PRESIDENT HOOVER

Hokitika Guardian, 11 December 1931, Page 6

PRESIDENT HOOVER

STATEMENT TO 1 CONGRESS

[United Press Association—By Electric Telegraph—Copyright. J (Received this day at 10.15 a.m.) WASHINGTON, December 10. Declaring that the debtor nations cannot pay, Mr Hoover asked Congress to-day to provide for temporary adjustments in the war debts of Europe to United States. In a message submitting the June moratorium for ratification, he proposed a revival of the Commission which funded these debts and said: — “Ais we approach the new year it is clear a number of Governments indebted to us will be unable to meet further payments to us in full, pending a recovery of their economic life. Therefore it will be necessary, in some cases, to make still further temporary adjustments. The Foreign Debts Commission would go into the debts question in the light of the present economic emergency, and make recommendation to Congress.

The President again urged an adherence to the world court in vigorous action by the world to curb armaments. No discouragement should he permitted to turn the world from a san e and reasonable limitation of arms, he said. The President asked legislative sanction of the moratorium within tine nextfive days, for it is on December 15th. next that payments from abroad will fall due. He suggested a provision for payment of instalments withheld over the ten year period beginning on July first, 1933. His statement of last spring—“l do not approve in any remote sense of the cancellation of the debts to us,” was repeated.

The -effect of the moratorium agreement, the President wrote, was. in-stantanteou-s in reversing the drift towards a general economic panic. It has served to give time to the peoples lof ‘those- countries to readjust their economic life. The action taken was necessary. I am confident it commends itself to the judgment of the American people. Other than reiteratjng America’s responsibility in maintaining the integrity of China, he confined discussion on the Manchurian question to a review of the steps taken.