GOOD RESULTS

Hokitika Guardian, 28 April 1933, Page 5

GOOD RESULTS

AT WASHINGTON

JOINT STATEMENT ISSUED. (United Press Aseo Jatioa—By Electru Xeiegropu—Lupyrignc.) ,’WASHIN GTON, April £6. The following is a joint {statement issued by Mr MacDonald and President ltoooeve.it: “As stated yesterday, our discussions on the questions facing tile ■ World Conference were not designed to result in demote agreements, which must be left to the Conlerence itself. Commercial policies have to be set to the new orientation. There should be a constructive effort to moderate the network of rcr strictions of all sorts, by which commerce at present, is hampered, 6uch las excessive tariffs, quotas, exchange restrictions, etc. '■ ‘ ‘Central banks should by concerted action provide adequate expansion of credit thus created into circulation. Enterprise must be stimulated by

creating conditions favourable to business recovery. Governments can contribute by the development of approximate programmes of capital expenditures, Ultimate re-establishment of the equilibrium of international exchanges should also be contemplated, “We must, when permit, re-establish an international monetary standard, which will operate successfully, without depressing prices and avoid repetition of the mistakes which produced such disastrous results in the past. In this connection, the question of silver, which is of such importance in trade with the' Orient, was discussed, and proposals tentatively .suggested for improvements in its status.

"These questions are all inter-re-lated, and cannot be settled by an individual country, acting, by itself. The achievement of aisound and lasting world recovery depends on coordinating domestic remedies and supplementing them. ...by. concurrent and simultaneous action in the international field.' The ((proposals, examined will be, discussed with representatives of other nations, who have been invited to Washington, with a view to securing the fullest possible measure of common understanding, before the Conference meets. It is hoped by both Governments, that-it will he possible to convene the Conference for June. We have in these talks found a reassurance of unity of purpose and method. They have given a fresh impetus to the solution of problems that weigh so heavily upon the iwab siuDie," industrious,' and deserving men. and women of the world, the human foundation. of our civilisation, whose hard luck it is our common object to alleviate.'’ Mr MacDonald told newspaper men that the conversations had : aecommore than he thought possible, when he arrived in ; America. Die reiterated, liowever, there had bean no agreements. He was as free as when he came, but “it has been really good business that we have done.”

• The same enthusiasm over the results of the Anglo-American conversations is expressed by those in touch with Mr Roosevelt.

War Debts relief for Britain was taken up on Tuesday night, but was Hot. mentioned in Wednesday’s final statement. It remained for future settlement, together with the economic programme outlined by the two statesmen.

Debt payments become due on June 15, almost simultaneously with the meeting of the Economic Conference. President Roosevelt announced, late to-night, that ha is considering recommendations for Congressional action on war debts and tariffs. german delegate to u.s.a. ■ BERLIN, April 26. Herr. iScffaeht, representing Germany at Washington, is due at New York on May 5. It is believed that he will specially stress the need for readjustment of Germany’s foreign indebtedness.