DEBT TALKS.

Auckland Star, Volume LXIII, Issue 303, 22 December 1932, Page 7

DEBT TALKS.

BEGIN NEXT MONTH?

Preliminary Exploration Till

Next March.

PRESIDENTIAL CHANGE. Itynlted F.A.—Electric Telegraph—Copyright) LONDON, December 21. It is expected that the debt talks between London and Washington will begin in some form in January, but the diplomatic correspondent of the "Daily Telegraph" stresses that they can only be in the nature of an exploration pending Mr. Roosevelt and the new Congress entering upon their functions irf March.

The feeling ig growing here that it may be useless to' call the World Economic Conference until debt settlements have been reached, at • least, between America and her principal debtors.

Several commentators deduce from the latest Hoover message evidence qf America's anxiety to hasten Britain's return to the gold standard. It is understood that Britain is in no hurry to change, but the Washington Administration is determined to use all its influence and pressure to speed its restoration.

"The Times," in a leading article, states that Mr. Hoover's apparent determination to initiate on his own responsibility, failing co-operation with Mr. Roosevelt and Congress, a discussion on the debts question . will be wholeheartedly welcomed, as an agreement must be readied before June.in order to avoid a crisis. A series of defaults would be disastrous to the countries concerned.

•The message shows a broader and more realistic attitude than earlier messages. This may indicate a clearer American grasp of economic realities, but a striking omission is any allusion to tariffs and other measures which arc preventing debtor countries from paying debts normally by goods and services.