Hoover May Yield to France

Horowhenua Chronicle, 27 June 1931, Page 3

Hoover May Yield to France

OVER UNCONDITIONAL REPARATIONS

Received Friday, 9.50 p.m. WASHINGTON, June 26

The possibility of President Hoover’s moratorium becoming effective on July Ist is appreciably . nearer to-night. A high official authority stated that President Hoover is, yielding to the French wishes, and is prepared to assent to an arrangement satisfying the French Goveifment that in accepting the moratorium the proposal for resumption of payment of the unconditional German reparation annuities will not be jeopardised. FEELING OF OPTIMISM IN U.S.A. Received Friday, 9.15 p.m. WASHINGTON, June 25. A feeling of considerable optimism regarding the discontinuation of French opposition to the Hoover programme prevailed in administrative circles today, but the United States stock markets following reports of French coun-ter-proposals reacted sharply shifting from a strong opening to the weakest closing they had experienced for several days. The Federal Reserve Bank of New York announced that it had in company with the Banks of France and England extended a hundred billion dollar credit to Germany. Reports also developed in authoritative circles that President Hoover would soon offer a plan to aid the bad financial situation in South America. Thanks, But We Don’t Need It! WHAT SOUTH AFRICA’S ATTITUDE SHOULD BE Received Friday, 9 50 p.m CAPETOWN, June 26. General Smuts referred to President Hoover’s offer as the most outstanding event in recent years. All the world had looked to America for help, and she had not failed. Referring to the British offer to the Dominions, General Smuts said: “it will help Australia to re-establish herself, but so far as South Africa is concerned, we are in a position to pay our debts and must do so. We have never had to accept a moratorium, and it would be a climb-down if we did so now. I hope our Government, which has talked so much of South Africa first, will put South Africa still first and continue to pay its debts. The Government should thank the British Government for the generous offer, but should refuse it.” AUSTRALIA WILL SAVE £4,500,000 Received Friday, 9.50 p.m LONDON, June 26. The Morning Post points out that the British war debts concession to the Dominions, together with the previous sinking fund remission, should mean a saving of Australian expenditure and remittance abroad of £4,500,000, which, together with the contemplated economies and the saving of interest on the internal debt, should materially aid the Budget position, as well as Australian credit.

MELLON GOES TO PARIS.

AND STINSON TO ITALY

British Official Wireless

RUGBY, June 25.

Mr. Andrew Mellon, Secretary of the United States Treasury, who has been in England for the past week, left for Paris to-day. Mr. Mellon declined to discuss the purpose of his mission, but newspapers anticipate that he will discuss with the authorities details in connection with the French reservation to President Hoover’s proposals, which are due to take effect next Wednesday. It is stated that Mr. Mellon may visit Berlin after Paris. It is reported from Washington that the United States Secretary of State, Mr. H. L. Stimson, will sail for Europe on Saturday, travelling direct to Naples and visiting Germany, France and England later. TONIC EFFECT. LONDON STOCK EXCHANGE British Official Wireless. RUGBY, June 25. The general acceptance, in principle, of President Hoover’s proposals has had a tonic effect on the business community, and there was an optimistic tone on the London Stock Exchange to-day. Active trading in British funds and increased inquiry for industrial shares were features of the market.