In 1924, as the Labour Party minority cabinet came to power, Ramsay MacDonald and Rakovsky negotiated "de jure" recognition and agreed on possible future Anglo-Soviet treaty and a British loan for the Soviet Union. Negotiations were tested by the so-called "Bankers' Memorandum", published by "The Times", which demanded that the Soviet Union abandon nationalizations and return to private property. Eventually, two treaties were signed, allowing for commerce to be normalized between the two countries, and reflecting Rakovsky's views that private complaints of creditors against the Soviet state were to be settled outside the conference. The scandal which erupted when the "Zinoviev Letter" was publicized, rekindling suspicions against the Soviet government and provoking the fall of MacDonald's cabinet, brought an end to all further talks; during and after the incident, Rakovsky repeatedly cited evidence that the "Letter" was a forgery.