The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-06-09

at London. Fifty per cent reductions
President without Congressional au-
SIX Congress for special tariff powers,
as had been previously suggested.
New Trade War Threat.
Senator Couzens, delegate to the
London World Economic Conference,
4 expressed himself as hopeful rather
than optimistic" that the conference
would be able to do anything to inn
prove world trade. The threat Of
American trade war is being held
over the conference unless results
satisfactory to the United States are
obtained. The Senator said, just be-
fore sailing IF no agreements are
arrived at or entered into by the
members of the London conference
i shall then return here a rabid
irOlationist" He added that in the
event of failure of the conference,
III will then be up to US to protect
ourselves without regard for other
nations"
The question of intergovernmental
| debts is one on which the conference
may easily break up, but from the
White House it was urged that
undue emphasis had been placed
on this problem by the European ma
tions. Monetary stability, the off,
cial Washington view states, is not
seriously affected by the debt ques-
ton. There are reports that the
English government has decided to
offer small payment to be made in
silver, as token of good faith, but
no statement will be made at Wash
ington until q formal offer has been
received.
Ireland Asks American Aid.
Cobb, Ireland, June 8-American
delegates to the London Conference
arrived here yesterday and wers
greeted by Frank Aiken Defense
Minister of the Irish Free State.
Secretary Hull toasted President de
Valera as President of the Irish
Republic" in champagne, during the
festivities that followed the arrival
of the delegation. Mr.. Aiken, on be-
half of de Valera, urged co-opera-
ton between America and Ireland
for the best interests of both coun-
tries
England and Ireland are at pre-
sent engaged in bitter economic
and tariff war.
German Moratorium Declared
BERLIN, June Germany today
declared a transfer moratorium on
all long and short term debts, ex-
cept on the debts already covered
by the stand-still agreement.
transfer moratorium means that
payments on the service of debts will
be made, but fictitiously, by crediting
the account of the creditor, though
not allowing the transfer OF the
amount abroad.
| This scheme of DR.. Hjalmar
Schacht, presented by him to cab
met meeting today, has been accepted
and the moratorium will go into eff
feet on July l next
The moratorium is an index OF the
extreme instability to which the Ger
man currency has been brought by
a few months of Hitler rule, Free
reserves of gold and foreign cur
rencies in the possession OF the
Reichsbank have already dropped SO
low that the stability Of the marx
lis threatened. One of the principal
factors producing this state OF al
fairs is the declining surplus which
GERMANY is receiving from her for
eign trade.
New Initiation Threatened
Schacht has also threatened that
without release from all debt pay
ments. a new imitation would have
IN be begun with consequences even
more disastrous than those OF tne
1928 imitation
One clause in the stand-still agree
ment reads: "A declaration IN Ger
MANY of a general foreign mora
torium in whatever form shall au-
tomatically terminate this agree
ment" If Germanys moratorium is
| hssa - come under this clause, Ger
MANY will again tz1ome liable TO pay
all the interest w ments which were
postponed und1 the stano-stlil TWO
wears ago. II + significant that
meeting of the stand-still creditors
has been called to meet In Lonoon
June 10.
Poland Defaults Debt
WARSAW. June g. = The Polish
cabinet has decided NOS - meet tins
June is war debt payment due the
United States. The sum due Is $S,-
559. 900. The default will be macs
on the ground that the economic SIT
uation has not improved since De-
cember Is. on which date Poland
also defaulted.
New Oil War Starts
PARIS. June S.-The oil agreement
.eached at conference here little
while ago was broken today ofnci-
a!ly by the Rumanian Petroleum AS
ISOLATION on the ground that the
United States was already breaking
the agreement itself. A note to Mr.
Arnott, head of the Oil Conference,
4 stated 1--WE have noted that Amer
lean production has risen above the
1000 900 barrels day agreed upon
as their limit, and likewise we have
noted the continual fall in prices. In
view of this injurious situation, we
cannot prevent Rumanian corfpa-
ttoir it,tnreptSb