FINANCIAL TANGLE

Northern Advocate, 20 December 1932, Page 5

FINANCIAL TANGLE

WAR AFTERMATH MR HOOVER’S ATTITUDE REVIEW RECOMMENDATION. LITTLE HOPE OF ADOPTION. (United Press Association—Ey Electric Telegraph.—Copyright.) • (Received 9 a.m.) WASHINGTON, December IS. There was a possibility this evening that the President, .Mr Hoover, might despatch to Congress on Monday hie special message on war debts, renewing his recommendation for a commission to review the tangle of international financial obligations. The Secretary of the Treasury, Mr O. L. Mills, and the President held a long conference today and reviewed the debts communication. The recommendation for a commission will undoubtedly meet with stiff Congressional opposition. In spite of hopes in some Administrative quarters that the recent debt defaults might alter the temper on Capitol Hill, a recent canvass showed that there was little possibility of the adoption of the President’s recommendation. Another message states that Mr Hoover is now withholding the message to Congress, hoping that the reorganised French Cabinet will reconsider the default. Many observers believe this is likely. In a radio broadcast this evening, Mr Julius Klein, Assistant Secretary of Commerce, who is considered to be Mr Hoover’s spokesman, declared that a discussion on debts and tariffs at the World Economic Conference, inevitably reversing the earlier Administrative stand, must be kept off tho agenda. He also implied that the co-oper-ation of the President-elect, Air Roosevelt, would be sought in the formation of a preliminary American policy, PAYMENT IN GOLD. KEEPING OFF THE STANDARD. BRITISH DECISION, (Received 9 a.m.) LONDON, December 39. Tho City Editor of the “Daily Herald” states that consultations between the Treasury and the Bank of England resulted in the decision that Britain cannot contemplate a return to the gold standard for several years. The payment in gold to the United States has persuaded Air Alontagu Norman, Governor of the Bank of England, that if Britain returned to gold at an earlier date she would only be able to remain on the gold standard for a brief period.