THE WAR DEBTS

Manawatu Standard, Volume LIII, Issue 19, 19 December 1932, Page 7

THE WAR DEBTS

PLANS FOR ADJUSTMENT. TASK FOR MR ROOSEVELT. STATEMENT BY DEMOCRATS. (United Press Association—By Electric Telegraph.—Copyright.) WASHINGTON, Dec. 17. Democratic leaders in Congress declare that, despite any plan President Hoover might have, any real adjustment of the war debt situation must await the inauguration of the Presisident elect, Mr F. D. Roosevelt. ’l'liis apparently disposes of tho possibility of Mr Hoover and Mr Roosevelt co-oper-ating for early action. The United States has informed France and given similar indications to other debtor nations that the Administration is willing to continue the debt discussions, but is opposed to any general conference and can make no offer of revision. This w r as a brief outline of the stand taken up by the Administration and given out to-day as from an authoritative source. While President Hoover and his aides continue to watch the efforts by France to form a new Government and await other developments abroad, it was made clear that the indications given to debtor nations have not been transmitted in the form of any new formal Notes, but have been passed on in the previously exchanged Notes and informal conversations with diplomatic representatives. Mr Hoover feels, it was stated, that in the 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 lie dispatched. An indication was given that ho would withhold it until developments abroad justified its dispatch. Apparently not wishing to aggravate tho Franco-American debt tangle, Senators Harrison and Borah refrained from discussing the matter in the Senate yesterday. It is understood that confidential advices from France to the State Department indicated that the overdue payment might yet be made. Administration officials refused to amplify reports as to consultation with Mr Roosevelt. It is likely, however, one of Mr Hoover’s spokesmen said, that 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 and thus helping to stabilise currency and resume the gold standard with the result of higher commodity prices. SHIPMENTS TJF GOLD. LONDON, Dec. 17. Arrangements have been completed for the shipment of £9,000,000 worth of gold to the United States in five British liners before December 31. The balance will be shipped during 1933. The Majestic, on December 21, will take the largest consignment of £2,400,000.