Evening star., 1932-11-14
i. s. HURR|ES PLANS.
FOR DEBTS FARLEY.
Other Nations Join British
and French in Plea
for Relief.
Continued From First Page.)

Continued From First PageO
to obtain action in the lame-duck ses-
SION"
Meanwhile, Secretary Stimson gave
out word that no other nations have as
yet sent notes supporting the request Of
Great Britain and France for reconsid-
Grafton of the debt problem
No replies have been sent to Great
Britain and France, and further discus
sions with those powers are not ex-
pected before the arrival Of President
Hoover
It was pointed out that no change has
occurred in the administration policy
that each foreign power shall discuss its
obligations separately with the United
States Government.
Consequently there is no reason to
expect a general conference Immediately
in which all European debtors will par
ticipate.
The British and French notes, both
asking suspension of December IS pay
ments of $95,550,oO0 and $19,26l, ,43S,
respectively, were considered only the
first of similar requests to be made by
all Americas war debtors for revision
of obligations. December payments are
the first due since expiration of the
moratorium.
The Belgian and Greek governments
ment, while London and Paris were
awaiting replies from Washington.
In September, Esthonia, Latvia and
Poland took advantage of a 90-day
notification clause in the debt funding
agreements and told this Government
principal payments aggregating over
S., 900, 900 would not be made in
December. Last week Hungary served
notice she could not meet her December
installment and Greece failed to make
a payment then due.
Frances Payment Interest.
All of Frances December payment Is
interest which, under the funding agree
ments, is not postponable. England's
installment includes $30,00o,0oo OF
principal.
Britain's communication was note
signed by her Ambassador, Sir Roland
Lindsay. Ambassador Claudel presented
for the French government an unsigned
memorandum of like tenor. Ambassador
Lindsay's note said, in part:
"The hopes which were early raised
by the Presidents initiative (moratorium)
have unfortunately not been realized.
Today many thoughtful men
throughout the world are convinced that
if the depression is to be overcome,
further remedial measures must be
sought.
His Majestys government be-
lieve that the regime OF 1nter-goVern-
mental financial obligations as now
existing must be reviewed. They are
profoundly impressed with the impor-
tance of acting quickly >.
His Majestys government ask
for a suspension Of the payments due
from them for the period of the discus
sions now suggested or for any other
period that may be agreed upon. His
Maiesty's government . believe that
the proposed discussions could best be-
gin in Washington ="
Lausanne Farley Stressed.
Both communications stressed the
Lausanne Conference Of last July at
which the allied powers agreed to slash
reparations to $712,500,O00 on condi-
| tion that there be a reconsideration OF
| intergovernmental debts including those
! owed by Europe to the United States,
The reparations total, first capitalized
at s64, ,O00, 900 900, was scaled down to
| s3l ,500, 900 900 in 1920, further reduced
| by the Dawes plan, and cut by the
! Young plan to between $4,000, ,000, ,00O
and $4,000 100000
THE French government, certain OF
! being in close accord with the ideas
of the American Government, volun-
tarily agreed to very heavy sacrifices at
Lausanne" the memorandum from
France said. 1T Is in this very
same spirit that the French govern
ment today proposes to the Govern
ment of the United States to Join with
it in a further study OF the debt ques-
| ton ..
"The Fench Government asks that
an extension of the suspension
| of payments may be granted, is
| further convinced that such a ster
would have the most helpful effect or
the monetary crisis which threatens sc
many nations"
| Both communications referred also
to the joint statement issued by Presi'
dent Hoover and Premier Laval aftel
their conference here october 25, 1881
which said: I'VE recognize that prior u
the expiration of the Hoover year o.
postponement some agreement regard
ing them (debts) may be necessary GOV.
ering the period Of business depression.
The French government said 1T
heavy sacrifices" at Lausanne wert
based on the principles contained in thu
Hoover-Laval statement.
Britains debt was funded at $4,600,'
O0O, 900 and frances at $4,025, ,000, 900
All foreign debts to the United States
aggregate 81, ,000, ,000, 900. Total pay.
ments due from all debtor nations De.
cember Is exceed s123, 100000. Thos;
nations from whom no communication
or notice kas yet been received include
Czechoslovakia, Finland and Italy.
U. s. Denies Connection.
Though the Lausanne agreement wa
made dependent on adjustment Of all in.
i ter-Rovernmental debts, the Unitet
States has denied repeatedly any con
nection between her war debts ant
German reparations.