THE GERMAN Moavronn-m.
I am glad to note that a strong committee has been formed for the protection of holders of long-dated German External Loans. There will be no desire here to press for German payments of interest on her debts beyond the capacity of Germany to pay, but, on the other hand, not merely in the interests of holders of German Bonds but in the interests of international credit generally, it is supremely necessary that Germany should meet her obligations to the utmost of her ability. Moreover, in the case of what arc known as the Dawes and Young Loans, involving together an amount of about £30,000,000, British investors were encouraged both by the specific security hypothecated to the Loan and by the eminent sponsorship to the issues to invest their savings with considerable confidence. The members of the Committee which has been formed to protect the holders of American Bonds are Sir Arthur Worsley, Bt., British Insurance Association (Chairman) • Mr. Richard Guinness, the Association of Investment Trusts ; Mr. J. H. Clifford Johnston, The Association of Investment Trusts ; Mr. E. H. Lever, British Insurance Association; `Mr. Cecil Lubbock, Council of Foreign Bondholders ; Mr. D. Reid, Council of Foreign Bondholders ; - Secretaries, Parker, Garrett and Co., St. Michael's Rectory, Cornhill, E.C. 3.
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