TARIFF TRUCE

Southland Times, Issue 22009, 8 May 1933, Page 7

TARIFF TRUCE

A WORLD ESSENTIAL STATEMENT BY MR ROOSEVELT FIXED EXCHANGE VALUES (United Press Assn.—Telegraph Copyright.) (Rec. 7.15 p.m.) Washington, May 6. The assertion that a truce in the field of tariffs and other obstacles to international trade is essential if the World Economic Conference is to begin with any hope of success was made on Saturday in a joint statement by Mr Roosevelt and Guido Jung, Italian Finance Minister. The statement added:

“We have found ourselves in the closest agreement on many other measures to re-establish the economic life of the world, and are both determined to approach the problems of the World Economic Conference with the firmest resolve to bring its leaders to success. We are in agreement that a fixed measure of exchange values must be re-established in the world, and we believe this measure must be gold.”

The communique is one of the most illuminating issued during the series of conversations between representatives of foreign Powers and Mr Roosevelt, who said that political tranquillity was essential for economic stability. A suggestion that public works programmes, undertaken for the benefit of the unemployed, should be synchronized was recommended. The Central Banks of the various nations should take concerted action in an attempt to provide such adequate expansion of credit as may be necessary to support constructive work, avoiding as much as possible the use of credit for illegitimate speculative purposes. Previously a joint statement issued by Mr Roosevelt and Tomas Lebreton, Argentina’s envoy to the Washington conversation, expressed a similarity of views between the United States and Argentina. IMPORTANCE OF ISSUE. (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, May 6. Owing to America’s belief in the supreme importance of the tariff truce and the desire to obtain an assurance from Britain forthwith to apply it Mr Davis has postponed his departure for Geneva to enable further conversations with Mr MacDonald. FRENCH AND BRITISH RESERVATIONS. MR CARDELL HULL’S CRITICISM. (United Press Assn.—Telegraph Copyright.) Washington, May 5. Mr Cardell Hull, referring to the French and British reservations on the tariff truce, said: “If we haggle with other nations in the preliminary stage it will lead to a hair-pulling contest which will prevent progress of the World Economic Conference.”