Committees at Work

No. 1 Committee, under the chairmanship of General Charles G. Dawes, which is examining German finances with a view to stabilizing the exchange and rehabilitating the budget, experienced its first week of work.

The first thing decided was to invite Herr Hjalmar Schacht, President of the Reischbank, to confer on the problem of stabilizing the German currency. The invitation was despatched, accepted and, finally, Herr Schacht himself arrived in Paris.

In giving evidence before the Committee, Dr. Schacht, who was accompanied by several experts and advisers, was stated to have proved a direct and agreeable witness whose evidence was frank and satisfactory. No details were given; the proceedings took place in secret.

Premier Poincare had the French experts on the Committee acquainted with the views of the French Government. He instructed them to incorporate into any plan which the experts might suggest the present Franco-Belgian control in the Ruhr; to propose Allied or international supervision of German tax-collecting and expenditures; to suggest control or supervision of German resources, such as customs, railroads, tobacco and alcohol monopolies, coal production, which should be set aside for payment of reparations; to make it clear that France will have no objection to other Allies joining her in utilization of the Ruhr.

After the arrival of Mr. Reginald McKenna, ex-British Chancellor of the Exchequer, No. 2 Committee started functioning. Mr. McKenna, elected Chairman, said:

"We will investigate the problems laid before us in a businesslike spirit. We will have the courage to declare our convictions, and I hope when the time comes the world will have the courage to accept them."

No. 2 Committee is to consider the "means of estimating the amount of exported capital and bringing it back to Germany."

It was reported that its deliberations would take place in secret.