Evening star., 1933-07-15
London Fog.

has been conspicuous by its absence at
the London Economic Conference, that
ill-starred affair, now tapering to its IN
consequential finish, has one trait IN
common with true love-its course SIM
plv will not run smooth. Discord follows
uiscord. even in these final stages.
On the heels of Secretary Hulls sue
cessful efforts to keep the conference
alive. the American delegation was re-
ouired this week, on orders from WASH
inston, to apply still another cold
douche to the proceedings by announc-
ing that the Federal Reserve Board de-
clines to participate in any arrange
ments for cooperation among the cen
tral banks of the world. Evidently 1t
fears that this might indirectly embroil
the United States in some scheme OF
currency Sterilization, which President
Roosevelt has tabooed. Then It was
Great Britain's turn to say mo" His
majesty's government had only day
or two previously announced in the
House of Commons that British and
American policy on the necessity of
raising price levels was in full accord.
This encouraging development was fol-
lowed within forty-eight hours by the
blunt refusal Of the British to go along
with the American resolution to pro-
mote prosperity by worldwide pro-
gram of public works to be financed in
each country. as in the United States,
with government funds Walter Runci-
man. British minister of trade. on
Thursday almost brusquely rejected this
plan. He said Great Britain had al
ready squandered s5o0,o00, 900 on pros
perity-promoting public works. which
had produced only four thousand Jobs,
and was now definitely opposed to in
vesting any more capital sums in that
direction.
About the same time the much vaunt-
ed wheat compact, sole constructive
achievement at London to date, was
put In jeopardy. The Danubian states,
Europe's granary, objected to the low
output quota assigned them by the big
four wheat countries, America, Canada,
Australia and Argentina, while Soviet
Russia piped up that the agreement did
not adequately safeguard her wheat in
terests.
Meantime. two American conference
pilgrims have returned from the en-
battled arena-Assistant Secretary of
State Moley and O. NJ w. Sprague,
special adviser to the Treasury Depart
ment. DR.. Moley. on whose dramatic
arrival, in the midst of the confer
ence, London pinned such extravagant
hopes. declines public comment on his
experiences and impressions. Mr..
Sprague, on the other hand, is almost
disconcertingly candid and Informative.
He describes the American position,
both at Washington and in London,
as that of "sailboat in fog and is
convinced that a recess for two months
or more-now scheduled to set in about
July 27-is the sensible recourse. Mr..
Sprague holds it logical that the fast
moving chain of events in progress
here since March 4-the full conse-
ouences Of which no one could have
foreseen-made fluctuations in American
conference policy inevitable. II the
present Improvement over here con-
tines, the Treasury expert thinks, there
will be sufficient world interest to re-
vive the conference later in the year
with fair prospects Of practical results
, in useful directions. Until one can be
more certain of the outcome of cur in
ternal developments" as Mr. Sprague
puts 1t. ut Is a little difficult to make
any arrangements with foreign ccun-
tries"
There matters obviously must rest.
We must wait for the morrow to bring
forth what was impossible today. The
interval will give not only the United
States. but European nations breath
ing space in which the experience ana
errors OF these past futile f1ve weeks
can be explored, with view to trying
again In the light of the lessons that
have been learned
One thing remains as immutably GER
tain as before-the necessity for world
economic rehabilitation still exists. ana
craftsmanship will not have done lts
duty till 1t finds the way
Assertions that Hitler has strain OF