The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-12
WAR DEBTS IN
FOREFRONT At
TRADE FARLEY
Question Must Be Settled
Before World Receivers,
Macdonald Insists.
PLEA VOICED BY KING
Friendly Collaboration to
Decide Problems Urged
by George V.
BY HARRY FLORY
United Press STAFF COrrespondent

LONDON, June 12.-War debts
must be settled before the world can
find the road to recovery, Prime
Minister j. Ramsay Macdonald told
representatives of sixty-six nations
today at the opening of the world
economic conference.
The great gathering of world
statesmen, assembled to discuss
ways Of solving the grave economic
crisis by mutual agreement, heard
an earnest plea by King George v
for friendly collaboration.
Then they were addressed by Mac
Donald, and were stirred by his bit
ter attack on war debts as of prime
Importance, even though they can
not be settled by the conference.
Determined on Settlement
Macdonald insisted the debt
must be dealt with urgently as
continuation of the peace policies
of Lausanne, when reparations were
discontinued, settling them once
and for all in the light of present
world conditions"
The prime minister did not clarity
the confusion over the debt pay
mentS due Thursday, but showed
clearly that Britain is determined
to seek an early and final settle
ment.
The delegates warmly applauded
the speech, although they did not
interrupt when he mentioned war
debts. After he had finished, the
speech was translated into French.
The king spoke in both French ard
English.
Importance was attached to the
fact that Macdonald stressed that
debts can not be discussed within
the conference, but limited at the
possibility of corridor talks.
Sequel to Lausanne
This conference, he said, is
sequel to the Lausanne conference
of 1882, when, by conditional agree
ment on how to deal with war debts
and reparationS, Europe was saved
from immediate financial collapse"
1T will be remembered, he add
ed, that having finished its i'm
mediate work, the Lausanne confer
ence recorded that for the clear
ance of the world crisis, wider
conference should be called.
"One of the causes of the later
phases of the crisis is the fact that
nations, left to pursue a policy of
national protection, have been driv-
en- to resort to measures which,
while affording temporary relief
from threatening pressure, add to
the general stagnation of world
trade and intensity the influences
which increase our troubles"
If the world is left to right it
self without international effort and
international agreement" MacDon-
aid asked, how long is the process
of recovery to be?
Appeals for Action
How dark are the depths of
misery and unSettlement which have
still to be gone through? No ma
ton permanently can enrich itself
at the expense of others. Mutual
enrichment is condition of indi-
vidual enrichment"
Appealing to the delegates for
action. Macdonald said:
Before we disperse, let us see
that we have revived hope, energy,
and opportunity For these the
world waits. 1t is our duty to pro-
vide them"
On MacDonald's motion, the
plenary session of the conference
formed a credentials committee OF
three members, after which the Ses-
sion recessed briefly to enable the
committee to prepare a report.
United States delegates showed
no reaction to MacDonald's remarks
on debts.