NO POSTPONEMENT

Manawatu Standard, Volume LII, Issue 306, 24 November 1932, Page 7

NO POSTPONEMENT

NEXT WAR DEBT PAYMENT

PRESIDENT HOOVER’S DECLARATION "NO FACTS TO JUSTIFY ACTION” (United Press Association. —By Electric Telegraph.—Copyright.) Received November 24, 9.45 a.m. WASHINGTON, Nov. 23. In a lengthy formal statement following a conference with Congressional leaders of both the Republican and Democratic parties, President Hoover declared that “as to the suspension of the instalments of debt due on December 15 no facts have been presented by the debtor Governments which would justify such postponement.” At the same time the President declared that a United States Commission should be created to receive suggestions on the war debt problem, “and to report to Congress such recommendations as they deem advisable.”

SUGGESTED ALTERNATIVE. EXPANSION OF U.S. MARKETS. NO SACRIFICES BY AMERICAN PEOPLE. Received November 24, 1.10 p.m. WASHINGTON, Nov. 23. “I have stated on many occasions my opposition to cancellation,” the President said. “Furthermore, I don’t feel that the American people should bo called upon to make further sacrifices. I held, however, that advantages to us could be found by other forms of tangible compensation than cash, such as an expansion ot markets for the products of American agi '.culture and labour. There are other possible compensations in economic relations which might be developed on a study which would contribute to a recovery of prices and trade. Such compensations could be made mutually advantageous. These things might serve to overcome the difficulties of exchange in some countries and moet the question of the inability of some of them otherwise to pay. . “It is unthinkable that within the comity of nations and the maintenance of international goodwill onr people should refuse to consider the request of friendly people and discuss an important question in which they and wo both have a vital interest, irrespective of wliat conclusions might arise from such discussion.” The Speaker, Mr Garner, said at a Press conference to-day that lie thought the. Congressmen _wlio attended the debt conference with Mr Hoover had “convinced him that Congress at the present time would decline to create an agency to discuss debts with foreign powers.” THEN AND NOW. PAYMENTS BY BRITAIN. LORD READING’S SKILLFUL SUMMARY. (British Official Wireless.) Received November 23, 11.55 a.m. i RUGBY, Nov. 23. Reference to the war debts situation was made by Lord Reading, who has just returned from the United States, in a speech to the English Speaking Union. Lord Reading said that Britain’s proposal for postponement of her American debt payment due on December 15 was as important for America as for Britain. When the agreement was made no one foresaw that fourteen years from the date of the Armistice we would he in our present position. . Under the Anglo-American debt agreement Britain paid more than any other country and had forgone greater portions of the debts due to her from other countries, claiming that she should receive from them only sufficient to enable payment to be made to the. United States.

speech in the House of Commons since his recent illness, dealt with the war debt question. He deeply regretted that the question had been largely removed from the high circles of American statesman who understood the world position and was to a large extent in the hands of obdurate assemblies newly elected, whose members had given specific pledges to their constituents without attempting to anticipate the British Government’s decision in the face of a torturing problem. He believed that all agreed that,

“If we alone among all the combatants of the Great War, victors or vanquished, are to be condemned without receiving anything from our debtors to pay for nearly two generations a vast overseas indemnity as punishment for the exertions we made in tho war and as a penalty for good faith afterwards, that would bo a situation which would indeoed he intolerable.” BRITAIN’S “HARD DEAL.” LORD READING’S IMPRESSIONS. Received November 24, 8.55 a.m. LONDON, Nov. 23. Lord Reading, who has just returned from a visit to the United States, ad* dressed the English Speaking Union. He said he was confident from what he had seen, read and heard in the United States that the feeling is that Britain has had a hard deal in the debt settlements. He believes Americans are quite ready to revise the settlement.

THE HOOVER-ROOSEVELT CONFERENCE. TASK FOR PRESENT GOVERNMENT. WASHINGTON, Nov. 22. A two-hour conference between President Hoover and the President-elect, Mr F. D. Roosevelt, assisted by their advisers, at White House to-day, resulted in the issuance of a brief, noncommittal statement, merely setting out that war debt postponements had been discussed and. “it was felt that some progress had been made.” The statement added that Mr Hoover would meet Congressional leaders tomorrow.

Further official information regarding the conference was withheld, although it is understood that Mr Roosevelt indicated that he would not attempt to dictate to the members of his party what policy should be followed and that he would maintain his previously expressed attitude—that the immediate responsibility rests with President Hoover rind the present Congress. Rejection of the European pleas for extension of the war debt moratorium and no immediate revision after March 4 was indicated later as being the probable course of the United States Government.

The debt could only bo paid by gold or by goods and services. Gold was scarce save in the localities where it was quietly and safely accumulated. If payment could not be made in gold the problem arose of payment bygoods and services, and there they met with manifold difficulties. If they took the value of goods and commodities at the time of the settlement it made it look at least twice the amount of goods to-day to pay the same amount of money. Therefore, the burden was at least twice as great to-day as it was then. Then the debt was fixed at a certain sum which it was believed Britain would be receiving in reparations and she would be paying to America what was received. Now there was no question of getting reparations. Lord Reading asked America to remember that Britain was receiving no payments at all. CHANCELLOR ON LAUSANNE.

Neither the President nor the Presi-dent-elect made any informative statement, but close associates who know their respective opinions view these as virtually certain conclusions as a result of the discussions. That Mr Roosevelt made no commitments on the foreign debt situation was definitely learned to-night. It was ascertained from a source close to Mr Roosevelt that he barely participated in the actual discussions, and that most of the talking was done by Mr Hoover and the Under-Secretary to tho Treasury, Mr O. L. Mills. “Mr Roosevelt took the position that the whole matter is up to the present chief executive,” it was stated. POSSIBLE REVISION.

The Washington correspondent of the New York Times says he learned that President Hoover will not recommend to Congress suspension of the debt payments, but will urge the recreation of the War Debts Funding Commission with a view to possible revision. Mr Hoover and Mr Roosevelt agreed against granting postponements. Mr Roosevelt declined to support or oppose a Debt Funding Commission. Democratic observers interpreted this as an indication that Mr Roosevelt proposed to handle the debt situation as part of the general world economic programme he is contemplating.

An important statement on the British request to the United States for a provisional suspension of the war debt payments pending a discussion was made by Mr Neville Chamberlain, Chancellor of the Exchequer. He said there was no doubt that the simila: suspension of reparation payments which was agreed upon by the delegates of the creditor Governments at Lausanne had an immediate effect in steadying public opinion in all the financial centres of Europe and that it had assisted to create a condition favourable for the final agreement reached there. “Since then the confidence born of that settlement and the knowledge that no further transfers across exchanges in respect of reparations would- be required in the near future has continued to increase, and it seems to us important, in the interest not only of this country but of the world generally, that it should not be disturbed at the beginning of discussions which, we hope, may prove advantageous to both the parties engaged in them,” lie added. “We have not yet received any reply from America., bufj. I have no doubt that in replying to our proposal the American Government will bear in mind the considerations I have mentioned.”

REPORTED BRITISH ULTIMATUM. The subjects of war debts farm relief, possibilities of a special session, and Government economy, were discussed to-night by the President-elect, Mr F. D. Roosevelt, and a group of Democratic leaders. No decisions were reached, but Mr Roosevelt informed the conference delegates that President Hoover had told him that Britain would pay its 90 million dollars due in December, but that unless 1 the United States Government made a gesture toward considering the debts Britain would not pay any more. Mr Roosevelt is also understood to have said that Mr Hoover told him that if some gesture toward discussing debts with foreign debtors was not made a grave situation would ensue.

Mr Roosevelt is desirous of the enactment of a farm relief programme during the coming session, also a sharp slash at Government expenditures, and the enactment of beer legislation in order to avert a special session early next year.

PENALISED FOR GENERATIONS. Mr Winston Churchill, in his first