The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, MAY 20, 1933.

Hokitika Guardian, 20 May 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, MAY 20, 1933.

A WELCOME ENTRY.

The visit of the British Prime Minister to the United States, we may infer, is reflected in the recent overt act of the President of the United ■States .in approaching the heads of the nations in regard to., disarmament. It- may be accented' that it is realised at last in the proper quarter, that to effect a world core of the present international troubles, there must be •unity of addon, an-4 that can be brought • about only by confidence (among the leaders. Mr Roosevelt’s call should go a long way, towards creating that degree of confidence which is so essential at the present time, and that new J born leader will rise higher .than ever m wctld estimation. The first material effect of the address is demonstrated in the substance of the much-anticipated Hitler speech The fire of von P'apen was not repeated, and by sharp contrast there were sane and sensible remarks about 00-ioperabing foil world peace. This in itself is a great gain, and should help further discussions at Geneva which had become so clouded by the attitude of the German delegates who wenf near wrecking the Conference. Another ray of hope is the more tractable attitude of Russia, which, wonderful to be said, is so- open, for peace. It seems a remarkable transformation to find in the two nations in which there was the least confidence of satisfactory action, such clear acceptance of general principles. This turn in events lifts a cloud from the world outlook and gives promise of a brighter realisation. With such a lead from such a quarter, there is every hope of something being .accomplished. Mr Roosevelt’s action in addressing practically the world, has a counter-part in a recent American i'novel supposed to be written of times seven years hence. In the story the then President of the United States finds world events chaotic. His own country’s are no loss free from serious difficulties.. But he sets to work by taking the public into his confidence and addresses liis vast audience over the air. Television is by then fully accomplished; and his hearers may also see (their President. His reforms are promptly affected once the people understand the policy, and as. soon as America begins on the road to prosperity, the- President (as is the case to-dav) addresses himself to the world leaders with wonderful results. Doubtless the hook will he foil' d in Mr Roosevelt’s library, and it is rot impossible that a hint from the novelist has been turned to immediate advantage. Be that as it may, what D-,s been d re is most practical, and what is most needed could not have been addressed to a more ir>flu-:rtM ardierce. There seem? every prospect of the effort the right kind of fruit. With the out--1 . v - as it was developin'?, this hopeful prospect indicates a world returning to-sanity, .and roundi-e the corner f or a eroat international rev Dal. If fl.iA disarmament propone Is find the favour that is r" n a te-e-inning to. ~To rld overtures, then the Conference in London next month may "be ex"octed to bo the coping stone to the edifice, end it is snecially appropriate that A ew Zculanc.

will he represented at that - Conference to learn uil-tnat ig to he Kix,w.» about the means for world recovery.

'J’ue announced detnrpiination of Germany to puy .interest- on tuo luting Plan loan m paper dollar, milord oi golci c:cates a difficult -p-sitiun. The iouiig Jt'iati came into forew. on May 9, lb JO’. On. the following, day the Lank of International iset Foments v. a 3 officially constituted ana ,ou May li tlie Reparations 'Oommissiou wound up its operations and handed over to the haiilc Germany's certificate m debt. On May 8, 1930, a conference of Treasury experts and Germany and of the six ereaitcr Powers iceomnundol terms for the issue of the fir&'t loan to be iaisod on the security oi the unconditional lannuities (the German international loan, 1930, commonly termed tlie Young loan). The loan was to total £60,000,000 in capital value,, but two-thirds only of that sum woukl represent a mobilisation of reparations, the remainder being used by Germany for the development of her Post Office and other public works. The expetrts recommended that the loan should -be issued at about 95 per cent., to bear interest at of per cent-, land to be amortised in 35 years. Arrangements for the issue of the bonds were signed in Paris on June 10, 1930. Proportions to be floated in the various centres were ias follows: -—London, £l2,oo3,oooßerlin, 36,009,000 Reiclimankd; Paris, 2,515,000.000- francs; New York, 98,000,000 dollars; Romo, 110,000,000 lira; Brussels, 35,000,000 belga; Stockholm, 110,000,000 kroner; Switzerland, 92,000,000 Swiss francs; and Amsterdam 73,000,000 florins. The loan was duly floated on different dates in Jure, 1930, .as- to two-thirds to the creditor Powers In the same proportions as their shares in the uu-.D-ndA'tion-al annuities. The Services -of the latter portion counted as a deduction -from the annuities payable by Germany. The financial obligations incurred under the terms of the Young Plan and subsidiary -agreements were carried out vp to- the end of June, 1931, when the Hoover moratorium began. Under this the payment of inter-Governmental debts was effetively suspended from July 1, 1931, +o June 30, 1932. Germany, however, was to nay the unconditional awnuitv H tli.o, Bank for International Pettloments, recording to the terms of the You”g Plan.-, but the hank, instead of transferHng. the sums to the credit of the creditor Powers was to- invest pv,p-n-i at once in bonds of the German railways.