WAR DEBTS

Grey River Argus, 15 June 1933, Page 5

WAR DEBTS

OVERSHADOW ALL ELSE Excitement in House BRITISH CABINET SITTING. (Aus. & N.Z. Cable Assn.) LONDON, June 13. Though the Cabinet meeting lasted ti 1 midnight. members again assembled at 9 a.m . and considered the war debt position. It is believed that further urgent exchanges with Washington will occur prior to Mr Cham berlain’s statement in the Commons 1 liis afternoon 1 he crisis is overshadowing <ill e’se. I hero was little* sign of agreement at midday. Mr Hull postponed his speech to the Conference, iis the. result ol Washington dispatches. I he “Sun’’ says: The debt situation chai.ging hourly, provided Whitehall with thirty hours continuous tension, comparable with lhe war-time crisis. Three Cabinet meetings and several Cabinet subcommittee meetings, succeeded each oilier within eighteen hours. Ministers aid officials were rushing io telephone-, and motoring bet ween the Kmnomii Conference and Downing Street ,\ mere handful were awaic of .Mr Roosevelt 's momentous decision, the details of which Air Chamberlain was drafting into his statement, in a locked room behind th e Conference lobby. The Commons was packed, everyone awaiting Mr Chamberlain’s deliverance. announced for 5.30 in the afternoon. The entire Cabinet with Mr MacDonald and Mr Chamberlain, wore on the front bench until 5.45. when Messrs Baldwin, Runciman, and Thomas were suddenly called behind the Speaker’s Chair. The atmosphere becanip electric as it was realised a hitch had occurred It is believed that Air Roosevelt suddenly changed his mind. 11 o desired to avoid the necessity of immediately facing Congress, therefore wished 1o postpone his statement to August 15. The full Cabinet mot hurriedly The Al misters were in a quandary, more especially sinco .Mr Roosevelt’s original decision had caused such relief. The news was now common property, ami it was impossible to withhold the statement of such magnitude, which was no longer a Cabinc't secret. The Alinisters sat a few minutes, whereafter the Atlantic telephone cables were again buzzing to urge the desirability of an immediate statement. It was then announced that Air Chamberlain would speak at ten o’clock tonight. Air Chamberlain appeared at 10.10 and further startled the House by announcing that details wore not disclosable The Sun Service learnod that Cabinet ’ s decision to postpone the statement until Juno 14 was due to Mr Roosevelt’s desire immediately to follow his announcement in America with a personal broadcast throughout the Continent, thus appealing to the populace over the heads of Congress. Tf is understood that he will reiterate as in hi s despatch t" Britain consistent support for a practical debt settlement, lie will propose as part of an AngloAmerican understanding immediate negotiations, possibly in London, in order to secure a ti'-al equitable* disAMBASSADOR PRESENTS NOTE. (British Official Wireless). RUGBY. June 13. Air Chamberlain was unable to make, in the Commons, to-night, the full statement he had hoped to make regarding the war debt instalment. At 10.10 tho Chancellor said he was even then unable to make any complete statement on the June instal moot. He said, however, there had been a lengthy exchange of views be tween the British and the , United States Governments. ' “The British Ambassador at Washington has to-day handed to the State Department a Note setting forth the British proposals. Wo expect to receive lhe President’s reply to-morrow. Wo have no reason to suppose it will be other than satisfactory to us, but as it has not yet reached us E am not in a position to state its terms.’’ AEr Chamberlain said ho understood arrangements had been made by which it would be possible for the debate Io bp adjourned till ten o’clock tori arrow night, and he hoped ho. would then be -able to make a complete statement on all the. documents exchanged between the British and the Lnited States Governments. Acceptance Probable OF BRITAIN'S OFFER. (Received June 14 at 7 p.m.) WASHINGTON, June 14. Carefully distinguishing between receiving and accepting Great Brit* ain’s preferred partial war debt payment, President Roosevelt is expected to take the sum offered with the distinct, understanding that such an action is not to invalidate America’s claim to the unpaid remainder. According to authoritative word tonight the President is prepared to reply to the formal British note received at the State Department. ACCEPTANCE OF TOKEN Would be Act of “Courageeous Statesmanship” (Aus. & N.Z Cable Assn.) (Received June 14 at 7.30 p.m.) LONDON, June 14. The <( Times” in an editorial, says

that if Ph•sident Roosevelt accepts the token payment, it will In* an act of courageous statosmanship, st rengt hen ing his prestige as a leader. His aid will enable the whole question of war d"bls to be settled. It would be an outrage on justice if we were compelled in half a century to find so enormous -a tribute for America, while Germany went free. Th<« arrangement must lie such as not io require Britain to pay. without receiving payment, due to her. The “Chronicle’’ describes the token payment as an excellent bargain in buying time. WASHINGTON. June 13. | 'Che Administration circles to-night did not reflect, the optimism indicated in the London pr«*ss reports, that the British offer of partial payment, as indicate! in the note delivered at White House would be immediately acceptable. Thca’c is some feeling that the question nevertheless is rapidly ap preaching a condition of mutually acceptable settlement Political considerations are meanwhile obviously dictating Mr Roosevolt*s cautious direction of the matter. What is Surprise ? CANCELLATION OE DEBTS'? (Received June 14 at JO p.m.) WASHINGTON, June 13. President Roosevelt will reply on Wednesday 1o the British offer of a partial payment of the war debts. I With the message he is expected to spring a surprise among the company of nations. There is a basis for conviction here that the injection of war debts into the Economic parley has brought about a situation -which called for the American answer indicated in high quarters. The surprise will be contained in either the message in reply to the debts, or in an accompanying document. It is the intention of Mr Roosevelt to receive Britain’s proffered payment, pending accomplishments by the conference on the stabilisation of currencies and the lowering of the world tariff walls. Bills Passed NO MORE BANK FAILURES. WASHINGTON, June 13. Congress has adopted the GlassSteagall banking bill, providing fundamental changes in the national banking system, including insurance dc» posits by all banks. Air Steagall commenting said: “There won’t bo any more banking failures. This measure will divorce the banks from their se curity affiliats, and sanctions branch banking within the States whose- local laws permit of such.’’ The Congress also approved the Industrial Recovery Rill.