17 JUNE 1922, Page 2

Mr. Pierpont Morgan, in a personal statement, explained that he

joined-the committee as a private banker, holding no authority from the American Government, because he realized the enormous importance of the matter both to Europe and to America. If American investors were to subscribe to a German loan they must be convinced, first, that the Allies were in hearty agreement and, secondiy,. that,Garmany waalresolved to meet her-obligations and re-establish:her credit:: The committee had no wish to reduce the total amount of- German reparations, but had only suggested a possible reduction of the annual payments. As the conditions precedent were not fulfilled, a German loan would not be subscribed in America. Mr. Pierpont Morgan emphasized the necessity for a general settlement of the reparation. question.