AN UNCERTAIN OUTLOOK.

Wairarapa Age, 19 December 1932, Page 5

AN UNCERTAIN OUTLOOK.

SENATE LEADERS SILENT ON DEBT ISSUES. POSSIBILITY THAT FRANCE MAY PAY. MR. HOOVER AND GREAT BRITAIN. (Received Sunday, 6.30 p.m.) WASHINGTON, December 16. Apparently not wishing to aggravate the Franco-American debt tangle Senators Harrison and Borah refrained from discussing the matter in the Senate. It is understood that confidential advices from France to the State Department indicated that the overdue payment might yet be made. Administration officials have refused to amplify reports of consultation with the President-elect, Mr. Roosevelt. It is likely, however, that one of President Hoover's spokesmen said Mr. Hoover’s general idea is “to keep the debt situation liquid,'' until Mr. Roosevelt takes office. Meanwhile, Mr. Hoover continues to be principally desirous of giving relief to Britain, thus helping her to stabilise her currency and resume the gold standard, which should result in higher commodity prices. INTIMATION TO DEBTORS. OPPOSITION TO GENERAL CONFERENCE. (Received Sunday, 6.30 p.m.) WASHINGTON, December 17. The United States has informed France, and given similar indications to other debtor nations, that the Administration is willing to continue debt discussions, but is opposed to any general conference, and can make no offer of revision. This was a brief outline of the stand taken up by the Administration and given out on Saturday as from an authoritative source. While President Hoover and his aides continued to watch efforts by France to form a Government and to await other ■developments abroad, it was made clear that the indications given to debtor nations had not been transmitted in the form of any new formal Notes, but had been passed on in previously exchanged Notes and informal conversations with diplomatic representatives. Mr. Hoover feels, it was stated, that in face of the defaults, the attitude of Congress against the creation of a commission to review international financial obligations may possibly be relaxed. No new decision has been made by him as to when his special Message to congress will be despatched. An indication was given that ho would withhold it until developments abroad justified its despatch.

STERLING STRONGER. EFFECT OF DEBT PAYMENT. RUGBY, December 16. Sterling strengthened to-day on all centres. The New York rate closed at 3.30 7-8 dollars to £l, compared with 3.28 7-8 last night. City comment attributes the continued favourable movement to the influence of yesterday’s payment and the indication that no immediate increase in the fiduciary issue is Intended or will be necessary. There was considerable buying on French demand.

UXA. DEFIOFT. BIG SINKING FUND PAYMENT. (Received Sunday, 6.30 p.m.) WASHINGTON, December 17. The United States increased its deficit for the fiscal year to 1,142,473,015 dollars on December 15, placing 418,764,000 dollars in a sinking fund for public debt retirement.