Imperial Valley press., 1933-06-12

GREETED BY
KING GEORGE
English Monarch Presides At
Opening OF World Economic
Farley At London.
ADDRESS BY MCDONALD
Premier Calls On Nations 10
Unite In Attempt To Find So
luton OF Difficulties.
ADDRESS BY MCDONALD
By HARRY FLORY
nited Press Staff Correspondent

| by 1Ahht FLOnf
United Press Staff Correspondent
LONDON, June II. - The nations
of the earth were invited by King
George v. today to bury their
economic hatreds and get together
for a common effort to restore
prosperity.
The bearded monarch, ruler of
ne-fourth of the worlds popula-
ton, officially opened the world
economic conference, gathering
OF statesmen from Sc nations, con-
vened to debate the economic
crisis.
The entire assemblage of 300 per-
sons in the London geological mus
cum listened in hushed silence as
the king gave them cordial well
come, wishing them Godspeed in
their efforts and showing himself
deeply anxious that the world
should overcome the crisis.
The kings speech was received
with close attention. He spoke
clearly, both in English and French,
and mis- voice was carried through
out the hall by loud speakers.
j. Ramsay Macdonald, prime
minister, then warned the world
that it would "drain the bitter
cup of disappointment - If the con-
ference fails. He stressed the fact
that the international labor office
estimated 100000 unemployed In
the world, and blamed economic
nationalism for it.
Markets are, there, and labor
to supply them,' Macdonald said,
"but labor is unemployed and
markets are untitled. All the ma
chinery of prosperity is there, but
it is slowing down and it is not
working. Since 1929, prices have
fallen and kept well below the levels
at which production can be remun-
erative.
1.-THE general crisis, accentuated
i by restrictions, tariffs, quotas and
exchange control, has reduced in
ternational trade between 1929 and
1882 to less than three quarters
in volume and half in value.
"The gold standard has had I'd
be, deserted more generally than
has been the case, in time of peace,
since it was erected into an inter-
national measure of exchange"
Delegates Stirred
| Macdonald, wearing horn trimmed
glasses, read his speech with the
greatest determination, glancing up
occasionally and raising his voice
to drive home a point. When he
mentioned war debts he was es-
peciall emphatic, declaring:
"They must be dealt with be-
fore every obstacle to general re-
covery has been removed. Laus-
anne has to be completed, and this
vexed question settled once and for
all in the light of present world
conditions. y
The delegates were stirred by
Macdonald IS bitter attack on war
debts as of prime Importance, even
though they cannot be settled at
the conference.
The prime minister did not clar-
ify the confusion over the debt
payments 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.
Importance was attached to the
fact that Macdonald stressed that
debts cannot be discussed within
the conference. but limited at the
possibility of corridor talks.
United States delegates showed
no reaction to Macdonald s re-
marks on debts.
Ralph w. Morrison of Texas, q
delegate, in commenting on Mac
Donald IS speech said, "aside from
few spots, it was very fine ad-
dress and enunciated important
principles.
While the United States dele
gates did not plan to let the debt
reference be raised as an issue at
the conference, some of them feared
its effect on congress might be bad
The conference adjourned until
10:30 a. m. tomorrow. On notion
ing adjournment, Macdonald an
nounced that general debate would
begin at that hour