WORLD CRISIS

Southland Times, Issue 22010, 9 May 1933, Page 7

WORLD CRISIS

FINDING A WAY OUT WASHINGTON RESULTS SUMMARIZED THE DEBTS QUESTION (United Press Assn—Telegraph Copyright.) London, May 6. Mr Ramsay MacDonald, in a broadcast last night, summed up the results of his conversations with President Roosevelt as follows: A final decision to open the International Conference on June 12. Preliminary mutual examinations of the causes of the world crisis and means of overcoming them so. that they might co-operate in procuring good results. A personal exchange of information regarding war debts and an agreement that on their Settlement depends the success of the work of the Economic Conference, as they are both pledged to leave no stone unturned to make the conference a success. ■ “This agreement means that we are to use every means in our power to find a way to settle these debts,’ said Mr MacDonald. “We also reached an understanding how to co-operate in trying to bring the Disarmament Conference to a successful issue and on an improvement generally of the friendly relations and mutual esteem between Britain and the United States, so that the influences making for peace, confidence and appeasement in tne world have undoubtedly been strengthened.”

DEBT RELIEF NO AGREEMENT REACHED. POSTPONEMENT UNLIKELY. (United Press Assn.—Telegraph Copyright.) Washington, May 6. It was said in high quarters on Saturday night that President Roosevelt and the spokesman of the European debtors had been unable to agree on debt relief, and the steps the President will recommend to Congress remain problematical. Meanwhile the Democratic leaders in the House of Representatives privately voiced militant opposition towards any move by the Administration for cancellation, reduction or even a moratorium during the London Conference. The Speaker, Mr Rainey, said: “There will be no postponements or revision. If the debtors don’t want to pay they can default.” The Senate Democratic leaders reiterated that the President would not request authority to revise debts, while even a temporary postponement would be granted by the Senate only after a fight. MUST SUCCEED INTERNATIONAL CONFERENCE. (United Press Assn—Telegraph Copyright.) (Rec. 7.10 p.m.) Washington. May 7. On the subject of inflation Mr Roosevelt said to-day that the powers about to be given him by Congress would be'used when and if they might be necessary to accomplish the purpose of improved prices, credit and wages. He stated that his conversations with the envoys of other countries had brought unity of action for progress on disarmament and economic stabilization. “The international conference that lies before us must succeed. The future of the world demands it, and we have each of us pledged ourselves to our best joint efforts to this end,” said Mr Roosevelt. He outlined four objectives in the international negotiations:

(1) A general reduction in armaments. (2) A cutting down of trade barriers. (3) A setting up of stabilization of currencies. (4) The re-establishment of friendly relations and greater confidence between all nations.