Word: creditors
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...insult, labored honestly to clarify the points on which he demanded concessions before Great Britain would agree to join with Europe in ratifying the Young Plan (TIME, May 13, et seq.). The plan proposes a certain division of German Reparations-called "sponge cake" by homely Yorkshireman Snowden-among the Creditor Powers (Britain, France, Belgium, Italy, Japan, etc.). Fortnight ago Chancellor Snowden rocked the fiscal and diplomatic worlds by demanding for Britain "MORE SPONGE CAKE!" But only last week was it possible to state that he wanted precisely 45 million marks more cake ($10,800,000) every year, until Germany...
...face of a stone gargoyle?that was Right Honorable Philip Snowden, Chancellor of His Britannic Majesty's Exchequer, as he bristled and battled last week at The Hague. What he wanted was for twelve nations to reopen the question of how German reparations are to be divided among the creditor powers. That question was closed at Paris (TIME, May 13. et seq.) when the Young plan was drafted by the countries' foremost financiers. In presenting their handiwork to European statesmen. Owen D. Young and his colleagues described it as "an indivisible whole," declared that to be workable it must...
...weeks ago John Pierpont Morgan and other international big tycoons finished drafting at Paris the so-called Young Plan, embodying their potent recommendations as to how German Reparations may best be paid through an International Bank of Settle-ment (TIME, March 25, et seq.). Politicians representing Germany and the Creditor Powers must now accept or reject the tycoons' advice. Last week, after a month of spirited bickering among European chancellories, it was decided to hold a "Political Reparations Conference" in mid-August at The Hague. The immaculate, aristocratic capital of Queen Wilhelmina's tidy Netherlands would provide...
Unmoved, parsimonious President Irigoyen continued not to spend. He announced that he would authorize no payments until all the contracts let by the previous administration were reexamined. In vain irate creditor firms throughout the world protested that their contracts had been authorized by the Argentine Congress and are binding, even mandatory upon the Treasury. The essential fact is simply that President Hipolito Irigoyen is the absolute and irresponsible "political boss" of Argentina. When he chooses to pay there will be no difficulty, for receipts and surplus in the Argentine Treasury are adequate, even above normal. Friends of Argentina hoped that...
...Young Plan the total was fixed at $8,806,000,000 cash. On the instalment plan, over an agreed stretch of 58 years, this sum will become, with cumulative 5% interest, 27 billions. This sum, huge though it sounds, is 116 billions less than the creditor nations demanded at Versailles ten years...