REDUCTIONS FORECAST

Poverty Bay Herald, Volume LV, Issue 17609, 27 October 1931, Page 7

REDUCTIONS FORECAST

WAR DEBT PAYMENTS ERAHCO-U.S. DISCUSSIONS LIFTING THE WORLD 'S BURDENS (Elec. Tel. Copyright—United Press Assn.) WASHINGTON, Oct.ober 25. The groundwork for sweeping reductions in German reparation payments, and Allied war debt payments to the United States, was laid during the conferences concluded on Sunday by President Hoover and M. Laval. Germany is expected shortly to take the initiative by asking for relief fiom her enormous reparation burden. France is expected to c.o-operate in re-examining Germany’s ability to pay, and radical reductions are considered inevitable. The United States is ready to do its share as a contribution to world stability. The re-opening of the debt question is expected to follow immediately ou any change in reparations. Mr. Ilo.over and M. Laval, in a joint statement issued to-day, declared that the essential factor in the restoration of tho normal economic life of the world rests on the gold standard in France and tho United States.

The statement disclosed that the national leaders canvassed the whole field of international affairs, and a hope is expressed for the success of the conference Hint will discuss the limitation of armaments at Geneva in February. It was agreed, insofar as interGovernmcnt debts arc concerned: “We recognise that prior to the expiration of the Hoover year of postponement, some agreement regarding war debts may be necessary, covering the period .of business depression. As to the terms and conditions, the two Governments will make all reservations.” The initiative for an extension of tho debt holiday is left to the European powers principally concerned. 11 FOR THE COMMON GOOD.” The statement says that the traditional friendship between the United States and France, and the absence of all controversy between them, render it possible and opportune for the representatives to explore every aspect of tho many problems in which they are mutually' interested. “Indeed, it is tho duty of statesmen not to overlook any means of practical co-operation for the common good. This is particularly true at • a time when the world looks for leadership in relief from the depression which reaches into countless homes in every land. The relations of mutual confidence between the two Governments has a most important bearing upon speeding the recovery we seek. “Wc have engaged upon that mission with entire frankness, and wo have made real progress. We have canvassed the economic situation and the world trends in international relations bearing upon it, the problem fronting the forthcoming conference on the limitations and reduction of armaments, the effect ol the depression on the payments under interGovernmental debts, the stabilisation of international exchanges, and financial and economic subjects. Special emphasis has been laid upon more important means through which the efforts of our Governments will be exerted towards the restoration of. economic, stability and confidence. Particularly arc we convinced of the importance of monetary stability as an essential factor in the restoration of the normal economic lifo in the world, in which tho maintenance of the gold standard in Franco and the United States will serve as the major influence. It is our intention to continue to study methods for the maintenance of stability in international exchanges.” ■ In a separate statement, Mr. Hoover denies that he .proposed any revision of the Polish corridor.

COMMENT IN FRANCE VICTORY FOR COMMON SENSE (Received October 27, 10 a.m.) PARIS, Oct. 26 Le Matin describes the Hoover-Laval conversations as a victory, not for France but for good sense. Otiier newspapers stress the moral results of M. Laval’s visit, and claim that absurd legends about France have been dissipated. Nobody can now doubt lier pacific intentions. “Pertinax,” in tho Echo de Paris, predicts that M. Laval will shortly summon an advisory committee of experts to examine the duration of the Hoover moratorium and Germany’s capacity to pay reparations

MUSSOLINI’S CRITICISM TREATIES MUST EE REVISED NAPLES, October 2(3. Addressing a muster of 00,000 Fascists, Signor Mussolini, in a fiery criticism of the Versailles and other treaties, asked: “Must 50 years pass before we close the tragic ledger written with the blood of 14,000,000 young men? Can it bo said that there is legal equality between the nations when on one side stand countries armed to the teeth, and on tho oilier side, those condemned to complete disarmament? “Moreover, how much longer will it take us to realise that something lms broken down in the machinery of the modern world. A clear and extensive readjustment, in relation be tween capital and labor must take place. The real interests of peace cannot be served on the present, lines. Just ice must, be served, not a protocol dictated by vengeance, rancour and fear. The nations liave acted like accountants balancing ledgers.”