Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-23
PARLEY'S RESULTS
PLEASE HOOVER
President Thinks Conference
at London Drafted
Sound Program.
tcontinued From First Pase.l


nv last Autumn's financial reforms OF
the Bruening government-and was
supported during the last crisis by the
alienation provided by the Hoover plan.
The conference also adopted the
American plan for a committee oil
central banks delegates to inquire into
the immediate credit needs OF Ger
many and the possibility OF turning
short term into long term credits. The
Germans are greatly relieved by the
success of their demand that the dele
gates Of this commission should be ap-
nointed. by the central banks them
selves and not by the bank for inter-
national settlements at Basel, where
the committee will have its head
quarters,
Voices Appreciation.
Dr. Bruening at the closing session
took pains to express the German ap-
probation of the cordial reception
French Premier Pierre Laval rendered
in Paris and Of the FIRST frank con-
versations" between French and Ger
man ministers on French soil since the
World War.
There will seemingly be no new
credits whatsoever for Germany and
there has been no serious effort TO deal
here either with the underlying
economic factors of the German
situation or with the problem Oh
the restoration of confidence by politi-
cal appeasements This represents the
strict minimum of possible accomplish
ment and, except for the French and
perhaps some Americans, all are frankly
disappointed.
Great Britain now looks forward to a
new conference in october at which
these issues can be fully reviewed. IL
hopes either to obtain an agreement
about a conference indirectly by the
device of adjcurning instead OF enolng
the present conference.
France wants no more conferences.
but hopes to achieve Franco German
and possibly also a Franco-1tallan un-
Outstanding within the next few
months by direct conversations.
Germany. after being momentariiy
tempted by French profterS OF friend
ship, seems to have decided Tor the
present to look to Great Britain ana
the United States, and especially to its
own constructive efforts. rather than
to France for the cure Of It's Ills.
Given Unofficial Promises.
The Germans hope that Great Britain
and the United States will find way
to advance Germany new credits with
ont French cooperation and without
political strings or other guarantees OF
any sort. Unofficial promises along this
line seem to have been already mad|
to them.
To facilitate such credits, German
Chancellor Heinrich Bruening, at Mr..
MacDonald's instigation, has proposed a
Banking Committee, consisting OF Sir
Robert KinderSley, a director OF the
Bank Of England; the Swedish banker
Wallenberg and o. M. w. Sprague.
American adviser to the Bank OF Eng
land. to visit Berlin to study conditions
in the near future.
What this conference has really &C
complished, as the Manchester Guard
ian perspicaciously points out, Is q
breathing space which will be valuable
or not in accordance with whether 1t Is
we'll or badly used and with the revo-
luton of events.
Four Important Factors.
What happens next seems to depend
mainly on the following factors:
l. Whether the measures recon-
H1ended by this conference really sue
coed in restoring confidence sufficiently
to halt the fight of capital and the
withdrawal of private credits from
Germany.
q Whether in case of fresh emergen-
cies in Germany it will be possible for
Great Britain and the United states
alone, without French cooperation, to
render Germany SUFFICIENT aid.
8. Whether France and Germany
succeed by private talks in the near
future in reaching some sort OF better
understanding.
4. whether the evolution of public
opinion and the political situation in
the United States will be such as to
make practicable full discussion Of
war debts and reparations at later
Yesterdays meetings Of this confer
ence were marked mainly by three
refusals.
One was the refusal of Philip Snow
den, British chancellor of the ex-
chequer, to allow any kind OF govern
ment guarantees to the consortium of
private banks which are to be asked
to leave their money in Germany.
Redistribution Rejected.
The second was the French rejection
Of Mr.. Snowdens proposal that foreign
credits to Germany, now estimated at
SO per cent American, IS per cent
British and 5 per cent French, should
be redistributed so that France, Great
Britain and the United States would
edCH SHARE JIlIIu VI IIlc QCh
The third was the refusal OF Mr..
Stimson on instructions from WASH
ington, to allow discussion of war debts
when Mr.. Snowden raised the issue.
The British seemed particularly dis
appointed by the American attitude in
this respect They imply that they had
been led to believe that the United
States was entirely ready for such a
discussion and that this was one OF the
main reasons why Prime Minister Mac
Donald called this conference.
The Anglo-Anerican front here.
which in other respects is closely
maintained, is undoubtedly weakened
by the appearance of misunderstanding
on the one hand between Washington
and the American delegation In Lon
don, and on the other hand between
Mr.. Macdonald and Foreign Minister
Henderson regarding the ACCESSIBILITY of
supporting the French demand for po-
litical guarantees from Germany, Mr..
Henderson favoring such support and
Mr.. Macdonald and the rest OF the
cabinet apparently opposing 1t.
The latent struggle for diplomatic and
financial leadership in the European
crises as between France and Great
Britain remains entire.
The procedure of the conference is
wittily described by the London Daily
Express, in the words of a famous anec-
dote, thus:
Bartender-Is Mike good for drink?
Pat-Has he had the drink?
Bartender-He has.
Pat-He is.
tCopyright 1917
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