The Waikato Times FRIDAY, FEBRUARY 24, 1933. AMERICAN DEVELOPMENTS.

Waikato Times, Volume 113, Issue 18879, 24 February 1933, Page 4

The Waikato Times FRIDAY, FEBRUARY 24, 1933. AMERICAN DEVELOPMENTS.

Events are moving swiftly in the United States at the present time. The progress of the preliminary arrangements for the discussion with Britain on the war debts issue has been so accelerated that the question of the debts themselves has been subordinated to the wider issue of world economics. The speed which has cha ™ c_ terised the recent trend of affairs, however, is not due to any sudden warmth of feeling on the part of the United States, but to two powerful factors. The first of these is the crisis in the Far East, which is developing to a degree which America cannot afford to ignore. The second factor is the world depression, which has at last struck the United States—and struck severely. By these two . factors Government and people alike are being forced to realise their interdependence upon the other nations sharing the eaith s sui ace, an the impossibility of remaining aloof in a world which is growing smaller every day. It is apparent from the latest reports that the incoming Roosevelt Administration will tackle its problems with speed and vigour. The facilities which Mr Roosevelt has given for an early clearing of the ground regarding the issues to he placed before the World Economic Conference, indicate his determination to face the facts squarely. It is significant that the new Secretary of State, Mr Cordell Hull, is a protagonist of low tariffs, for this _ suggests that the former liigh-tariff policy is not regarded with satisfaction. The extent to which the Ottawa agreements have forced America s hand in this direction will be revealed more fully when the Conference opens. Regarding the prospects for the World Conference, one thing stands out with forceful clarity. America has been forced by circumstance and, to a certain extent, by the rapidly growing an l American feeling throughout the whole of Europe, to take action which was never contemplated in normal times. The history of the past assures us that she will bargain shrewdly every step of the way, and Mr Roosevelt’s earlier attitude must sound a note of caution to those who are tempted to regard the recent developments as a disinterested gesture. There still remains the question of war debts —a question which is now none the less vital to the debtois, even if the non-payment of the debts may be regarded in America as of less immediate consequence than the continuance of the depression. Britain is the gambler in international affairs to-day. Her stand on the question of war debts was A desperate chance. By standing with the other debtor nations, she may have lost the opportunity of arriving at a satisfactory private arrangement with her creditor, but she was not willing to abandon her own debtors for this purpose. Her claim for settlement of the whole question has proved successful so far, and America has been made to realise that she cannot live for ever behind her own high fences. Britain has won the first round, in persuading America to negotiate. Ihe next round does not matter so much. Britain does not want to win at the expense of America, but she does want to straighten out the affairs of this muddled world of ours. In this work it is fitting that Britain should lead the way. Her own record in 1932 was one of the most commendable achievements of modern times. In facing her problems four-square and restoring her credit in the eyes of other nations, she saved Europe and herself from a very certain catastrophe. The outlook with regard to America is one of hope. The old prejudice against Britain shows signs of breaking down, and there is promise of the formation of a strong economic partnership with Britain. If that can be achieved prior to the World Conference, the work of reconstruction should be greatly simplified.