WORLD STABILITY

Rotorua Morning Post, Volume 1, Issue 55, 27 October 1931, Page 3

WORLD STABILITY

(Press Assn.'

JOSNT EFFORTS FRANCO-AMERICAN TALKS COVER WIDEST FIELD ECONOMIG SITUATION STUDIED

— By Telegraph — Copyright).

Rec. Oct. 26, 9.15 p.m. WASIIINGTON, Sunday. j The President, Mr. H. Hoover, and j the Premier of France, M. Laval, in I a joint statement issued to-day, de- j elared that the essential f aetor in the ; restoration of the normal eeonomic j life of the world rests on the gold standard in France and the United States. The statement disclosed that the national leaders eanvassed the whole field of international affairs and hope is expressed for the success of the conference that will discuss the limitation of armaments at Geneva in February. It was agreed in so far. as intergove'rnment debts are concerned that "We recognise that prior to the expiration of the Hoover year of debt postponement some agreement regarding them may he necessary eovering the period of business depression, as to the terms and conditions of which the two Governments will make all reservations. The initiative for an extension of the debt holiday is left to the European powers prineipally concerned. Traditional Friendship The statement says : "The traditional friendship between the United States and France and the absenee of all controversy between them renders. it possible and opportune for their representatives to explore every aspect of the many problems in which they are mutually interested. Indeed, it is the duty of statesmen not to overlook any means of practieal cooperation for the common good. This is particularly true at a time when the world looks for leadership and release from the depression which reaches into countless homes in every land. "The relations of mutual confidence between the two governments have a most important bearing upon speeding the recovery we are 'seeking. YJe ha-ve engaged upon that mission with entire frankness and we have made real progress. We have eanvassed the economie situation and the world trends in international relations bearing upon it, the problem confronting the forthcoming conference on the limitation and reduetion of armaments, the effect of the depression on the payments under in-ter-governmental debts, the stabilisation of international exchanges and financial and eeonomic subjects. Special emphasis has been laid on the more important means through which tbe efforts of our Governments will be exerted towards tbe restoration of economie stabiliiy and confidence. Monetary Stability "Particularly are we convinced of the importance of monetary stability as an essential factor in the restoration of the normal eeonomic life of the world, in which the maintenance of the gold standard in France and tbe U.S.A. will serve as the major infiuence. It is our intention to continue to study methods for the maintenance of stability in international exchanges." In a separate statement Mr. Hoover denied that he proposcd any revision of the Polish corridor.