DEBT PAYMENTS

Hokitika Guardian, 11 July 1931, Page 4

DEBT PAYMENTS

ADJUSTMENT of details

NEED FOR. PROMPT ACTION

STRESSED

(British Official Wireless.)

RUGBY, July 8

Tlie meeting at London of experts representing the Powers which are parties to the Young Plan will open on July 17. The experts will examine the matters upon which the French Government offered observations in its statement announcing acceptance of President Hoover’s proposal for one year’s suspension of reparation and war debt payments.

The three main points for investigation by the experts involve matters which do not directly concern the American Government —first, a demand for common action by the principal central banks through the Bank of International Settlements to organise assistance for the European countries particularly affected by the proposed suspension of payments; secondly, the question of a guarantee fund; thirdly, technical adjustments in reg‘rd to deliveries in kind to reconcile actual needs with the spirit of the Hoover proposal. On the completion of this work by the experts, a conference of Ministers will be called. No date has been fixed for such a meeting. MEETING OF MINISTERS.

The discussions with the; French Government regarding the proposed meeting rjf experts is proceeding. Whii it is recognised in Paris that a confer cnee of Ministers must follow a meeting of experts, a ftpnl reply from the French Government >viE be necessary before dates and other details may be arranged; Meanwhile the view is epressed in Parts that the suggested aeriod of one week may prove insufficient for the experts.

The ‘‘Morning Post” says everybody will cordially endorse the satisfaction with which Pres’dent -Hoover welcomed the Franco-American settlements, bid if the universal enthusiasm with which President Hoover’s proposal was at first received is to be revived, further delays must at all costs be avoided. It is therefore urgently to be hoped tha‘ the conference to settle the final detads of the scheme will meet promptly and promptly reach its conclusions. The Hoover moratorium, provided it comes into immediate operation, would undoubtedly confer incalculable advantages upon a much harra-ssrd world The Acting-Secretary of State for the United States, Mr William. R. Castle, announced to-dav that the United Stales Government wdl send an observer to the technical experts committee meeting in •London.