DEBTS OF WAR

Hokitika Guardian, 18 June 1932, Page 5

DEBTS OF WAR

LAUSANNE MEETING MR MACOONALD’S address j (British Official Wireless.) - , iis RUGBY, June 16. During hrito opening; addrtus, ns Chairman., to the, , delegatee of the 18> nations assembled' at the Reparations Conference jat Lausanne, Mr Mac-' Donajd< the. extreme gravity nnd j^-genoy o (rf the problem confront- i ing .them. r The economic crisis was , such that no country could expect to be immune from its effects. It was a world crisis, and none could stay out of the work of restoration any reconstruction. They were to consider one of the causes of their distress — the financial inheritance of war—and an 'agreement must be reached regarding it. . He cited the report of the Basle experts, which insisted that iuter-Gov-ernincntal debts must be revised, and lie declared that the urgency of their appeal had been underlined by all that had happened' since that report Was issued. They must remember, in til the deliberations and 'bargainings, that the wol'ld looked to them not only in need t with with impatience. It Was the essence •qf the task that they should act speedily, for un agreement would have the effect a hundsesl times more .beneficial than one painfully and imperfectly secured at the last moment of exhaustion. One. .principle definitely before the Conference wa,s than an engagement • solemnly entered into could not be satisfied by unilateral repudiation. He believed, that the principle was not challenged by any of the delegates, but it carried the corollary that if there was to be no default the engagements which had proved incapable of, fulfilment, must be revised by agreement. Mr MacDonald added: “I believe that a great opportunity now presents itself for us to unite in , checking the active influence now making for general economic deterioration. If we do ting Europe cannot act alone. We must all welcome an assurance that after the present phase is over, the United . State,3 will encourage us. I believed, she will co-operate in an examination, at., any rate, of the wider problems and join with us in devising a policy for the maintenance of civilisation, which •- shall "be based on the prosperity of all nations.” . After the opening, the sitting' was adjourned until to-morrow, the interval being spent in arranging the work programme. Both to-morrow’s , meeting's will' be held in private Discussions will be opened by the', German Chfihceliofj Votl Papon, With a statement of Germntiy'a economic situation,