CRISIS IN CENTRAL EUROPE

Timaru Herald, Volume CXXXVI, Issue 19156, 12 April 1932, Page 7

CRISIS IN CENTRAL EUROPE

DANUBIAN PLAN REJECTED FAILURE DEPLORED IN LONDON British Official Wireless (Received April 11, 10,30 p.m. ) RUGBY, April 9. General regret is expressed in newspapers at the failure of the Four Powers, during the London Conference, to establish any common point of view among themselves, and their consequent inability to make any useful proposals to the Danubian States. Some hope, however, is extracted from the unqualified recognition by all, that remedial action in Central and SouthEastern Europe is urgently necessary and by the manifest determination of the Governments to pursue their attempt to concert it. Lamentable Failure. “The Times,” referring in this connection to the meeting of the representatives of all nations next week it Geneva says: “The work of easing international commerce, must be continued without respite at Geneva. It considers it lamentable that the four Powers have not been able to decide by what body, or group of countries, the problem should next be discussed, or which aspect of the problem is first in point of urgency. It recognises that the projected preferential system for the Danubian countries, demands sacrifices from all States trading with them, afid remaining outside it, and that sacrifices would be particularly severe in the case of Italy and Germany. “Constructive proposals,” says the “Times,” “were made by Germany at the Conference; whereby she announced her readiness to grant preference to Austria, and preference in respeit to agricultural products to Hungary, Yugo Slavia,’ Roumania and Bulgaria. The inability of Germany, however, to accept the original scheme, rendered these proposals unpalatable to France, whose material interests, in Central Europe, like those of Great Britain are financial, rather than commercial. Age Long Desire. “Behind these differences,” adds the “Times,” “looms the shadow of a struggle for Influence, which overcasts all European affairs. Commercial and political power have too long gone hand in hand to be dissociated all at once, in men’s minds, and whether o: not Germany is to be included in the proposed customs project, remains the crucial point of the controversy. Yet sacrifices by all are necessary, if a dan- , gerous period of disruption and misery is to be avoided. Immediate sacrifices, which, if they are wisely made, will bring relief and ultimate prosperity. The creation of a wide area of free trade remains the goal, but it may perhaps best be reached by short stages. There is no conclusive reason why neighbouring countries should not forthwith negotiate with each other for the lowering of every duty that seems capable of readjustment to their mutual advantage.”

PATH TO WORLD RECOVERY

FASCIST POLICY OUTLINED. United Press Association—By Electric Telegraph—Copyrignt (Received April 11, 10.30 p.m.) LONDON, April 11. The Rome correspondent of “The Times” says: The Fascist Grand Council declares that it is necessary to renounce war debts and reparations, and remove customs barriers before these reduce international trade to complete anaemia. They must also revise, within the framework of the League of Nations, the clause in the Peace Treaties containing the grounds of unrest and eventual war, abandon summoning unduly frequent international conferences, which by arousing unfulfilled hopes, increase friction. FINANCIAL HELP FOR GERMANY ANOTHER STAND-STILL AGREEMENT. United Press Association—By Electrio Telegraph—Copyright (Received April 11, 7.0 p.m.) LONDON, April 10. The Berlin correspondent of “The Times" says that England, Sweden, Denmark, and Holland concluded the second stand-still agreement covering short term credits extended to Germany, amounting to 247,000,000 marks. This provides for a moratorium until March 15, 1933, subject to the immediate repayment of 10 per cent, of the debt, the balance bearing 6 per cent, interest, compared with 9 per cent, payable under the expiring stand-still agreement.