REVIEW OF DEBTS

Hokitika Guardian, 22 December 1932, Page 5

REVIEW OF DEBTS

HOOVER’S SCHEME NOT FAVOURED BY DEMOCRATS > __ 0 ’ ' (Unite<J Press Association—Fy Electric Telugi pu—Copyright.)

WASHINGTON, December 20

'Mr Hoover and Mr Roosevelt are understood to have already exchanged views. Mr Roosevelt’s attitude is described as sympathetic, but firm against dividing responsibility with tbs President. Friends Of Mr Roosevelt are convinced that he will stand by big previously announced policy that debt negotiations should be conducted through regular' diplomatic channels, and separately - with debtor nations. The : Democrats are clearly shying away from active participation in Mr Hoover’s proposal for a commission of review of the war debts. Chairman Collier, of the House Ways and Means iCommitte’eT“:salH to-day: “I am willing to have the Ways and Means Committee consider the message, but I am confident it will not consider it favour ably.” He ig opposed to Congress setting up fttty additional commissions to be appointed 'by Mr 'Hoover (shortly before hig retirement ,but said he had no objection to. the President setting up another of his own, “I am confident this Congress is opposed to creating another debt funding commission,” 'Mr Collier said the proposition would not be laid before his group for consideration at least until January. Senator Swanson (Virginia, Democrat), a membe r of the United 'States arms delegation, who has been regarded as perhaps the first choice of the President for a place on the debts agency, said: “Power to negotiate all foreign relations is left with the President under the constitution. The methods he adopts have been left entirely with him under law and custom. I think a situation has developed that makes it wiser for the United States to conduct separate negotiations. The United States is really the only creditor nation. Joint negotiations would only bring a solid front against us."

ROOSEVELT AND HOOVER

CONSIDERATION OF PROBLEM

WASHINGTON, December 20. Although communications have not beetn published, the “New York Times” Washington correspondent today learned the essential points of the telegrams! exchanged between Mr Hoover and Mr Roosevelt regarding co-operation in the formation of a debt commission, Mf ROosdvelt’s reply to-day Was friendly and in “sdrne respects helpful' jiil tone/’ tut Mi' &oo#evelt rejoctg the commission idea at being oppoaefl to hia own belief that tha existing diplomatic agencies for the. purposes of debt re-examination. Mr Roosevelt was also unsympathetic 'Mr Hoover’s suggestion of tying / up, the debt re-examiners with ' the iU.SvA. delegation to the Economic and disarmament 'conferences, Mr Roosevelt stressing the view that the debts are a separate matter; but the promises to “do nothing to. retard or 'hamper an immediate re-examina-tion.” Mr Roosevelt has positively objected to Mr Hoover’s ostensible.-exclus’on of some of the debtor nations, yfr Roosevelt apparently wishing to leave the door- open for negotiations with France. Mr Hoover is now faced with taking a decision as to whether he will proceed on his own initiative. It is now thought likely that he will be governed by Britain’s action. If ■4? e requests an immediate review, he could not well deny it, but if Britain prefers to awaitf Mr Roosevelt’s inauguration, Mr H'Wver probably will drop the matter. MR McFADDEN SUSPENDED. (Received this day at 9.40 a.m.) WASHINGTON, December 21. The Pennsylvanian Republican House delegation to-diy decided to oust Representative McFadden as secretary to the delegation because of h'is attacks on President Hoover. FUTURE OF GOLD STANDARD.

(Received this day at 10 a.m.)

•LONDON, December 21

The “Financial Times” says that,, the future of the gold standard must depend upon the .ability of the world conference to bring stabilisation to monetary and economic affairs. It cannot be decided until the debt issue is settled.