Evening star., 1933-06-13
Rx the Associated Press

| EtOliUIIllC WDlCh
Minister Ramsay Macdonald opened by
sounding big gong exactly like prize
fight bell, entered its second round
today
King George v tremendously an
nounced the greatest diplomatic card
ever offered mankind, with 66 nations
represented at the ringside.
Macdonald opened with a shower OF
blows at the depression in general and
a iab at war debts in particular.
Secretary Hull Feints.
Secretary of State Hull tented for an
opening this morning His American
seconds protested the veteran Mac
Donald's war debts punch as being be-
| low the belt
Round one, Great Britain's.
There's a human side to the con-
| ference, as might be expected, with the
| welfare of the worlds two billions of
people at stake-1 ,849, soc, 900 to be
more exact-but two billions seems gen.
orally accepted as a rough estimate by
those affected in the world slump.
The World Economic Conference isn't
all tariffs. stabilization, currencies, price
levels. trade barriers reconciliation,
| imitation, deflation, relation, bimetal-
ism, monometalism.
|, Tickets Mt Premium.
To many experts getting an admis-
sion ticket for the wife or best girl Is
the worlds most pressing problem. They
are more precious than gold or silver
the tickets for the conference hall
Experts with theories for the solution
Of all problems under the sun and
| asked that the nations give due con-
sideration to this fact in preparing any
action affecting Bulgaria.
Ralph w. Morrison departed from
the hall in the course OF the interpre-
tation of Malinoff's speech, leaving the
American delegation without any men,
Der present
The conference adjourned until 1890
o'clock tomorrow morning, when Chan
cellor Dollfuss of Austria will speak.
Puts Money. First.
Monetary security, Premier Deladier
of France, the first speaker, said, Is
indispensable as q first step and an
end to the monetary war Is of primary
Importance to world recovery.
He placed controlled production as
secondary to stabilization.
The premier drew a picture Of post
war economic difficulties which he
termed gigantic imitation pyramids"
and said I'VE must make the machine
the servant of man, instead of man
the servant Of the machine"
He added: Economic agreements are
impossible until an inelastic foot rule
is provided.
What would you think of an en-
gineer who would work with an India
rubber foot rrlle?"
fha E,..arn drau
gloomy picture of the economic situa-
ton, declaring the world is heading
straight for the edge of a precipice
unless there is common determine
ton for international collaboration.
The American delegates had not ar
rived when Daladier finished speaking
Hull and Party Late.
I'VE believe that first OF all it is
necessary to put an end to the money
war and to instability and give to COM
mercial exchanges the indispensable
guarantee OF monetary security" the
French premier asserted. THE mainte
nance of re-establishment of free gold
movements appears to us to be tndis-
pensable.
How are you going to re-establish
the circulation of goods and make eco
ncmic agreements lasting If the meas
ure of values depends upon caprice or
hazard?"
Hull and his party left their hotel
for the conference at IL O'Clock.
While official comment was lacking,
it was understood changes in his speech
had been cabled to Washington two
days ago and they were just approved.
making impossible the completion of
mechanical details for the preparation
and delivery of the address this morn
ing.
The Americans conducted a confer
ence at their hotel after breakfast to
consider what they should do.
1t was denied in important American
quarters that hitch had occurred in
the plans because of the debt crisis.
While comment was withheld. it was
learned on good authority that the del
egation session discussed the debt prob
lem among other matters, however.
Jung Gives Views.
Sam D. McReynolds and James M
Cox of the American group arrived in
time to hear Finance Minister Guido
Jung of Italy, whose speech followed
that of Daladier.
Jung said financial and economic
facts must be faced. He listed the rails
ing OF price levels and the stabiliZation
of currencieS among the paramount
problems before the conference.
He firmly believes, however he added,
that another major problem was that
Of the war debts.
The armiStice was signed at Lau-
same" he said in reference to the
agreements concerning the scaling of
German reparations down to 10 per
cent. The final settlement is now i'm
perative, he went on
In opinion of my government" the
Italian said. monetary maneuvers are
not only not the cure for this evil, but
will make it worse in the end"
He asserted the fact that all nations
of whatever wealth and monetary poll
cies had suffered in the slump proves
the depression has roots outside of the
monetary field.
The policy of economic isolation
means humiliation" Signor Jung
asserted
He emphasized the interdependence
OF nations and said THE investment
in the international field is main fac
tor in international recovery"
Plan Independent Action.
Just before resumption of the after
| noon session it was stated in we'll
AuAOILucO QudilcIS llldt III Tie eFeIlt Oh
| The great powers failing to arrive at
concrete decisions, the Scandinavian
countries, Holland, Belgium and Luxem-
bourg were prepared to carry out an ar
rangement made recently and take
| drastic independent action.
At conference of those powers in
Stockholm 10 days ago it was agreed
that, although they carried the best will
| to the World Economic Conference,
| they would take some form of concert
ed economic action in the event Of fail
ure Of the conference.
1t was understood the form this ac-
tion would take would be on the lines of
an economic bloc designed to be as in
dependent OF the rest Of Europe as pos
sible
Another bit of unofficial but sensa-
| tional conference news was that Maxim
Litvinoff, Soviet commissar for foreign
n