SUMMING UP

Stratford Evening Post, Volume II, Issue 237, 8 May 1933, Page 5

SUMMING UP

Result of Conversations

BROADCAST ADDRESS BY , MR. MacDONALD Cause and Cure of World Crisis ' Press Association—Copyright London, May G. Mr. Ramsay MacDonald in a broadcast speech last night said the World Conference would fail unless war debts were settled as early as possible—certainly before the termination of the conference. He and Mr. Roosevelt were agreed *V upon that. Mr. MacDonald summed up the results of his conversations with President F. D. Roosevelt as follows: Final decision to open the international conference on June 12. Preliminary mutual examination of the causes of the world crisis and the means of overcoming them so that they might co-operate in procuring good results. Personal exchange of information regarding war debts and an agreement that on their settlement depended the success of the work of the economic conference. “As we are both pledged to leave no ston* unturned to make the conference a success this agreement means that we are to use every means in ou. power to find a way to settle these debts,” said Mr. MacDonald. “We also reached an { understanding on how to co-operate in j ■trying to bring the Disarmament Confer- j ence to ? successful issue and the im- j provement generally of friendly relations | and mutual esteem between Britain and I the United States. So the influences j making for peace, confidence and appeasement in the world have undouht- j edly been strengthened. ! Mr. MacDonald declared that if Britain | tried to make itself economically selfsufficing the population must first be re- I duced by the migration of millions, even to maintain the present standard of liv'ing. This would not be possible for years. The alternative was devastating destitution. The World Conference must agree upon sound tariff principles, ’ tire removal of obstructive devices like the restriction of currency and movements to keep the t exchange value steady, providing work 1 for millions of decent people now idle. : He and President Roosevelt candidly ! discussed the Anglo-American attitude on j war debts, which was a hard nut still ! uncracked. j Representatives of the British Govern- • ment, the. Dominions and Colonies are periodically conferring prior to the World Conference. They exchange views on commercial, economic and agricultural matters, but not on monetary policy. HERRIOT REACHES FRANCE Press Association.—Copyright. Paris, May 6. M. Herriot on his arrival home to-day was greeted by M. Paul Boncour and other Ministers. He said Mr. Roosevelt was willing in the event of an act of aggression to renounce neutrality if the nations agreed at Geneva over disarms- j ment. I

War Debt Relief

i AGREEMENT NOT REACHED Press Association—Copyright Washington, May 6. It was said in high quarters on Saturday night that President Roosevelt and the spokesmen for European debtors were unable to agree on war debt relief and the steps the President will recommend to Congress remained problematical. Democratic leaders in the House of Representatives and the Senate have privately voiced their militant opposition toward any move by the administration for cancellation, reduction or even a moratorium during the World Economic Conference. The Speaker (Mr. Rainey) said there would be no postponements or revision. If the debtors did not want to pay they could default. Democrats in the Senate reiterated that the President would not request authority to revise the debts. Even a temporary postponement would be granted by the Senate only after a fight.

TARIFF TRUCE ESSENTIAL

If Conference to be Success ILLUMINATING COMMUNIQUE ISSUED r Prea.T Association. —Copyright. ■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 President "Roosevelt and Signor Guido Jung, Italian Finance Minister. “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,” the statement continues. “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 r the most illuminating issued during the series of conversations between representatives of foreign Powers and Mr. Roosevelt. It says political tranquility is essential for ■economic stability. •The suggestion that public works programmes undertaken for the benefit of the unemployed should be synchronised is made. It is recorrimendcd that the central banks of the variou nations should take concerted action in an attempt to provide such an 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 Senor Tomas Lebreton, Argentina’s envoy to Washington conversations, expressed a similarity of views between the United States and Argentina* Mr. Cordell Hull, Secretary of State, referring to the French and British reservations in the tariff truce, said: “If we haggle with other nations in the preliminary stage it will lead to a hairpulling contest which will prevent progress in the World Economic Conference.” The pound after touching four dollars five cents, the highest since the fall of 1931, dropped sharply in late trading today, closing at 398.

Owing to America’s belief in the supreme importance of a tariff truce and its desire to obtain the assurance that Britain will forthwith apply it Mr. Norman Davis has postponed his departure from London for Geneva to enable him to have further conversations with Messrs. MacDonald and Runciman.