(3 of 3)
With their business done, eminent . men read papers to each other. Professor Charles Rist, speaking for the gold-gorged Bank of France, notably declared, "It is impossible to return to the price levels of 1929. I believe the world faces a long period of low prices." President Dr. Treub of the gold-gorged Netherlands Bank flayed bimetallism.
Siqnificance. Since Gates McGarrah has sat for two whole years at the nerve centre of World Depression his recommendations weightily point a way for the Lausanne Conference, postponed from January to late June. At Lausanne Germany will assert her total inability to pay Reparations, either now or at any future time (see p. 17); and the imminence of U S elections will have strengthened the U S Congress' resolve not to cancel War 'Debts. Therefore the Lausanne statesmen will be under terrific pressure, perhaps under a pressure sufficient to squeeze them together into a Capitalist International. Though the motto "All For One and One For All" sounds somewhat daring when applied to international finance, it had achieved last week at Basle a most eminent, conservative, historic sponsorship.