The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-06-26
DOES NOT REFER TO
WAR DEBTS IN TALK /
BEFORE CONFERENCE.
Recommends Establishment of
Permanent Body For Ad.
visory Functions "
WHEAT CUT PLAN HITS sNAG|
Silver Sterilization Sc h . m Q
Makes Big Step With
midas Approval
WHEAT CUT PLAN HITS sNAG


James Couzens of Michigan, Ameri-
can delegate, stirred the world eco
nomic conference Monday by de-
claring in a speech that the worlds
debt structure must be adjusted.
He emphasized the necessity Of or
ganizing creditors throughout the
world and Of establishing some form
Of permanent body to act in an ad-
visory capacity between organized
creditors and organized debtors.
The Republican senator did not
mention war debts but referred to
Indebtedness In general. He warned
that this Is In no sense to be con-
strued as an invitation to debtors
able to pay to scale down their obli-
cations.
Certainly it Is not an invitation
to default" he said.
He urged worldwide action to
raise prices and to increase the de-
mand for raw materials In his ad-
dress, made before the SUBJ commits
sion on immediate measures for fl
nancial reconstruction.
Tia senator asserted he did not be-
neve that prices can be raised by
monetary means alone"
Increased Demand Needed
Senator Couzens declared an in
creased demand for raw materials, as
contemplated by the American pro-
gram, offers, in his opinion, far
more hoped for world recovery than
can possibly be expected merely
from a reduction. In tariff duties on
q number Of manufactured articles
which are highly competitive be-
tween nations"
The lone Republican In the Ameri-
can delegation spoke in elaboration
OF the resolution the Americans have
introduced on expansion OF credit
and synchronized programs Of pub
lie works to again start the wheels of
industry. In direct fashion the SEN
ator expressed the belief debate has
reached point where various views
can be drafted into concrete resolu-
tons for adoption.
Action on the wheat acreage re-
duction plan was deferred indefi-
nitely Monday when it developed
that Stanley M. Bruce, Australian
delegate, was unable to associate
himself with a restriction scheme.
Opposition Has Grown
Dispatches from Australia, indicat-
ing the growth Of opposition there,
further intensified anxiety in Ameri-
can quarters that the project, which
mad seemed on the verge Of adoption.
might either fall through or be fur
ther delayed.
The present plan Is to hold q meet
ing In the morning Of the "big four"
conferees, representing the United
States, Canada, Australia, and Argen-
tina. It Is believed that Bruce's in
structions will be complete at that
time.
Meanwhile the Americans, Argen-
tines and Canadians, all Of whom are
agreeable to the acreage reduction
principle. were examining their posi-
tons further to see what could be
done II the Australians completely re-
fused to participate.
The Australian position, as UNDER
stood by the Americans, Is that an
agreement of all producing states
must be obtained before Australia can
promise to participate.
Silver Progress Made
India indicated to the conference
Monday her willingness to cooperate
in the rehabilitation Of silver, as pro-
jected in the resolution Of Senator
Key Pittman.
This was authoritatively disclosed
after q meeting Of the conference
silver committee, at which Sir George
Shuster, secretary Of the treasury for
India, was present.
Americans and others interested In
the rehabilitation Of silver said this
was the most important event which
could have happened to force the pro-
gram to successful conclusion.
India Is the worlds largest holder Of
silver, having on hand some 400 mil
lion ounces.
Her adherence to the Pittman plan,
therefore,, Is considered absolutely
vital for its success.
Experts say II the nations holding
silver agree to control the flow OF the
metal to the market, then it will be
easy to fix and maintain price.
Sterilization Essential
stabili7ation Of the silver price Is
essential to the American plan BY
which one-fifth Of each nations cur
rency coverage would be In silver. II
the price can be fixed and maintained
then there Is greater likelihood Of the
Pittman resolution being adopted by
the major nations attending the con-
ference. Adherence by India advanced
Senator Pittman towards his goal by
q huge stride.
The French quota truce proposal,
which was introduced as an offset to
Secretary Of State Cordell Hulls re-
solution calling for complete abolition
Of trade barriers, was fiercely attack
led In subcommittee Monday morning
by Hungary and Poland. Germany
and Albania also registered opposition
A subcommittee was appointed to
draft report dealing with both the
Hull resolution and the French resolu-
ton, I'd