DEBT CONVERSATION

Hokitika Guardian, 22 December 1932, Page 5

DEBT CONVERSATION

U.S.A. & BRITAIN AGREEMENT WILL AVOID CRISIS (United Press Association— By Electric 'Jeiegraph—Copyright.'

LONDON, December 21

It is expected that debt talks between London and Washington will begin some time in January, but the “Daily Telegraph's” diplomatic correspondent stresses that they ca.n only ,be in the nature of exploration. The feeling is growing here that it may be useless to call a world economic conference until debt settlements are reached, at least between America and her principal debtors. Several commentators deduce from the latest Hoover message an evidence of America’s anxiety to hasten Britain’s return to the gold standard. It is understood Britain is in no hurry to change, but the Washington Administration is determined .‘to iuse every influence to speed its restoration. * ( The Times” in a leading article says: “Mr Hoover’s apparent 3eterlrtlHatioal to initiate, on his own responsibility, failing the co-Operatjoti of Mr Roosevelt and Congress, a discussion on the debts question will be wholeheartedly welcomed, as an agreement must bo reached before June in order to avoid a crisis, A series of defaults would be disastrous to the countries concerned. ' message 'Sfiows a broader and more realistic attitude than 'Mr Hoover’s earlier messages. This may indicate a clearer American grasp of economic realities, out a striking omission is that of any allusion to tariffs and other measures that are preventing debtor countries from paying debt s normally by goods a*d services.

THE FEELING IN FRANCE

PARIS, December 21

The 'Ministerial declaration is not expected to (differ as regards either debts or the general policy' from the policy of M. Herriot. French Parliamentary opinion is still opposed to debt payment. The hostility is likely to continue unless unforeseen developments show that it would be advantageous to France to reverse her attitude.

IRISH REPAYMENT PLAN.

LONDON, December 20

The Irish Free State announces its plan for the repayment of the balance of the American loan to Ireland of one million sterling, which was raised during the troubles of 1918 to 1920. The plan is by paying 1* dollars for every dollar subscribed less the attloiilit aft ready paid, A Bill for the repayment tf» being liintroduced it), the Da'll Eil’ennn.