WASHINGTON FRUITS

Manawatu Standard, Volume LIII, Issue 135, 8 May 1933, Page 7

WASHINGTON FRUITS

SUMMARY OF DISCUSSIONS.

EARLY DEBT SETTLEMENT.

MR MACDONALD’S VIEWS.

(United Press Association—By Electric

Telegraph.—Copyright.)

LONDON, May 6. In a broadcast speech last night the Prime Minister, Mr Ramsay MacDonald, summed up the results of his conversations with President Roosevelt at Washington as follows:-

A final decision to open the international conference on June 12.

A preliminary mutual examination of the causes of the world crisis aud the means of overcoming them, so that they might co-operate in procuring good results.

A personal exchange of information regarding war debts, and an agreement that on their settlement depends the success of the work of the Economic Conference. “As wo will both be pledged to leave no stone unturned to make the conference a success, this agreement means that we are to use every means in our power to find a way to settle these debts,” said Mr MacDonald. “Wo also reached an understanding on how to co-operate in trying to bring the Disarmament Conference to a successful issue, and the improvement generally of the friendly relations and mutual esteem of Britain and tho United States.

“The influences making for peace, confidence a.nd appeasement in the world undoubtedly have been strengthened.”

“Tho World, Conference will fail unless the debts are settled as early as possible—certainly before the termination of the conference. President Roosevelt and myself are agreed upon that,” said Mr MacDonald.

He declared that if Britain tried to make itself economically self-suffi-cing, the population must be reduced by migrating millions even to maintain the present standard of living; This would not be possible for years, the alternative being devastating destitution. The International Conference must agree upon sound tariff principles, and the removal of obstructive devices like restriction of currency movements and .must keep exchange values steady, providing work for millions ot decent people noiV idle. NEGOTIATIONS WITH BRITAIN. MR DAVIS’SEFFORTS. LONDON, Mav 6. Owing to America’s belief in the supreme importance of a tariff truce and a desire to obtain an assurance from Britain forthwith to apply it, Mr Norman Davis, the American representative on the Disarmament Conference, has postponed his departure for Geneva to enable further conversations with the Prime Minister, Mr Ramsay MacDonald, and the I resident of the Board of Trade. Rt. Hon. Walter Runciman.

NO AGREEMENT,

DISCUSSION ON THE DEBTS

WASHINGTON, May 7. It was said in high quarters on Saturday night that President Roosevelt and the spokesman for the European debtors were unable to agree on wai. debt relief and the steps the President will recommend to Congress remained problematical. Meanwhile the Democratic House leaders privately voice % o militant opposition toward any move by the Administration -for cancella tion or reduction, or even a moratorium during the London Conference Speaker Rainey said a “There must be no postponements of revision. I. the debtors don’t want to pay tliej can default.” The Democratic Senators reiterated that the President would not reques. authority to revise the debts. Evei a temporary postponement would be granted by the Senate only after a fight.

AMERICA AND ITALY. NEED FOR TRUCE. ILLUMINATING COMMUNIQUE. WASHINGTON, Mav 6. An assertion that a truce in the field of tariffs and other obstacles to international trade is Essential if the AYorld Economic Conference is to begin with any hope of success was made on Saturday in a joint statement by President Roosevelt and Signor Guido Jung, the Italian Finance Minister.

The statement proceeded : “We have found ourselves in the closest agreement oil many other measures to re-establish the economic life of the world, and are both determined to approach the problems of the World Economic Conference with the firmest resolve to bring its leaders to success. We are in agreement that a fixed measure of exchange values must be re-established in the world, and believe this measure must be gold.” The communique is one of the most illuminating issued during the series of conversations between the representatives of foreign Powers and Piesident Roosevelt. .. .. , .. President Roosevelt said that political tranquillity was essential for economic stability. A suggestion that public works programmes undertaken for the benefit of the unemployed should be synchronised was made. It was recommended that the central banks of the various nations should take concerted action in an attempt to provide such adequate expansion of credit as may be necessary to support constructive work, avoiding as much as possible the use of credit for illegitimate speculative purposes. Previously in a joint statement issued by President Roosevelt and benor Tomas Re Breton, Argentina s envoy to Washington, the conversations expressed a similarity of views between the United States and Argentina.

STERLING SHOWS STRENGTH. A DROP IN GOLD. (British Official Wireless.) Received May 8, 11.20 a.m. RUGBY, May 6. To-day’s sterling again showed marked strength on New York and Paris following Continental speculation and selling of the dollar and the French franc. Sterling on New York was quoted at 405) ; Paris 85 5-16. Gold has dropped 7d to £6 4s Id per fine oz. War loan 3} per cent, is quoted at £IOO 8s 9d. . The stock markets are idle.

ADVANCE IN NEW YORK. NEW YORK, May 6. Sterling, after touching 4.05 dollars, the highest since September, 1931, dropped sharply in late trading closing at 3.98 dollars.