Then, suddenly, it was made clear by Mr. Lamont and
Mr. Montagu Norman that American and English bankers, whose co-operation was essential for the floating of the loan to Germany, did not regard this as satis- factory. In doing so they were simply stating a fact. It amounted to this. In their opinion the ordinary investor would not subscribe to the German Loan unless he. was assured that some really impartial body would decide whether Germany was acting in good faith, and would therefore give to, or withhold from, France the right to " reimpose sanctions," or, in other words, to reinvade the Ruhr, and so ruin the assets of the people who had subscribed to the loan. Now, it is the business of the bankers, who, of course, do not raise the loan themselves but simply underwrite it (that is, in effect, recommend it to their customers ,..as a good investment), to express an opinion in this way.
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