MR HOOVER PROPOSES YEAR’S DEBT MORATORIUM.

Star (Christchurch), Volume XLIV, Issue 146, 22 June 1931, Page 1

MR HOOVER PROPOSES YEAR’S DEBT MORATORIUM.

News is Joyously Received by British Politicians and Industrialists. (United Press Association.—By Electric Telegraph.—Copyright.) (Received June 22, 11.30 a.m.) LONDON, June 21. One year’s suspension of payment of inter-govern-mental debts was proposed by President Hoover last night, as a move to lift the world from its economic rut and to place it again on the road to rehabilitation. In London the proposal was received joyously, but France does not favour it, saying that Germany deserves no favours. “ It is the best news I have had for many years,” declared Lord Brentford, commenting on the American proposal. Mr George Terrell, President of the National Union of Manufacturers, described it as a splendid gesture. “ When America feels the benefit which will result from the proposal she will find it very difficult to reimpose repayment of debts after the period of the proposed suspension.”

Mr Lloyd George says: “I am delighted to hear of Mr Hoover’s move, which will materially contribute to relieve the world’s economic strain. Had my proposal to America and France in 1922 to cancel international debts been implemented, we would not have had the present slump.” Sir Hugo Hirst welcomes the proposal and hopes that it will be acceptable to France. He thinks that it will benefit trade.