NATIONS MOVE To END SLUMP

Dominion, Volume 26, Issue 183, 1 May 1933, Page 9

NATIONS MOVE To END SLUMP

Roosevelt Has Backing of His Congress DEFINITE RESULTS AT LONDON LIKELY Herriot Departs Believing Security is Obtainable (By Telegraph.—Press Assn.—Copyright.) (Received April 29, 6.35 p.m.) New York, April 29. The French delegation departed to-day with M. Herriot having every reason to believe that President Roosevelt has the complete control of Congress, which is so essential, to the programme of international, economic and political co-operation developed in the Roosevelt-MacDonald-Herriot conversations as a groundwork, looking to definite agreements in the London confeience. Defying both Republican and inter-party opposition from the Democrats 'the Senate to-day forced through the Administration’s inflation measure, including provision for the payment of up to 200 million dollars war debts in silver by a large majority. It then passed the Farm Bill, to which the inflation is an amendment. Mr. R. B. Bennett, Canadian Prime Minister, will remain another dav for conversations, while next week the Italian and Argentina representatives will arrive to discuss their problems in a similar manner. It is said that many of the tentative understandings made by the French and British are contingent on the wide co-operation of other nations, and whether this is to be forthcoming will develop with the arrival of numerous representatives scheduled to present their cases to President Roosevelt and Mr. Cordell Hull, Secretary of State. With no official declaration of any definite accomplishments the general results of the conversations might be summarised as a broad discussion of all outstanding international problems. With sufficient understanding reached definite agreements at the London conference are feasible, and in file opinion of many probable. Several French and British experts are remaining behind, and it is understood will continue discussions on currency and other economic, questions. It is believed the most important point discussed by Mr. Roosevelt and M. Herriot, and one on which differences are most likely to develop, concerned French security. The well-known American point of view in refusing to commit. the country to foreign decisions may have been reflected in M. Herriot’s departing statement, when he said that the solidarity of nations must “find guarantees.” However, his joint communique with the President carried the encouragement that a decision could be reached.

“We have noted with deep satisfaction,’ said President Roosevelt and M. Herriot, “that our two Governments are looking with a like purpose at the main problems of the world and the objectives of the World Economic Conference.” It is known that President Roosevelt has virtually completed work on a Bill to empower him to negotiate reciprocal tariff agreements in which the protective wall round the United State., will be lowered to facilitate foreign trade, especially with Canada. The tentaive draft Is understood to permit the President to lower the rates by as much as 50 per cent. A flexible provision in the existing tariff law gives this same authoritw upon the recommendation of the Tariff Commission. The new proposal, however, will not involve Tariff Commission action. Authority over the tariff is sought by the President as part of the world economic programme being advanced in the present negotiations. The Bill is now in the hands of experts, and the President will probably send it to Capitol Hill next week. AMERICA’S DESIRE Truce in Trade Hostilities IMPROVED ATMOSPHERE i (Received April 29, 6.30 p.m.) Ixnulon, April 29. A communique announces that Mr. Norman Davis, President Roosevelt's envoy to Europe, informed the organising committee that America at the opening of the World Economic Conference intended to propose a tariff truce, details of which are being circulated with the invitations. It is understood that the proposal is the outcome of’the Washington conversations. America is desirous of improving (lie atmosphere ensuring that the conference should not. open amid tariff hostilities, and suggests an economic armistice in which no now impediments to trade, including tariffs, exchange variations, restrictions of imports, quotas, prohibitions. dumpings, or export subsidies will be imposed at least during Uic period of the conference. The duration of the armistice, it is suggested, should be-decided by the conference, but America hopes it will continue until the conference agreements are ratified. It is believed that the definition “impediments to trade” will be the subject of diplomatic discussions before the conference meets, and might include new separate trade agreements. Sir John Simon, Foreign Secretary, announced to-day that the King would open the conference on June 12. at the Geological Museum, South Kensington. WORLD’S WHEAT ■' League Calls Conference AMERICA TO ATTEND Vancouver, April 28, The Government has informed the League of Nations of its willingness to be represented at an international wheat conference, about the middle of May. which will probably be held tn Genevil. This expression was sent following receipt of an inquiry from the League as to the United States’ altitude toward such an idea. Similar communications have been sent by the League to Gamula. Argentina. and Australia. The announcement here was made as President Roosevelt entered upon a thorough discussion with. Mr. Benno! 1 . Prime Minister of Canada, at Wh’V House, of possible means for improving the world wheat situation. • FOR OTTAWA New Minister Named Washington. April 28. President Roosevelt to-day sent to the Senate the nomination of Mr. Warren Delano Robbins, of New- York, as the United States Minister to Canada.

ACCORD REACHED

United States & Canada TARIFF & CURRENCY Full Agreement in Sight (Rec. April 29, 11.15 p.m.) Washington. April 29. Mr. R. B. Bennett, Canadian i’rinie Minister, and President Roosevelt announced to-day that an understanding had been reached on proposals for economic improvement. It is also stated that they have agreed to begin a search for means to increase tlie- exchange of commodities between the two countries. It was declared that it was imperative that as soon as practicable the international monetary standard should he reston'd. An improvement in silver prices is also under consideration. The “Herald-Tribunte’s” Washington correspondent states that the reciprocal trade agreement with Canada has virtually been prepared ready to place in writing. As Mr. Bennett, left. Washington this afternoon President Roosevelt will only delay his tariff legislation, on the passage of which the agreement depends, because of legal and political complications.. Congressional control of tariff revisions makes immediate action impossible. While the President and Mr. Bennett were issuing their joint statement, declaring that their conversations had been eminently satisfactory, it was disclosed that the groundwork for a trade agreement between the two countries had been reached, although there must be more discussion of the commodities involved. Canada is chiefly interested in obtaining tariff reductions from the United States on timber, copper, oil cattle, potatoes, wheat, dairy products, and fish. The Americans have asked for a cessation of Canadian dumping taxes and the lowering of tariffs on American manufactured products, machinery, electrical equipment, chemicals and automobiles. It is understood that Mr. Bennett and President Roosevelt specifically discussed the lowering of the gold coverage behind the currencies of the two countries and stabilising them perhaps at a lower level, bi-metalism not being an impossibility. BORAH’S BELIEF Anglo-French Manipulation ADVANTAGE IN TRADE (Received April 29, 6.35 p.m.) Washington, April 29. Senator Borah, in an address on war debts, asserted that Britain aud France seemed to be going forward in a determined effort to manipulate the currency so as to gain a decided advantage over the United States in trade. Senator Borah vigorously denounced the Administration’s threats to prosecute citizens who failed to turn in their gold to the Treasury, and asserted that If he had 5000 dollars in gold or gold certificates he would defy the Government to come and get it. INVITATION AWAITED New Zealand Delegation No invitation has yet reached the New Zealand Government to be represented at the World Economic Conference opening in London on June 12. ; When asked on Saturday had there been any developments in connection with the’ Dominion’s representation at the conference, the Prime Minister, Rt. ■Hon. G. W. Forbes, said It would be time enough for the Government to consider the question of representation when invited to the conference. The committee handling the arrangements for Ibe conference was meeting that dav. and it was anticipated an invitation would be received early next week.