The Southland Times. PUBLISHED EVERY MORNING. Luceo Non Uro. THURSDAY, JUNE 25, 1931. FRANCE’S ATTITUDE.

Southland Times, Issue 21429, 25 June 1931, Page 6

The Southland Times. PUBLISHED EVERY MORNING. Luceo Non Uro. THURSDAY, JUNE 25, 1931. FRANCE’S ATTITUDE.

The best indication of the value of President Hoover’s proposal is the change in the tone of the Stock Exchanges in the United States and in Britain. Germany . will benefit directly and will therefore secure the largest measure of relief under the scheme Mr Hoover has launched, but it would appear that both the British and American Governments were convinced that if help were not afforded promptly a col-, lapse in Germany would lead to results far worse than any envisaged by the French through the loss of part of the payments they expect from Germany. France, of course, is entitled to advance her cause, but the French are intensely logical, and it is probable that their prejudices and suspicions will give way before the inexorable pressure of international opinion which recognizes in the Hoover proposal something much

more important than the rescue of Germany from Russian intrigues. It has been made clear that this is a temporary measure, and opinion is now firming on the idea that there was some close connection between the discussions at Chequers and the sudden pronouncement by the American President. It is said that Mr Hoover had intended launching this proposal after Mr Stimson had returned from Europe, but the news of Germany’s precarious position compelled him to move quickly to frustrate a Russian project which might have resulted in war. Possibly that is an exaggeration, but the Russian menace cannot be wholly ignored, because if Germany collapsed the resultant disorder would play into the hands of the Red extremists. Mr Hoover’s quick action was forced on him, and it has launched a new force in the world. Mr William Randolph Hearst, a spent force in American politics, may talk about robbing the American taxpayer, but if the people of that country get a chance to study the position they will see that the suspension or the cancellation of war debt payments can react in only one way: in the quickening of the world s trade which is to the advantage of a great exporting country like the United States. Mr Hearst says the obvious thing, and to-day people have come to realize that the obvious thing is not necessarily true. One of the gravest dangers confronting democratic countries to-day is that people may be misled by arguments which appear sound. People who have d’scovered the causes of the world’s ills, who' envisage sinister plots, and bolster these ideas with arguments made to appear strong through prejudice, are real dangers because they are leading people along wrong roads. In this matter, however, the people of the United States can see that their own interests are inter-locked with these of Europe, and so out of this effort to save Germany will come a bigger effort which will free Europe of more of its economic burden and so lead to relief for the whole world. France cannot stand in the way of that movement. She may appear hesitant and suspicious, but the larger possibilities will ultimately appeal to her statesmen, and they will participate in a plan which is the first real, hope of rehabilitation Europe has had since the war. It is the beginning and the financial reactions show what the commercial world thinks of the scheme.