LAUSANNE PHASES

Northern Advocate, 24 June 1932, Page 5

LAUSANNE PHASES

DEBT AND REPARATIONS BRITISH STANDPOINT GERMAN ADJUSTMENTS. SETTLEMENT MUST BE PINAL. (United Press Association —By Electric Telegraph—Copyright.) (Received 9 a.m.) LAUSANNE, June 22.

The British Foreign Secretary, Sir John Simon, left Lausanne today for London to report to the Cabinet at its meeting on Friday on the latest phases of the conferences at Lausanne and Geneva,

Mr MacDonald conferred with M. Hcrriot briefly today, and handed .him a memorandum containing the British standpoint on debt and reparations. This was a statement of principles based on the point of view that, Germany cannot pay, and that if payments are to be made in future Germany must be allowed sufficient time to en ; sure her recovery, against. which no arrangement should be permitted to militate.

j r Tho statelnent strongly insisted that the settlement shall be definitely final.

A. three hours' conference between Mr MacDonald and M. Herriot apparently left the latter unshaken in his determination to demand some even-tual-German payment, instead of yielding to Mr MacDonald’s plea for a clean slate, thus showing to America that Europe is prepared to make sacrifices.

EUROPE’S RECOVERY. VITAL TO NEW ZEALAND. (Special to “Northern Advocate.”) HAMILTON, This Day. The opinion that Europe would have to go bankrupt before America would clear off the war debts was expressed by Mr W. Goodfellow, speaking at the annual meeting of the Finance Corporation of New Zealand, Ltd., today. After pointing out that the profits of the company were wholly dependent on the prices of butterfat, Mr Goodfellow mentioned that New Zealand’s prosperity was largely bound up with the war debts question. Once Europe had recovered, much of the goods now flooding the English markets would be diverted and New Zealand primary products would receive a chance again. “I am not a pessimist,” he added, ‘ ‘but I think the immediate future is bad and may be worse before it is better, but within two years there should be an improvement.”