The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-07-23
FULL ACCORD
REACHED ON
GERMAN AID
World Powers End Farley
by Approving Finance
Ministers Report.
STIMS0N is SATISFIED
New Era in Cooperation Is
Hailed as Nations
Agree Completely.
BY HERBERT MOORE
United Press StaG Correspondent

LONDON, July 23.-The historic
seven-power statesmen's conference
ended today with complete accord
on temporary emergency measures
designed to save Germany from fl
nancial ruin. The adjournment
terminated the deliberations begun
last Monday
The United Press was informed
on reliable. though unofficial, au-
thority, that the plenary session
had approved the report of the
finance ministers, suggesting ways
and means temporarily to solve the
German crisis.
Confirmation Of the report that
the plenary had approved the
finance minister's report was given
the United Press by Tsuneo Mat
sudaira, Japanese ambassador to
Great Britain
The delegates from the seven
natiosn-the United States, Britain,
France, Germany, Italy, Belgium
and Japan-appeared optimistic.
They expressed the opinion that
real progress" had been made to-
ward solving the German financial
debacle.
America Keeps Leadership
America throughout the crisis
maintained the leadership estab-
lished recently in world political and
economic affairs. The finance min
listers plan was in the main the
second American plan" although
delegates preferred to call 1t the
Anglo American proposals.
I'VE are very well pleased" said
j. Ramsey Macdonald, British pre-
mier. Agreement between seven
powers is not easy to reach, but IL
has been reached and will be OF the
greatest importance"
The conference moved swiftly to-
ward it's close at today's final vital
session, taking prompt action on the
finance ministers report.
Il am thoroughly satisfied" said
Henry L. Stimson, American state
secretary, as he left the foreign
office.
Dino Grand1, Italian foreign min
lister, was similarly emphatic, re-
marking, II am very satisfied"
Issue Official Report
An official con1uIIninue said.
The international conference met
at the foreign Office today and con-
Guided its labors. The following
declaration was adopted:
I'm order to insure maintenance
Of financial stability to Germany,
which is essential to the interests of
the whole world, the governments
represented at the conference are
ready to cooperate, so far as lies
within their powers, to restore con-
fldence. The governments repre-
sented at the conference are ready
TO recommend to consideration of
financial institutions in their re-
spective countries the following
proposals for relieving the immediate
situation:
Firstly. that the Central bank
credit of $500, 900, 900 recently grant
ed the Reichsbank under auspices
of the Bank of International Set
Elements be renewed at maturity for
a period of three months.
Secondly. that concerted meas
ures be taken by financial institu-
lions of the different countries with
a view to maintaining the volume
of credit they already have extended
Germany.
Bruening Thanks u. s.
"The conference recommended
that the B. /. S. should be invited
to set up without delay a committee
of representatives nominated by
governors of the central banks in
terested to inquire into immediate
further credit needs of Germany
and study possibilities for convert
ing a portion of short term credits
into long term.
"The conference noted with inter
est a communication from Chan
cellor Bruening relative to a Joint
guarantee recently placed by Ger
man industry at the disposal of the
gold discount bank. The conference
Is of the opinion that guarantee
of this description should make it
possible to provide a sound basis
for resumption of normal operation
of international credit.
THE conference considers that If
these measures are carried through
they will form the basis for more
permanent action to follow"
Bruening thanked the American
delegation for what it has done to
help Germany" while Grandi ex-
pressed hope that the conference
would serve as beginning Of a new
era for the whole world
HooVor Is Pleased