Evening star., 1933-02-01
ENGLAND REJECTS
SWAPPING ON DEBT
Chamberlain Also Declares
Return to Gold Depends
on Four Conditions.
CONTINUED From First Page)
detailed and frank than cabinet min
lister usually gives to questioners in the
House.

detailed and frank than cabinet min
lister usually gives to questioners in the
House.
Hesitates to Discuss Debts.
He began by saying he didn't intend
to discuss the debts because reports
from the United States said America
was sick and tired of the whole busi-
ness"
He smiled and said he didn't think
England would mind If she never heard
the subject Of the debts mentioned
again
In his formal talk he expressed the
hope that the Washington Conference
and the World Economic Conference
would be successful. declaring it was en-
couraging for the world that economic
problems as we'll as intergovernmental
obligations would be discussed at Wash
1ngton.
II don't think" he said. "the conten-
ton holds that Englands departure
from the gold standard forced down
price levels in gold values Price levels
had been falling for two years, but they
have fallen more slowly since we left
the gold standard"
He said he believed that Great Bri-
tain's departure from gold had even
checked the fall of gold prices"
Key Is Low Prices.
Mr.. Chamberlain found the key Of
world economic troubles in the problem
OF low price levels, with the whole
economic and social structure built up
on price levels which no longer exist
II there could be a substantial rise in
wholesale prices and the rise be stabil-
lied the most serious economic problems
would be on the way to a solution.
How are prices to be raised?" asked
the chancellor. and he answered by say
ing that there must be a return Of
world confidence. The chancellor said
the problem was net wholly monetary
and cited the relation experiment in
the United States, with the results mot
entirely encouraging" Still. the chan
an abandonment Of the American ref1a-
ton program.
In Great Britain money is cheap and
plentiful" he said, but confidence Is
lacking.
Regarding the linking Of war debts
with disarmament. Mr.. Chamberlain
said he realized this was the view OF .
large section Of the American public.
but the root Of the armament problem
was fear-a lack Of confidence.
Impelled by Fear to Arm.
No country in Europe wi hes to re-
arm or can afford to do so, but is i'm
PEELED by fear to do so, he said. Asked
whether Great Britain has any agree
ment with France which might affect
the Washington discussion, Mr.. Cham
berlain said Great Britain had no
agreement with France except a pro-
visional understanding of the Lausanne
reparations settlement which it was to
the interest of Great Britain, France
and the world to upheld.
1T Is all-important that the Lau-
same agreement should not be torn up"
he remarked.
Mr.. Chamberlain stressed interdepend-
ence of nations, saying: Isolation Is
a thing of the past If We are to live
We must exchange one anothers
produce. No nation or group Of ma
tions can ignore other nations problems.
Great Britain and the United States
must realize that they have world
ties
moved said the chancellor, who de-
clared himself "protectionist.' He
added that the faults of protection are
and a policy which has enabled the
United States to reach its present po-
sition, hardly perfect one"
Wants Tariff Discussion.
He hoped tariff barriers would be
discussed at washington and the World
Economic Conference.
If all the problems can be discussed
without too much prejudice he said.
,-o1a tta nf a
Economic Conference, any agreement
between our two great countries will do
more perhaps than any other things
to help further world recovery
AS for tariffs, he said Great Britain
IL carrying on negotiations with half
a dozen nations and there is plenty OF
room for tariff concessions outside the
Ottawa agreements.
New Moratorium Is Seen.
A possibility that the United States
will grant moratorium on further war
debt payments from Great Britain until
q new settlement is completed was re-
ported today in London newspapers.
The next debt payment is due June Is.
Lord Rothermeres Daily Mail Inde-
pendent Conservative in politics. said
this possibility lis suggested in we'll
informed quarters" 1t added that such
a step would be necessary If deliber-
ations Of the Anglo American debt con-
ference at Washington were protracted
The conference is planned for as soon
as possible after President-elect Roose-
velt's Inauguration.
Political writer's emphasized the gov
ernment's intention to hasten, as far as
possible. discussions Of the conference
with Sir Ronald Lindsay Ambassador
10 the United States. after his arrival.