AMERICAN DEBT PLANS.

Press, Volume LXIX, Issue 20773, 6 February 1933, Page 9

AMERICAN DEBT PLANS.

OUTLINE OF PROBABLE PROCEDURE. REFERENCE TO SPEECHES OF CHANCELLOR. REQUEST FOR REVIEW LIKELY TO BE GRANTED. (VKXTKD rKtSK ASSOCIATION— BT ELXCTRIO TPI.EGBAriI COPYBIGHT.) (Received February 5, 8.45 p.m.) NEW YORK, February 3. The AVashington correspondent of the "Now York Times'' saya that bobio of tho Democratic confidantes of Mr F. D. Roosevelt (President-elect) here declare, on the basis of private information received during the past week from Warm Springs, that Sir Ronald Lindsay (British Ambassador) is likely to tell tho British Cabinet that Mr Koosevelt is of the opinion that the speeches of Mr Neville Chamberlain (Chancellor of tho Exchequer) were intended for "home consumption," and were prompted by political necessity. Mr Eoosevolt is inclined to believe, however, that silence would bo more desirable at present in view of the reaction in this country. According to further reports from these usually well-informed sources, Mr Roosevelt has indicated that negotiations may proceed as follows: Soon after March 4, when the British representatives arrive, Mr Hooßevelt himself expects to hear a British request to renurvey Great Britain's debt settlement in the light of her capacity to pay. Ho will thou confer witli his advisers, to decide whethor or not to agree to review tho position. The general impression here is that the request will be granted. Then will follow definite statistical arguments by the British, setting out why, in the present economic circumstances, Great Britain cannot continue to pay instalments at the rate fixed in tho original refunding contract. America's case will have meanwhile been prepared, and the sentiment of the new Congress tested. Then Mr Roosevelt will bo prepared to make a reply to the British request, which is expected to be specific. While these conversations are proceeding, it is understood that Mr Roosevelt hopes that related economic subjects looking to trade and tariff concessions in exchange for possible debt reduction will havQ been under discussion by agents of both nations.

EXCHANGE CHECKS ON TRADE. NEED FOE AGREEMENTS. A PLEASING FACTOR IN THE j AMERICAN ATTITUDE. ! (BRITISH OmCIAL 'WIRELESS.) j (Received February 6, 12.30 a.m.) RUGBY, February 5. J Mr Neville Chamberlain (Chancellor of the Exchequer) in. a speech at Birmingham said British exports last year kept up wonderfully well, but exchange control in a number of countries had produced a very serious situation. The only way to put this right was by international agreement. "Fortunately thero is in America a very real appreciation of the importance of this" matter, with a strong desire to return to that general confidence, the lack of which has been so injurious to American intorests as well as to European. Tho best news from across the Atlantic is the invitation of Mr Franklin D. Boosevelt (Presidentelect) to the British Ambassador (Sir Eonald Lindsay) to visit him before coming to confor with the British Government. I cannot help feeling that the act is the one good augury for the progress of the conversations wherein we shall shortly ho engaged."

NO HIGHER TARIFFS THIS SESSION. MR GARNER'S STATEMENT. ACTION AGAINST CHEAP MONEY DELAYED. WASHINGTON, February 3. Mr J. N. Garner (Vice-President-elect) to-day disposed of Republican attempts to force through tariff-raising legislation with a declaration that there would be no foreign depreciated currency legislation enacted during this session of Congress. PROPOSAL REJECTED BY COMMITTEE. REPUBLICAN SUGGESTION VETOED.

(Received February 5, 8.15 p.m.) WASHINGTON, February 4. Bills designed to raise tariffs against countries with depreciated currencies were rejected to-day by the Ways and Means Committee of the House, which has been considering the Republican plan. A motion to make a favourable report to the full Committee on a Bill for an automatic increase in duties received a vote of four for it' and four against, which was tantamount to rejection. Then a motion to approve of the Hawley Bill, drafted bv Government experts, to broaden the tariff Commission's powers. w;is lost by live to three on a party vote.