Prime Minister's Statement in House of Commons:) "The Gentlemen's Agreement"
London, July 12.
Both floor and galleries in the House of Commons were full to-day when Mr, Ramsay MacDonald, the Premier, made his statement on the proceedings at Lausanne, He was heartily cheered on rising and many and devised means whereby the] Bank for International. Settlements should themselves decide when the bonds were to be put on the market.
By ending. reparations, industry had been given a chance of recovery. Preparatory work for the second [phase of the conference had already inspired the Lausanne agreement. {in thee spirit His Majesty's Govern: Lausanne agreement will not some The following is the text: ment the United Kingdom and|into final effect until after ratificathe French Government ion. as provided for in the agree-cided to give the lead in making animent. So far as the creditor Gov-immediate and mutual contribution eraments on whose behalf this Xo"That end'on the following ines. [process verbal st niialed recon asi acne Sean ratifeation wil ce eae atk, ing Covenant. of the Lea. e been reached between them and with one another with complete can-|theit own creditors. It will be open four concerning, and to keep: sach|%2 them to explain the position to Seeee "gmeeTaRs: and ko cep each heir respective parliaments, but no snotty [specific reference to it will appear liar in origin to that now so happily sotied at Lausanne which may affect the European regime. It is their hope that, other Govern-Jments will join in adopting this pro-
(2) They intend to work together and with the other delega-jin the text of the agreement with "Subsequently, if a satisfactory Jscttlement about their own debts is reached, the aforesaid creditor Gov-Jernments will ratify, ind the agreement with Germany will come into full effect, "But if no such settle
Text read from the printed page and cleaned; old type leaves the occasional error.