DEBTS REVISION

Taranaki Daily News, 22 December 1932, Page 5

DEBTS REVISION

AMERICAN NEGOTIATIONS CONTACT OF PARTY LEADERS MR. ROOSEVELT’S OPINIONS COMMISSION NOT WANTED FRIENDLY TONE OF REPLY By Telegraph—Press Assn.—Copyright. Rec. 7 pan. Washington, Dec. 20. Although the communications have not been published the Washington correspondent ..of the New York Times to-day learned the essential points of the telegrams p-grhanged between President Hoover, and Mr. Roosevelt regarding cooperation and the formation of a debt commission. Mr. Roosevelt’s reply today was friendly and in some respects helpful in tone, but he rejects the commsision idea as opposed to his own belief that existing diplomatic agencies are sufficient for the purposes of re-examin-ation.' " .

Mr. Roosevelt is unsympathetic also to the suggestion of. linking the debt reexaminers with the delegation to the economic and disarmament conferences, he stressing the view that debts are a separate matter. He promises “to do nothing to retard or hamper, immediate re-examination.”

Mr. ROosevelt passively objected to Mr. Hoover’s .ostensible exclusion of some debtor nations, apparently wishing to leave the door open for negotiations with France, j

Mr. Hoover now has to decide whether he will proceed on his own initiative. It is probable he will be governed by Britain's action. If Britain requests an immediate review he could not well deny it, but if Britain prefers to await Mr. Roosevelt’s inauguration Mr. Hoover probably will drop the matter. Senator Swanson (Democratic, Virginia),; a member of the United States arms delegation, who has been regarded as perhaps the first choice of the President for a place on the debts commission, said: “Power to negotiate with all foreign nations is left with the President under;, the Constitution. The methods he adopts have been left entirely with him under law and custom. I think a situation has developed that makes it wiser for the United States to conduct separate negotiations. The United States is really the only' creditor nation and joint negotiations would only bring a solid front against us.” Tte Democrats are clearly shying away from active participation in Mr. Hoover’s proposal for a commission, and the commitsion he elects at the Capitol will go ahead on its own initiative. The chairman of the House of Representatives Ways and Means Committee, Mr. James Collier, said to-day: “I am willing to have the Ways and Means , Committee consider the President’s message, but I am confident that it will not consider. it favourably.” Mr. Collier said he was opposed' to / Congress setting up any additional commissions to be appointed by Mr. Hoover shortly before his retirement, but said he had nd objection to the President setting up another of his own. “I am confident that this Congress is opposed to creating another debt funding commission,” Mr, Collier said. That proposition would not be laid before his . group for consideration at least until January. ' DEBT TALKS NEXT MONTH. im. HOOVER’S “BROADER VIfiJWS.” Rec. 11.35 p.m. London, Dec. 21. It is expected debt talks between London and Washington will begin some time in January, but- the Daily Telegraph’s diplomatic correspondent stresses that they, can only, be in the nature of exploration. The feeling is growing in Britain that it may be useless to call the world economic conference until debt settlements are reached, at least between America and her .principal debtors.

Several commentators deduce from Mr. Hoover’s latest message to Congress evidence of America’s anxiety to hasten Britain’s return to the gold standard. It is understood Britain is in no hurry to change, but the Washington administration js determined to use every influence to speed its restoration. The Times in a leader says Mr. Hoover’s apparent determination to initiate on his own responsibility, failing the co-operation of Mr. Roosevelt and Congress, a discussion on the debts question will be whole-heartedly welcomed, and an agreement must be reached before June in order to avoid a crisis and a series of defaults which would be disastrous to the countries concerned. Mr. Hoover’s message shows a broader and more realistic, attitude than his earlier messages. This may indicate a clearer American grasp of the economic realities, but a striking omission is any allusion to tariffs and other measures preventing the debtor countries paying the debts normally by goods and services. FRANCE REMAINS HOSTILE. DECISION TO PAY UNLIKELY. Rec. 11.30 p.m. Paris, Dec. 21. The declaration of the new Ministry is not expected to differ with regard to either debt payments or general policy from the policy of M. Herriot. Parliamentary opinion is still opposed to the payment of the debt to America, and its hostility is likely to continue unless unforeseen developments show it would be advantageous to France to reverse its attitude. » ' . ' ■•LITTLE ENTENTE NOT TO PAY. ■DEPENDENCE ON REPARATIONS. Belgrade, December 20. The Little Entente has decided to make ho further war debt payments to Britain and other creditors unless Germany resumes payment of reparations.