GREAT HOPES.

Auckland Star, Volume LXIV, Issue 97, 27 April 1933, Page 7

GREAT HOPES.

WORLD RECOVERY.

UNITY OF ACTION.

Optimistic Communique from

Washington Talks.

WORLD CONFERENCE BASIS,

(United P.A.—Electric Telegraph—Copyright)

(Received 11 a.m.)

WASHINGTON, April 26,

The following joint statement -was issued by Mr. Mac Donald and President Roosevelt on Wednesday:—

"As stated yesterday, our discussions on the questions facing the World Conference were not designed to result in definite- agreements, which must be left to the conference itself, but they have shown that our two Governments are looking with like purpose and a .close similarity of methods at the main objectives of the conference.

"We are impressed by the vital necessity •of' assuring international agreements ' and for their realisation in the interests, of the people of all countries. The practical methods required for their realisation were analysed and explored. The necessity for an increase in the "eneral level of commodity prices was recognised as primary and fundamental to this 'end.

"Simultaneous action needs to be taken in both the economic and monetary fields, and commercial policies have to-be set to the new orientation.. There should be a constructive effort to moderate the network of restrictions of all sorts by which commerce at present is hampered, such as excessive tariffs, quotas, exchange restrictions, etc.

"Central banks should, by concerted action, provide adequate expansion of credit, and every means should bo used to get the credit thus created into circulation. Enterprise must be stimulated by creating conditions favourable to business recovery. Governments can contribute by developments and appropriate programmes of capital expenditures, -while the ultimate re-establish-ment of equilibrium -in international exchanges should also be contemplated. . Improve Status of. Silver. "We must, when circumstances permit, re-establish an international monetary standard which will operate successfully without depressing prices and avoid the repetition of the mistakes which have produced such disastrous results in the past. In this connection the qr.»stion of silver, which is of such importance in trade with the Orient, was discussed and proposals tentatively suggested for improvements in its status. "These questions are all inter-related and cannot be settled by an individual country acting- by itself. The achievement of sound,' lasting world recovery Appends on the co-ordinating of domestic remedies, and supplementing those, by concurrent and simultaneous action iii the international, il'eld. ' . "The"proposals \ examined' will be discussed with representatives of other nations, who have been invited to Washington with, a view to securing the fullest" possible measure of common understanding before the conference meets. It is the hope of both Governmentsthat it will be possible to convene the conference for. June. "We have, in these talks, found a reassurance of unity of purpose and method. They have given a fresh impetus,to a solution of the problems that weigh so heavily upon the most stable, industrious and deserving men and women of the world—the human foundation of our civilisation _ whose hard-luck it is our common object to alleviate." . ...' • , ... Mr. Mac Donald told "newspapermen that the conversations had accomplished more than he had thought possible when ho arrived in America. He reiterated, however, that there had been no agreements, and that he is as free as when he came, "but it has been real good business that we have done," he added. The.same enthusiasm over the results of the conversations between the "British, and Americans was expressed by those close to President Roosevelt. War Debt Discussion. War debts relief for Britain, taken up oh Tuesday night, was not mentioned in to-day's final statement. It remains for future settlement together, with the economic programme outlined by the two statesmen. Debt payments become due on June 15, almost simultaneously with the meeting of the Economic Conference. Mr.. Mac Donald left Washington at noon for.New. York en route to London. Mr. Mac Donald and Mr. Boosevelt yesterday discussed thoroughly the problem, of Britain's war debt to the United States. A joint statement issued by the heads of the two nations said the debt conversations would be continued in London and in Washington after Mr. MacDonald's departure. It emphasised that the day's discussion should be regarded as only a preliminary exploration of many different proposals. .'

Summarising their study of the war debt problem Messrs. Roosevelt and Mac Donald . said: "Both of us have faced the realities and the obligations. Both believe that as a result there has been laid the basis of a clearer understanding of the. situation affecting the two.nations. It would be wholly mis-leading-to. .intimate that any plan or settlement is under way.

"The point to be emphasised is that, with the most friendly spirit, progress is being made."

HOMEWARD BOUND.

MR.MacDONALD AT NEW YORK.

(Received 11.30 a.m.)

NEW YORK, April 26.

Mr. Mac Donald arrived here to-day from Washington en route to London. He will, address the Pilgrim Society tonight before sailing for Home. •

DOMINION'S PART.

NOT CONSIDERED YET,

TBj- Telegraph.—Own Correspondent)

WELLINGTON, this day.

The, Prime Minister, the Rt. Hon. G. "VV. Forbes,, states that no definite arrangements are possible in connection with the World Economic. Conference at the present stage and New Zealand's rcpreseatafcion, has not been considered.