World’s Two Alternatives

Manawatu Times, Volume LVI, Issue 7066, 27 January 1933, Page 7

World’s Two Alternatives

Stabilise Currencies OR BREAK DOWN TARIFF WALLS Jjnited Press Association —By Electric Telegraph—Copyright WASHINGTON, January 25. President Hoover feels that United States is faced with tho necessity of either increasing tariff walls or action to gain stability in foreign currencies and it is considered possible that a move will be made for speeding up thfe approach to the World Economic Conference. It was stated in a high administrative source that the President (Ufcsires to avoid major increases in She tariff, but feels it may be Necessary unless the World Conference can act quickly to bring a greater stabilisation of foreign currencies. President Hoover, it is stated, believes that only in the past four or five months has the United States felt the full reaction from the departure of various European countries from the gold standard. Figures have been placed before him designed to show that goods, from countries of depreciated currencies are flowing into the United States with increasing intensity. “DEFAULT” AND “CANCELLATION” IMPOSSIBLE. ENGLISH ADVOCATE OF TARIFF REVISION LONDON, Jan. 25. In an article on “World Recovery and War Debts,” in Lloyds’ Bank Review, the Rt. Hon. H. A. L. Fisher, formerly President of the Board of Education, says: Europe cannot say the word “default” and in view of the American Government’s repeated declaration that Such a solution would be entirely unacceptable, Europe cannot ask the United States to say the word “cancellation.” Let America use he* great economic position to press for a reduction of the high tariffs which are throttling European trade and her self by the offer of a liberal tariff revision and give an example which other nations may follow. The prime cause of the present economic' discontent is the existence of high tariff walls, dividing state from state. EVEN HOOVER WAVERS. Received Thursday, 7 p.m. WASHINGTON, Jan. 25. A unanimous advocacy of immediate legislation to restore normal tariff protection against foreign countries with depreciated currencies, was voted on Wednesday night by the House of Representatives. Republicans who acted in close conference only a few hours after, learned that Mr. Hoover felt that tariff increases might bo the only recourso if currency stabilisation was not obtained abroad. BRITAIN ACCEPTS UNCLE SAM’S TERMS. Received Thursday, 7 p.m. WASHINGTON, Jan. 25. Great Britain to-day accepted Mr. Roosevelt's terms for a discussion on the War Debt but made a reservation against deciding what questions should bo considered by the World Economic Conference until the general meeting of all nations to be represented there. The British reply was delivered at the State department while a furious debate was iu progress in the Senate which indicated that if there had been any yielding in the Congressional opposition to cancellation or revision, it was still of small proportions. COMMENT ON MR. CHAMBERLAIN’S SPEECH. Received Thursday, 8.20 p.m. WASHINGTON, Jan. 25. A feature of the British Note likely to cause the greatest controversy is the clause virtually excluding discussion on important world economic problems during debt negotiations. However, it is pointed out that if the British Note is vague concerning this important feature, the Hoover-Roosevelt communique is equally vague thereon. The Note despatched from London tended to substantiate the opinion held by many that Britain wishes to divorce the debt conversations from such problems as gold, trade, etc. Late to-day it was revealed that Mr. Roosevelt is attempting to form a congressional committee to keep touch between himself and Congress regarding tho opinion on debts and other matters. It is believed this would at least in a measure, serve the same purpose as having Congressmen on commission to negotiate debts which Mr. Hoover favoured and Mr. Roosevelt rejected. The debts debate again broke out in tho Senate. It was started by a Republican member violently objecting to tho rumour that a RoosOvelt emissary was now in Europe negotiating with the various governments. The Democrats vigorously denied the rumour which Mr. ljoosevelt later denied officially from Warm Springs.

Senator Johnson denounced the British position and read a despatch quoting Mr. Neville Chamberlain’s Leeds speech. He added: “The American declaration that debts and repara, lions are not linked has absolutely no effect upon our-British brethren.''’

The. Press opinion is generally cool towards Mr. Chamberlain’s speech. The Neiv York Times says he developed no new arguments but merely repeated old ones in a solemn official manner.

The Herald-Tribune, in a leader headed “Time for Silenco,” said Mr. Chamberlain was not really speaking to the Leeds Chamber pf Commerce. He was speaking to the American people. The most thoughtful Americans already agree with a great deal of Mr.

Chamberlain’s argument while those who do hot are unlikely to bo converted by having the British Chancclldr of Exchequer explain to them how stupid they are. The opinion is expressed that the discussion has gone beyond the point where statesmen could hope to influence public opinion of other countries. Opinions could better bo converted through the ordinary dinlomatic neaoti-. ations-