WAR DEBTS REVISION

Manawatu Standard, Volume LIII, Issue 21, 21 December 1932, Page 7

WAR DEBTS REVISION

PRESIDENT HOOVER’S GESTURE. WILL MR. ROOSEVELT COOPERATE? OPINIONS IN UNITED STATES. (United Press Association—By Electric Telegraph.—Copyright.) WASHINGTON, Dec. 19. In the opinion of competent political observers here, President Hoover has made his last war debts revision gesture. The matter is now squareiy before the President-elect, Mr I<. D. Roosevelt, either to accept the President’s offer of co-operation in the formation of a bi-partisan semiCongressional Diplomatic Commission or, if ho refuses it, to accept full responsibility himself after March 4. In the message he sent to Congress to-day, which even the Democrats admit is a broad-visioned, sound paper, President Hoover took into full consideration the Congressional aversion to sanctioning a Debt Commission. At the same time he strongly reiterated his contention that the matter is serious and requires immediate attention. The general tenor of statements by Democratic leaders indicates that Mr Roosevelt will decline to co-operate. Reports from Albany indicate that he still favours negotiations through existing diplomatic agencies and will take no responsibility before his inauguration as President. Thus Mr Hoover must either on his personal initiative appoint a commission or withdraw from the matter. Which course he will take is problematical, but it is recognised that it is very doubtful if Britain, for example, would wish to enter into negotiations with a commission whose authority would automatically terminate scarcely more than two months hence.

Mr Hoover’s method of linking debts to other phases of the world economic situation is generally approved in Congressional circles, where it is felt that the nation should receive some concessions in disarmament and trade in return for revision. But the Democrats feel that Mr Roosevelt should assume no responsibility which might commit the party to a programme which later events might cause to be disapproved. They seemed willing, though, to let Mr Hoover form a. commission to “explore” the situation, reserving the right to act on suggestions as they see fit. Mr Hoover’s mention of an examination of the debt obligations of those nations which “sought to pay” is interpreted as meaning the small nations such as Greece and Hungary, and also France if she soon makes good her default. It is generally agreed that Britain would bo the first to benefit from any re-examination. The Press has generally approved the message, a number of newspapers emphasising the necessity of dealing with- all international economic difficulties as well as debts. Many admit the difficulty of getting complete cooperation between Congress, Mf Hoover and Mr Roosevelt, but view the Note as a step in the right direction.

MR HOOVER’S PROPOSAL,

ACTED ON OWN INITIATIVE,

Received December 21, 9.35 a.m. WASHINGTON, Dec. 20-

The Democrats are clearly shying away from active participation in President Hoover’s proposal for a commission for a review of the Avar debts, and he elected at Capitol Hill to go ahead on his own initiative. The chairman of tho House Ways and Means Committee, Mr Collier, said today: “I am Avilling for the Ways and Means Committee to consider the message, but I am confident that it will not consider it favourably.” Ho opposed Congress setting up any additional commissions to be appointed by President Hoover shortly before his retirement, but said he had no objection to the President setting up another of his own. “I am confident that this Congress is opposed to creating another Debt Funding Commission.” Mr Collier said that the proposition would not' bo laid before his group for consideration at least until January. MR ROOSEVELT’S POLICY. SEPARATE NEGOTIATIONS. Received December 21, 11 a.m. WASHINGTON, Dec. 20. Mr HooA-er and Mr Roosevelt are understood to have already exchanged views. Mr Roosevelt’s attitude is described as sympathetic, but firm against dividing the responsibility with the President. The friends of Mr Roosevelt are convinced that he will stand by his previously announced policy that the debt negotiations should be conducted through the regular diplomatic channels and separately with the debtor nations. Senator Sivanson, Virginia, a Democratic member of the Union States arms delegation, who has been regarded as perhaps the first choice by the President for a place on the Debts Agency, said: “The power to negotiate all foreign relations is left Avith the President under the Constitution. The methods he adopts haA'e been left entirely Avith him under the laAv and custom. I think a situation has developed that makes it Aviser for the United States to conduct separate negotiations. Tho United States is really the only creditor nation. Joint negotiations Avould only bring a solid front against us.” TRANSFER OF BUSINESS TO CANADA. BERMUDA COLONY’S DECISION. Received December 21, 12.5 'p.m. WASHINGTON, Dec. 20. Plans of the British colony of Bermuda to place Avhat is described as “absolutely prohibitive tariffs on food products from the United States, thus throwing the business to Canada” Avere described in telegrams from four Boston firms which Senator Coolidge (Massachusetts) placed before the Senate. They have been referred to the Finance Committee.

STOCK EXCHANGE FEATURE.

BRITISH FUNDS STRONGER,

(British Official Wireless.) Received December 21, 11.10 a.m. RUGBY, Dec. 20. Following the rise in the sterlingdollar rate, the strength of British funds was again the principal feature of to-day’s Stock Exchange. At tile close there were general gains of from a quarter to one and a half points, with the war loan of 3$ per cent.' at 98J, showing an improvement of 15-i6ths on the day.

LITTLE ENTENTE’S DECISION. CALL TO GERMANY. Received December 21, 12.15 p.m. BELGRADE, Dec. 20. The Little Entente has decided to

make no further war debt payments to Britain, and other creditors unless Germany resumes payments of the reparations. The Little Entente consists of Czecho-Slovakia, Yugo-Slavia and Roumania. CURED OF DELUSION. LONDON, Dec. 20. President Hoover’s message to Congress is featured by all the newspapers. The Daily Telegraph describes it as remarkably bold, showing how the better mind of America has been working. “Mr Hoover in this message, as in the previous one, is shown as being completely cured of the delusion that his country is able to stand on its own feet in happy detachment from the troubles of the rest of the world.” “CANCELLATION INEVITABLE.”

SYDNEY, Dec. 20. Mr W. M. Hughes, upon his return from England, said: “No matter what shape the immediate result of the default by France, Belgium and other nations may assume, the cancellation of the war debts is inevitable. _ I consider, in the face of the British Notes and the attitude of the defaulting nations, that the United States will be compelled to review its position.”

PRICE OF GOLD. Received December 21, 9.30 a.m. LONDON, Deo. 20, The price. of gold is £6 3s 8d per ounce.