FRENCH ACCEPTANCE

Wanganui Chronicle, Volume 74, Issue 149, 26 June 1931, Page 7

FRENCH ACCEPTANCE

BUT WITH RESERVATIONS. PARIS, June 24. France has accepted the moratorium witl reservations or the unconditional annuities. The atmosphere has been appreciably eased by the American Ambassador assuring the Premier that the urgency of th 3 German crisis had forced President Hoover’s hand. There was no intention to overlook France, who was actually the first country consulted from Washington. M. Briand in the forenoon had a conference with the German Ambassador. after which the French reply was cabled to Washington. Meanwhile the press unanimously insists that France must not agree to violation of the unconditional payments which are sacrosanct under the Young Plan. DISAPPOINTING NOTE. COMPROMISE EXPECTED. Received June 25, 9.10 p.m. WASHINGTON June 25. The French note on reparations was received to-day, and so modifies Mr Hoover’s proposal as to appear disap pointing and unacceptable in its present form. It is understood that France wants non-postponable reparations annuities paid into the world bank and the money loaned back to Germany. France wishes no precedent set for the suspension of the Young Plan. President Hoover’s advisers, however, are inclined to believe a compromise will be reached assuring the putting into effect of the moratorium. Mr Stimson’s statement to-day is regarded as a friendly gesture toward, France, indicating that America will agree to some change in the details, if the basic nature of the Hoover proposal is accepted. The State Department has been informed by the Italian ambassador, Signor Garrett, of Italy’s acceptance of Mr Hoover’s moratorium proposals, such acceptance being cordial and complete, and without reservations of a political nature. DEALINGS ON BOURSE. QUOTATIONS STILL SOARING. Received June 25. 9.10 p.m. PARIS, June 25. Quotations on the Bourse continue to soar. The explanation appears to lie in the confident belief that the French reply to Mr Hoover will not invalidate the Young Plan. Also that a real era of prosperity is about to dawn. Advices from Berlin indicate that thorp is only slight surprise at France’s conditional acceptance. This was fully anticipated by the Press. WALL STREET. RISING STOCK MARKET. Received June 25, 9.10 p.m. NEW YORK, June 24. The continued buoyant feeling drove prices on the stock market up from fractions to ten points, all leading issues showing gains. Five million shares were traded in the bond market, which reflected the bullish movement, Australian stocks particularly showing gains. ADJUSTMENT OF DETAILS. WASHINGTON, June 24. The Secretary of State (Mr H. L. Stimson), in a formal statement to day said that the bread outlines of President Hoover’s debt moratorium would not be departed from. He said that substantial headway was being made in diplomatic negotiations to work out many details which must necessarily be adjusted in so large a subject. PRESS COMMENTS. GI FT TO DOM IN lON S. LONDON, June 21. °Nobody in this country will grudge such a gift to our great Dominions for such a cause,” says the Daily Mail, in referring to Mr Snowden’s statement. The News-Chronicle says that Air Snowden’s courageous and wise announcement will be received with satisfaction and relief in the Dominions and will be endorsed here. At the Fame time it is necessary to recognise that it will involve a new burden on the British taxpayer.