DEBT NEGOTIATIONS

Dominion, Volume 26, Issue 103, 25 January 1933, Page 9

DEBT NEGOTIATIONS

British Lead Followed EARLY REACTIONS Other Debtors Inquiring ITALY MAKES FIRST CALL (By 'l’clegraph.—Press Assn. —Copyright.) (Received Jan. 24, 5.5 p.m.) Washington, Jan. 23. While the President-elect, Mr. F. D. Roosevelt, is at Warm Springs, prepared to study economic problems, both domestic and foreign, it became apparent here to ; day that his incoming Administration will be confronted with debt' negotiations wth virtually all debtor governments. The first reaction to the communique issued after the Hoover-Roosevelt conference on Friday * came from Italy, whose Ambassador visited the Secretary of State, Mr. H. L. Stimson, inquiring informally concerning the prospects of debt revision after March 4 and for an interpretation of the communique. , . Observers have expressed the opinion that Italy, probably viewing herself as in the same category as Britain by virtue of having met the December instalment of her debt, undoubtedly will seek to have her case reviewed soon after the British negotiations have started. . Meanwhile the Belgian Ambassador has visited the Under-Secretary of State, Mr. Castle, and the British Ambassador, Sir Ronald Lindsay, has conferred with the Assistant Secretary of State, Mr. Bundy. Nothing has been disclosed concerning the calls. It is authoritatively learned (hat Mr. Stimson will confer “when advisable” with Professors Moley and Tugwell, Mr. Roosevelt’s advisers. Individual Discussions. In the debt negotiations with Britain scheduled for March, Mr. Roosevelt has made it clear to the present United States Administration that he prefers to have the discussions take an individual rather than a commission form. ’ It was disclosed in authoritative sources that the President-elect has indicated that he desired to negotiate directly with the British chief delegate or delegates, and thereby assume the direct responsibility for any recommendation to Congress. Simultaneously Administration quarters denied reports that in the White House discussion between Mr. Hoover and Mr. Roosevelt they hatl come to such a point of difference that the conference threatened to collapse. INVITATION TO BRITAIN Downing Street Statement iffleial Wireless Rugby, Jan. 23. The United States Government's invitation to the British Government to participate: in’ a' discussion- on. -British war debts to the United States-and on world economic problems, was the subject of a statement issued at No. 10 Downing Street, to-day, as follows:— “Mr. Stimson informed Sir Ronald Lindsay on January 20 that Mr. Roosevelt would be glad to receive representatives of the British Government at Washington early in March in order to discuss British debts to the United States.- Mr. Roosevelt wished it to be understood that this discussion must be concurrent with and conditional on a discussion-on world economic problems, and that therefore representatives should also be sent to discuss methods of improving the world situation.” The United States’ proposal is at present under consideration by the Departments concerned, and was discussed to-day between the Prime’ Minister and the Foreign Secretary. OFF GOLD STANDARD Advantage in Trading London, Jan. 23. The “Daily Herald” says that Britain must not accept the invitation to a war debt conference with the United States on the condition that she pledge herself to return to the gold standard at the end of two years, which is too great a sacrifice. “On the whole- the history of the gold standard is one of booms and slumps,” it says. “To-day forty-five nations have freed themselves from gold, and their trade returns show an enormous advantage over those who remained on gold.” The “Daily Mail” says that there must be no question of Britain going back to gold on the old basis.