CRISIS IN EUROPE

Dominion, Volume 24, Issue 200, 21 May 1931, Page 9

CRISIS IN EUROPE

Economic Barriers and

Fear of War

DEPRESSION’S CAUSES

Official Wireless. Rugby, May 19.

T(tis afternoon at Geneva, Mr. Henderson, British Foreign Secretary, opened the session of the Committee on European Union. He said that Europe was passing through an economic crisis of the greatest severity.

Unemployment, poverty. and starvation existed, while the corn l>ins of Europe and countries overseas were bursting with food, wlncli could not lie sold, and capital by countless millions was lying idle in the banks. An atmosphere of international security and freedom from fear of war, he insisted, was the first essential for economic prosperity, and he agreed with President Hoover that if the Disarmament Conference next year succeeded It would do much to end the world crisis. Useless Suffering Caused. He said that in many countries pub lie opinion was beginning to understand the useless suffering economic nationalism had caused and turning in favour of a programme of concerted international action through the machinery of the League of Nations. The greater part of Europe was urgently calling for credit, but the countries which had surplus resources seemed more and more reluctant to lend. He described the barriers against trade as barriers against prosperity, and said that he must state most plainly the importance which the British Government attached to the question of tariff reductions. Nations were striving by every means to keep out foreign goods and impoverishing both themselves and others. The principal creditor countries insisted on the payment of debts, but refused to accept goods which the debtor countries had to offer, and insisted on payment in gold. Scrambling for Gold. The consequent scramble for gold had largely contributed to the recent catastrophic fall in prices. They had shut their eyes to the fact that International trade must take the form of barter. In the course of his speech, Mr. Henderson appealed to the Russian delegate, M. Litvinoff, to banish the thought that the members of the League were plotting war against the Soviet, and assured him that they were hoping for nn increasing peaceful intercourse and trade, and would welcome any help he could give to secure sucli increased intercourse, based upon the mutual observance of international obligations. LEAGUE APPOINTMENT President of Conference Official Wireless. Rugby, May 19. The Council of the League of Nations to-night, by a unanimous vote, appointed the British Foreign Secretary, Mr. Arthur Henderson, President of the Disarmament Conference which opens next February. Mr. Henderson agreed to accept the nomination, provided the British Cabinet approves.