WORLD FINANCIAL CRISIS.

New Zealand Herald, Volume LXVIII, Issue 20977, 14 September 1931, Page 9

WORLD FINANCIAL CRISIS.

" ONE OF CHIEF CAUSES."

THE HOARDING OF GOLD. NEED FOR REAL DISARMAMENT. FRENCH AND GERMAN VIEWS. By Telegraph—Press Association—Copyright. (Received September 13, 5.5 p.m.) GENEVA. Sept. 12. "The hoarding of gold by certain countries is one of the chief causes of the financial crisis," said Dr. Curtius, German Foreign Minister, in addressing the Assembly of the League of Nations. Dr. Curtius dealt gloomily with the financial crisis, lie declared that Mr. Hoover's plan was only a respite. It must bo followed by international action if the situation were not to become hopeless. Unemployment, was creating an army of desperate men, easily open to revolutionary propaganda.

"Long term loans are indispensable to recovery," continued the speaker, and the failure of the Disarmament Conference would ruin the League. Disarmament must be real and effective. Germany will support Signor Grandi's proposal for the suspension of armament construction. M. Briand, French Foreign Minister, paid a tribute to the loyalty of Britain to the ideal of a Franco-German rapprochement, Referring to the Disarmament Conference, he said I'ranee was definitely opposed to any postponement. The French delegates were displeased at Dr. Curtius' outspokenness, especially his references to an unconditional reduction of armaments and his endorsement of Signor Grandi's proposed armaments truce.