HOOVER’S CALL TO WORLD

Nelson Evening Mail, Volume LXVI, 15 February 1933, Page 5

HOOVER’S CALL TO WORLD

RESTORATION OF GOLD STANDARD TO AVOID ECONOMIC WAR SUGGESTED SWAP ON WAR DEBTS (United Press Association—By Electric Telegraph—Copyright) NEW YORK, 13th February.. A call to the world to re-establish itself upon the gold standard as the only means of avoiding an “incipient outbreak of economic war” was made on Mondav night by Mr Hoover, coupled with a suggestion that a swap on war debts might be acceptable .to gain this end. He asserted that the answer could only be found, and found quickly; through the re-establishment of gold standards among the important nations. He said it was not necessary from an international point of view that nations forced off the gold standard be restored to the former gold values. It will suffice if it is only fixed. To do this he said it was only necessary to have strong, courageous action on the part of the loading commercial nations. If some sort of international financial action was necessary to enable the banks to co-operate for the purpose of stabilising currencies the nations should have no hesitation in joining in such co-operation under proper safeguards. ‘‘lf some part of the debt payments to us could be set aside for temporary use for the purpose we should not hesitate to do so. At the same time the world should endeavour to find a place for silver, at least in enlarged subsidiary coinage.” He said if America is asked for sacrifices on debts she should should have in return “assurances of cooperation that will positively result in monetary stability and the restoration of world prosperity.” WAR DEBT IN SILVER WASHINGTON, 13tli February. A proposal that England pay 100,000,000 dollars on war debts in silver was made in the Senate to-day by Senator Pittman (Democrat, Nevada).

WAR DEBTS AN'Or.O.AMERICAN NEGOTIATIONS (British Official Wireless) RUGBY, 14th February. Sir Ronald Lindsay returns to-day by the Majestic to New York to resume his post as British Ambassador at Washington. It is assumed that lie will immediately renew contact with Mr Roosevelt, and until this conversation has taken place no further statement on the British attitude towards war debts is likely to be made. Probably the next contribution to the discussion will be by Mr Roosevelt, when lie delivers his inaugural address to Congress, on 4th March. He may on that occasioThAiaka some reference to invitations extended to Britain. Referring to the popular assumption that when this invitation is given the mission will proceed early in March to Washington to negotiate the settlement of the debt outright, “The Times” regards such a prospect as doubtful, and anticipates that Ithe business is going to take far longer than many people suppose. It adds: “Common sense suggests that the next practical step will be a frank discussion between the heads of the two Administrations themselves in order to clear away a specific difficulty arising from divergence over the method to be adopted in securing the objective at which the both countries aim.” “The Times” suggests that the Prime Minister, instead of visiting America at a later stage to place a coping stone on the new structure, should be persuaded to make the visit in order to lay the foundation.

(Received 15th February, 1 p.m.) LONDON, 14th February.

“The Sun” learns that it is practically certain Mr MacDonald will almost immediately pay a short visit to Mr Roosevelt. Mr MacDonald’s journey will not be to negotiate a debt settlement but to attempt an understanding of the debts’ true relation to the world depression. “The Times” urges Mr MacDonald to go, but other papers oppose the visit.