EMPIRE INTERESTS

Press, Volume LXVII, Issue 20272, 25 June 1931, Page 9

EMPIRE INTERESTS

EFFECT ON DOMINIONS. KITH AND KIN BEFORE FOREIGNERS. (Received June 24th, 7.30 p.m.) LONDON. June 24. Declaring that tho Government is committing a serious error in delaying a declaration concerning the effect of President Hoover's offer on the Dominions, the "Morning Post" says: "There ought not to be a moment's doubt regarding our intention to o_er them the full benefit of the year's moratorium. We cannot deny our kith and kin the relief which we are conceding to foreigners, especially when no country is more desperately in need than Australia. For the honour of the country let the Government speaii I now." | The "Daily Telegraph," referring to the position of the Dominions, says that British official circles emphasise that this is a strictly domestic affair, which should form the subject of interEmpire. not international, argument There are highly technical questions ; yet to be cleared up. NEW ZEALAND'S GAIN. POSITION NOT YET CLEAR. (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, June 24. In referring to a cabled statement from London that New Zealand would I gain £1,060,000 after the loss of ■ £340,000 in reparations as a result of the offer of President Hoover on the war debts question being accepted, the Prime Minister the lit. Hon. G. W. Forbes, said the whole question was not yet c[uite clear, and lie was in communication with the High Commissioner as to exactly what was meant. Ho could not say whether the gaining of £1,000,000 would make any difference to tho taxation proposals. Now Zealand already, as a matter of fact, has paid its half-yearly instalment of war debts of £500,000. The whole thing seemed tentative, and lie did not know if he could base anything on ib. MINISTERIAL COMMENT. ! ■ | (press association teleoeam.) •' ' NEW PLYMOUTH, June 24. President Hoover's suggestion to suspend for one year international war debt payments should bo of immense value in relieving the present serious economic position, said the Minister for Agriculture, the Hon. A. J. M ur " i docli, at tho meeting of the National Dairy Conference, and it might be that war debts might soon be wiped Out altogether. AUSTRALIA AGREES. CANBERRA, Juno 21. The Prime Minister, Mr J. H. Scullin, said: I cordially join with the British Government in welcoming the proposals of President Hoover. Thoy prim- [ arily are directed to relieving debtor nations. ' The Prime Minister pointed out tfyat if Great Britain under the Hoover plan afforded relief to debtor nations, Australia (being one) would be relieved to the extent of £3,820,000, but would forgo her sharo of reparations to the extent of £830,000. Tims the net gam to the Commonwealth would be £3,090,000. SYDNEY STOCK EXCHANGE. SYDNEY, June 24. Prices on the Sydney Stock Exchange rose appreciably as the result of the proposed war debt suspension. Tho shares of exporting concerns attracted the greatest attention. Mining stocks were active, and wheat, locally, advanced a penny » bushel. SUSPENSION OF DEBTS. reasons fob proposal. INFLUENCE OF f RUSSIAN INTRIGUE. LONDON, June 23. The diplomatic correspondent of the '<Morning Post" understands that care-fully-laid plans by Moscow seeking to control Germany were the determining factor in President Hoover's haste with his announcement. He had intended to postpone his declaration till Mr H. L. Stimson (Secretary of State) arrived in Europe, but learned that the safety ot the Bruening Cabinet was a matter ox k°The fall of the German Government would have resulted in a coup d'etat by the extreme right as was foreseen by Moscow. This would have led to a financial catastrophe with a swing to the left as a natural reaction. The Russians hoped that Franee would then reoceupy the Buhr Valley, thus arousing thO antipathy of the whole of Germany, and giving the Soviet an excuse for an attack on Poland in order to come to the assistance of Communist Germany. Mr Hoover's proposal destroyed tne Russian, hopes. UNITED STATES TREASURER. HONORARY DEGREE CONFERRED (BRITISH OFFICIAL WIRELESS.) RUGBY, June 23. The Secretary of the United States Treasury, Mr Andrew Mellon, who visited Cambridge to-day to 11S son receive his degree of Bacheloi of Arts, was himself the recipient of a -I >"■ ■LTWSd ■SSriUd wVn ; wearing the soarlet robe, he was P Inted to the Vice-Chancellor by tho Public- Orator, who. Mellon's •.Sfto" wJ P with rre».«« Hoover's recent pronouncement.. ROAD TO recovery. " CANADIAN OPINION. OTTAWA, June 23. The Hoover proposalmight be^the one factor that would stabib^ and it oA the xoad bae*

ery. Sir Henry Thornton (president of the Canadian National Railways) told a special Parliamentary Committee dealing with Canadian National Railways, to-dayl '' Personally,'' he said, " I think it is." The Budget system for 1931 shows the total new requirements to be 104,208,000 dollars, which will eithor be voted by Parliament or raised through Parliament by authorised securities.