DEBTS AND TRADE

Manawatu Standard, Volume LIII, Issue 62, 9 February 1933, Page 7

DEBTS AND TRADE

FEELING IN UNITED STATES.

TRADE CONCESSIONS WANTED.

PURCHASING POWER OF PEOPLE

(United Press Association.—By Electric Telegraph.—Copyright.) - Beceived February 9, 11 a.m. WASHINGTON, Feb. 8.

Senator Borah to-day threw liis influence against a lump sum cash settlement of the European war debts or any other settlement that embraces no trade concessions for the United States. Senator Borali said: “I am not interested in any plan which deals with the debts that does not include an adjustment of the currency question and certain other . problems which stand in the way of opening the world markets and restoring trade and commerce. A lump sum payment would not do us any good of a permanent nature unless we can find markets to restore the purchasing power of the people.” President Hoover is represented in the highest administration circles as feeling that unless steps are taken by the United States to slow down the imports from depreciated currency countries “continued disturbance” will be noticed in the American economic life. The President is described as feeling that the present volume of imports is greater than can be shown by the available statistics because the actual imports have increased where they would not be shown by dollar figures.

DELEGATION TO UNITED STATES.

HEADED BY PRIME MINISTER

LONDON, Feb. 8. Tlve Morning Post learns that it has been provisionally decided that the Prime Minister, Mr Ramsay MacDonald, will lead the British debt delegation to the United States. It is regarded as probable that a new moratorium will be sought pending a. settlement, which it is increas-ingly-thought will take the form of a final capita] payment raised by a loan on the American market.

WORLD CONFERENCE.

WASHINGTON, Feb. 7

A special committee of the International Chamber of Commerce issued a report to-day, which will be distributed to 45 member countries. The report consists of recommendations proposed as a basis for negotiations at the World Monetary and Economic Conference.

The report suggests a readjustment of international indebtedness, both of a public and private nature, and the setting up of “economic tariff groupings” of countries for the pui'pose of reciprocity. The cause and cure of the depression, including political disturbances, economic disharmonies and trade barriers, are dealt with at great length. In connection with the war debts the report says:—“lnternational confidence will not be secured until the problem of reparations and of intergovernmental debts is satisfactorily and mutually solved. At Lausanne a solution of the reparations problem was found. It needs to be completed by an equally satisfactory solution of the problem of inter-governmental debts.

EG GNOMIC CONFERENCE.

NOT FOR THREE MONTHS.

(British Official Wireless.) Received February 8, 9.5 a.m. RUGBY, Feb. 8. Answering a series of Parliamentary questions regarding the World Economic Conference, the Prime Minister said the League Council bad decided that the convocation of the Conference would not be unnecessarily delayed; that it could not, in view of the . necessity of preparation and the distances to be travelled by some of the delegations, take place for at least three months from the present time, and it should be left to the Foreign Secretary to convene tho _ organising committee, of which he is jiresident, at some suitable date during this three months to make, the final decision as to the date of the conference. MEETING OF CABINET COMMITTEE.

(British Official Wireless.) Received February 9, 9.55 a.m. RUGBY", Feb. 8. The Cabinet committee on war debts met this afternoon. With tho exception of Mr Baldwin, all the members, together with Sir Ronald Lindsay, were present.