WAR DEBTS ISSUE

Hawke's Bay Tribune, Volume XXIII, Issue 7, 19 December 1932, Page 8

WAR DEBTS ISSUE

DEMOCRATIC VIEW EARLY ACTION NOT EXPECTED, FRANCE MAY YET PAY. .Washington, December 17. The United States has informed France and given similar indications to other debtor nations that the Administration is willing to continue debt discussions, but is opposed to any general conference and can make no offer of revision. This was a brief outline of the stand taken up by the Administration and given out on Saturday as from an authoritative source. While Mr Hoover and his aides continued to watch the efforts by France to form a Government, and await other developments abroad, it was made clear that the indications given to debtor nations had not been transmitted iu the form of any new formal Notes, but had been passed on in previously exchanged Notes and informal conversations with diplomatic representatives. Mr Hoover feels, it was stated, that in the face of defaults, the attitude of Congress against the creation of a commission to review international fluaaeial obligations may possibly be rel.axed. No new decision has been mads by him as to when his special message to Congress will be despatched. Au indication was given that he would withhold it until developments abroad justified its despaten. Apparently not wishing to aggravate the Franco-American debt tangle, Senators Harrison and Borah refrained from discussing the matter in the Senate. It is understood that confidential advices from France to the State Department indicated that an overdue payment might yet be made. Administration officials refused to amplify reports that a consultation with Mr Roosevelt is likely. However one of Mr Hoover’s spokesmen said Mr Hoover’s general idea was “to keep the debs situation liquid” until Mr Roosevelt takes office. Meanwhile Mr Hoover continues to be principally desirous of giving relief to Britain, thus helping to stabilise currency and to resume ths goli standard, which would result iu higher Commodity prices. Democratic Congressional leaders declare that despite any plan Mr Hoover might have, a real adjustment of the debt situation must await Mr Roosevelt’s inauguration. This disposes of the possibility of Mr Hoover and Mr Roosevelt co-operating for early action. THE GOLD SHIPMENTS FIRST LEAVES ON WEDNESDAY London, December 17. Arrangements are completed for the shipment of £9,000,000 worth of gold to the United States on five British liners before December 31. The balance will be shipped during 1933. The Majestic on December 21 takes the largest consignment of £2,400,000.