FRANCE AND U.S.A.

Auckland Star, Volume LXII, Issue 150, 27 June 1931, Page 9

FRANCE AND U.S.A.

DEBT MORATORIUM. American Willingness to Make Compromise. HOPE POR SETTLEMENT. (United P.A.—Electric Telegraph—Copyright) (Received 10 a.m.) WASHINGTON, June 26. The willingness of the United States to compromise with France on the plan for suspension of war debt and reparation payments was indicated on Friday by the Secretary of State, Mr. H. L. Stimson, in a formal statement. The suggestions in the French counter-proposal to President Hoover's suggestion for a moratorium for one year do not accomplish the full measure of relief contemplated by the President and must therefore be the subject of discussion to reconcile the two viewpoints. Early conclusions in the discussions now being carried on in Paris by the American Ambassador, Mr. W. E. Edge, and the Secretary to the Treasury, Mr. Andrew Mellon, with French, officials is expected by Mr. Stimson. The French Note shows gratifying cordiality to the President's proposal, said Mr. Stimson's statement, which was issued by the State Department simultaneously with the text of the French Government's Note. A high official authority states that Mr. Hoover is yielding to the French wishes, and is prepared to assent to an arrangement which will satisfy the French Government that in accepting the moratorium the proposal for the resumption of the payment of the unconditional German reparation annuities will not bo jeopardised. A feeling of considerable optimism regarding the discontinuance of French opposition to Mr. Hoover's proposals now prevails in administrative circles. The stock markets, however, following reports of the French counterproposals, yesterday fell back from a strong opening to the weakest closing prices they have experienced for several days.