Imperial Valley press., 1931-06-22

NoOillIIlueQ 1IOlI page L
without the cooperation of such an
important power.
France is weighing the proposal
carefully. It would temporarily cost
her more in dollars and cents than
any other country except the
United States. France is called on
to sacrifice SOC, 100000 in the year
beginning July 1.-The difference be-
tween what she receives from Ger
many and what she pays her credi-
tor nations. The United States
would sacrifice $246, 100000.
What President Hoover proposes
is a years suspension of all pay
ments. principal and interest, on all
government reparations and debts
which are the heritage of the World
War. He proposes that it be done
in one sweeping, all-inclusive ges-
ture. TO become effective in just
eight days.
LONDON, June %. ,U.P)-Pre-
mier J. Ramsay Macdonald an
nounced in the House of Commons
today that the British government
cordially welcomes President Hoo
ver's debt moratorium proposal
The government. he said is pre-
pared TO work out details of making
the plan effective without delay.
WASHINGTON, June %. U.P)-
Prompt action on the part of
foreign nations will be necessary,
Secretary of State Stimson said to-
day, to make effective President
Hoover's proposal for a one-year
suspension of international debts.
Discussing the project in a press
conference, StimSon said no inter
national conference would be called
to debate Mr.. Hooyer's suggestion.
The secretary explained the.
United States was relying on indi-
vidual action by the various nations
concerned to put the program into
operation. StimSon believed hear
ty immediate response will insure
consummation of the suspension
plan but that an international con-
ference would cause the project TO
lose effective force upon economic
conditions.
Stimsons emphasis today upon
immediate wholehearted coopera-
ton among all interested nations
was considered significant in light
OF unofficial reports of French re-
action to the plan. There are in
timations OF French reluctance to
cooperate in program which
would cost the United States most
and France next.
Sir Ronald Lindsay, the British
ambassador. came to the state de-
partment after the press confer
ence to discuss the proposed Sus-
pension with Stimson and Under
secretary Castle. The American
officials withheld comment.
Paul Claudel, French ambassa-
dor, is expected at the state de-
partment later in the day
The state department had not
been informed shortly before noon
today of the reaction of foreign
governments. Press dispatches re-
ported Prime Minister Macdonald
and his cabinet had cordially well
coined the Hoover plan. Stimson
said the time had been too short
to permit formal acknowledgment
of the American proposal from
abroad.
While Stimson at the state de-
partment was emphasizing that
Mr.. Hoover's remedy depended for
its success upon speedy application,
it was being revealed at the White
House that the President inaugur-
ated his project June 5, five days
after the beginning of momentous
run on gold reserves of the Reichs-
bank in Berlin.
Financial advisers, cabinet Off
GERS and diplomats have cooperat-
ed with Mr. Hoover in the past
fortnight in bringing the project to
the stage reached Saturday eve
ming when the President startled
the world with his moratorium pro-
nouncement.
Stimson, Secretary of the Treas
ury Mellon, and Under-secretary of
the Treasury Mills met with Mr..
Hoover at the White House on June
s.
The official version of develop
ment Of the project as related to-
day, indicates Mr.. Hoover at that
time suggested to those three that
the plan as announced Saturday
would be necessary. His
suggestion was identical, it was said
today, with the formal announce
ment issued by the White House.
Mellon was preparing then to
leave for Europe. So was Stimson.
1t apparently appeared advisable
to keep the secretary of state in
Washington and Stimson changed
his sailing plans. But Mr. Hoover
asked Mellon to inquire into Eur
opean conditions.
Press reports from abroad at that
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