LAUSANNE

Nelson Evening Mail, Volume LXVI, 17 June 1932, Page 5

LAUSANNE

OPENING OF PROCEEDINGS ADDRESS BY MR MACDONALD GRAVITY OF OCCASION EMPHASISED (British Official Wireless) RUGBY, 16th June. During his opening address as chairman to the delegates of 18 nations assembled at the Reparations Conference at Lausanne, Mr MacDonald stressed the extreme gravity and urgency of the problem confronting them. The economic crises was such that no country could expect to be immune from the fact- that it was a world crisis. None could stay out of the work of restoration and reconstruction they were to consider. Ono of the causes of their distress was the financial inheritance of the war, and an agreement must be reached regarding it. He cited tho report of the Basle expert, which insisted that inter-Government debits must be revised, and declared that the urgency of their appeal had been underlined by all that had happened since that report was issued. They must remember in all their deliberations and bargains that tho world looked to them, not only in need, but with impatience. It was the essence of their task that they should act speedily, for an agreement reached quickly would have effects a hundrec; times more beneficial than one painfully and imperfectly secured at the last moment oi exhaustion.

One principle definitely before the conference was that an engagement solemnly entered into could not be satisfied by unilateral repudiation. He believed the principle was not challenged by any of tho delegates, but if there were to be no default engagements which had proved incapable of fulfilment must be revised by agreement. Mr MacDonald added: “I believe that a great opportunity now presents itself for us to unite in checking active influences now making for general economic deterioration. If we do this Europe cannot act alone. We must all welcome the assurance that after the present phase is over the United States will encourage us to believe that she will cooperate in an examination at any rate of the wider problems and join with us in devising a policy for the maintenance of civilisation which shall be based on the prosperity of all nations.” The Conference after the opening sitting adjourned until to-morrow, the interval being spent in arranging the work programme. Both of to-morrow’s meetings will be l>oM in private. The discussions will be opened by the German Chancellor, Her Von Papen, with a statement of Germany’s economic situation.