisfactorily. has =, been
Permits Adjustments.
"There is considerable elasticity
n che Dawes plan which permits |
adjustments that may be needed as |
result of practical experience.
The agents OF control for the first |
ime have elbow room to work, |
necessitating a conference
# the powers, as formerly, upon +,
PRACTICAL difficulties capable of |
eady adjustment, but which under /
he old system often assumed major
The London confer |
nee provided for alhitral agencies |
o function at practically every
,oirt where frequent or great diff. !
ulties are apt to be encountered.
Germany for the first time knows
he annual PREPARATION sums that
The. lis. expected to provide, and !
- ahng isssas there is no willful de. |
alIlfA she will be permitted to 20
IN without the enforcement of mil. !
arg or even economic, sanctions.
IF any real defects exist in the |
,lan they are not yet apparent. II
s easy t" speculate upon the in.
difficulties said to he
nheEeflt. in the Preparations situa. /
ioA.s That is just the point. What.
ever criticisms have been directed
% the more or less speculative fea. |
ures rot the Dawes plan have in |
themselves been speculative.