ONE AT A TIME

Dominion, Volume 26, Issue 104, 26 January 1933, Page 9

ONE AT A TIME

America’s War Debtors SERIES OF PARLEYS Mr. Roosevelt’s Policy NO GENERAL CONFERENCE By Telegraph—Press Assn. —Copyright. (Receeived Jan. 25, 7 p.m.) .Washington, Jan. 24. A message from Warm Springs, Georgia states that the Presidentelect, Mr. F. D. Roosevelt, has given authority to Mr. 11. L. Stimson, Secretary of State, to arrange separate conferences with European debtor nations who have met their s obligations, and aret now requesting an opportunity to talk over reliet. Standing by his policy that all debtors ahouid always have access to their creditors, Mr* Roosevelt, nevertheless, is going to have no general conference on war debts. . He will take each nation separately, and deal with it personally. Undoubtedly, as in the case of Britd Mr. Roosevelt is going to link the forthcoming economic conference with debts. In other words, it seems obvious that he will do some bargaining with the debtors. If they want relief, he wants assurances of a general co-opera-tion on a programme aimed at world stabilisation, which he hopes to get from the economic parley. The agreements reached at the Ottawa Imperial Economic Conference are likely to be among the subjects discussed when British representatives confer here with the President-elect regarding war debts. CANCELLATION BEST War Debts Balance-sheet CHANCELLOR’S WARNING (Received Jan. 25. 10.50 p.m.) London, Jan. 25. Mr. Neville Chamberlain, Chancellor of the Exchequer, addressing the Leeds Chamber of Commerce regarding the American war debts message, reiterated his opinion that cancellation would be the best thing for the world. But if this view outstripped current American opinion, he said, a conference would be

welcomed whenever America was ready,, so long as the settlement was final and did not involve a renewal of the claim for reparations from Germany. because a disturbance of the 'Lausanne Agreement would .reopen old wounds. • . . . u Ele desired for the information ot the American farmers and public to submit the following war debts balancesheet covering the period 1922-31 Payments by Europe to the United States. War debts • ; 400.000.000 Interest on commercial ] oans 1,000,000,000 Surplus of European purchases of American goods over American purchases of European goods ..1,200,000,000 The other side of the balance-sheet showed how America had been paid. The figures were: — American tourists’ expenditure in Europe and immigrants’ remittances . 1,500,000,000 Shipments of gold 100,000,000 Loans raised in the United States 1.000.000,000 Thus war debt payments had only been made possible by American loans. European debt payments could only be resumed by increased sales to America and by reduced purchases from America, the former involving a drastic reduction of American tariffs and the latter depreciation of our currencies or higher tariffs against America. He was not using threats when ho warned America that insistence on payments meant that they were ' approaching the edge of a precipice, and were likely to drag us down with them. The importance of Mr. Chamberlain’s speech is emphasised by the entire Press by manner of presentation if not bv editorial comment. it is expected that Britain’s reply to the American invitation will be sent to Washington to-day. ITALY’S PROPOSAL Final Lump Sum Payment (Received Jan. 25, 10.-15 p.m.) Rome, Jan. 25. Italy’s Commission when it goes to America will propose a lump sum payment in final settlement. The figure suggested is £2O million at par. RISE OF STERLING Strong Upswing in New York New York, Jan. 24. In a strong upswing, unprecedented «ince October, the pound sterling rose 3} cents to-day to close nt 3 dollars 89 7-8 cents to the £ for cables. The Canadian dollar was one-six-teenth weaker at 86 7-8 cents. The rise of sterling is attributed to optimism over the war debt situation. It is also believed that the British stabilisation fund of the Bank of England has been temporarily withdrawn from the market after having presumably been selling sterling in the effort to hold the price steady.