The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-02-09
Seven Nations Join in
Greatest Financial Farley
in History.
EFFECTS WORLD WIDE
3OO,O0O,000 People viii Be
Influenced by Decision
on Germany'S Debts.
BY WEBB MILLER,

United Press staff Correspondent
PARIS, Feb. 9.-The greatest
financial conference the world ever
has known opened informally in the
Gold room of the Bank Of France
today.
This meeting, taking the form of
a luncheon gathering, will be fol-
lowed by the first plenary session of
the reparations experts Monday,
when the question of Germany's
final settlement of war obligations
under the terms of the Versailles
treaty will be considered.
The conference Of reparations ex-
perts is intended to culminate liqui-
dation of the vast series of financial
problems which have disturbed in
ternational economic and political
relations during the ten years which
have interviewed since the armistice.
The financial experts of seven
great nations have gathered for
this purpose. France, England, Ger
many, Italy, Belgium, Japan and
the United States are represented.
Young May Be Chairman
Owen D. Young and ]. P. Morgan,
American unofficial delegates to the
conference, were in seclusion until
the meeting. Young has been talked
of as the general choice for chair
man of the commission.
The following experts will repre-
sent the various powers at the con-
ference:
Great Britain: Sir Josiah Stamp
and Lord Revelstone of the bank
of England.
France-En1ile Moreau, Governor
of the bank of France, and Jean
Armentier, formerly of the minis
try of finance.
Italy-Alberto Pirelli and An
tonic Suwitch, economists.
Belgium-Emile Francqui, indus
trialist, and M. Quit, Belgian rep
reSentative on the reparations
commission.
Japan - Kengro Mori, former
financial advisor in London, and
Viscount Takashi Aoki, vice-gover-
nor Of the Imperial Bank of ia
pan.
Germany-Dr. Hjalmar Schacht,
president of the Reichsbank, and
Albert Voegler, industrialist.
Effects to Be World Wide
One main question confronts the
conference-how much shall de-
feated Germany pay and how shall
Germany pay it?
From the viewpoint of the colossal
sums of money involved and the
worldwide ramidcations, the de-
ciSions of the conference will bear
Importance that has no precedence
in history.
At least 3O0,0O0,0O0 people-the
approximate total populations of the
nations inyolved--Will be affected by
the conferences decisions, inaSmuch
as the amount of taxes every citizen
will pay will be considerably higher
or lower, in proportion to what Ger
many pays in the future.
Each of the allied nations has laid
down what it considers the
minimum demand on Germany. If
these demands are enforced to the
letter, it is estimated the total de-
mand on Germany will be between
$7000,000,000 and $9,000,000,000 in
future payments.
The British and German delegates
hope to succeed in fixing Germany's
definite annual reparations pay
ments at least as high as $550,000,-
900, it was learned on good
authority.
The Dawes plan, in operation up
to the present, exacted a payment
of approximately $625, 100000 from
Germany.
Meanwhile, Germany is prepared
to fight for a reduction in the vast
reparations demanded by the allies.
Demands Are Heavy
France, claiming sufficient repa-
rations to rebuild her devastated
areas plus her debts to the United
States and England, will demand
approximately $4,000, 100000 as her
total war payment from Germany.
England will adhere to the Bal.
four declaration under which Brit
ain demands enough, in addition to
debts owed England by the other
allies. to cover British debts to the
United States.
Italy will demand enough, it is
believed. to cover her war debts
with the United States and Eng
land.
Belgium, whose reparations prob
lens have been eased by priority
arrangement, principally is inter
ested in continuance of the Dawes
plan payments and the completion
of the Dawes plan by f1xation of the
amount of reparations and the
number of annual payments leading
to the eventual mobilization OF the
debt.
Japan, whose share in reparatioTis
claims is comparatively small, prob
ably viii adopt a similar attitude
to that taken by Belgium.
CHARLEY's RESTAURANT open
for Sunday dinners. 5 to p. M
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