Evening star., 1933-05-27
E PETIT MARsEILLAIs. !

PETIT MARSEIILAlS, Mar
seille-Among the passengers
| on the packet-boat Champlaln
! IL which arrived at LIE Havre yes
terday, was M. Jacques Stern
national deputy and former minister
who. in the course of 10 days just
passed in America. had an interview
with President Roosevelt.
The impressions Of M. Stern in re-
gard to.America are optimistic. He de-
clares that the energetic measures for
def1ation sponsored by M. Franklin
Roosevelt, a defation budgetary and
banking without precedent, have wholly
rescued the financial situation. M
Roosevelt has proceeded with reduc-
| tions in government expenses already
amounting to 80 milliards 10000, ,000,-
000) of francs, has strengthened the
resources of 1000 banks, the condition
ceeded in restoring to the vaults OF
Federal Reserve banks immense sums in
gold totaling 80 millards of francs.
| These measures have provoked, natur-
ally. monetary dedation OF tmpor-
tance.
MY opinion" said M. Stern, sis that
this reversion to q regime Of sensible
economy in the United States will
bring about equivalent betterments in
France and Great Britain, and that
these three nations, working together
with new ideals Of reciprocity and social
principle, can easily lead the world
back to sane and permanent recovery.
President Roosevelt is animated with
very friendly sentiments toward France,
and will work conscientiously with the
| leaders of our government for the con-
summation OF new and better era for
| all nations
I'm the United States I met a null
| titude of politicians, journalists. and
| financiers. and everywhere was treated
with the utmost kindness and cordiality.
There is no doubt that the three great
and powerful democracies, England.
France and the United States, working
in harmony, can. between them, not
the world, but also advance humanity
notably toward the realization Of per-
manent peace
Siam Declared Forced
To Raise Tariffs.
Bangkok Daily Mail.-The latest
increase in customs duties on for
eign imports are not pleasant to
contemplate but, like some other re-
cent measures, they are absolutely
llCNCoouly
The new tariff schedule probably will
not raise very much additional revenue.
but obviously it was not introduced as
a revenue-raising measure. Slams Wis
ible balance of trade has been favor
able for months past-that Is, exports
have exceeded imports by q fairly large
margin. But this favorable balance
has been maintained only by one factor
and that has been the export of gold.
Most of the gold was in the form Of
ornaments and trinkets. In manner
of speaking, these ornaments and
trinkets represented during this whole
period the difference between q favor
able trade balance and an unfavorable
trade balance. Without this gold export
Slams visible imports would have ex-
ceeded visible exports very nearly; and,
counting the more or less invisible fac
tors, such as immigrant remittances, we
would, without this gold export be In
the position of sending away a great
deal more money than We are getting
Whether this gold export has already
begun to decline-has begun to ap-
proach the point of exhaustion-is not
revealed by recent statistics, but 1t is
highly likely that it has. The issue in
any case is clear: Siam has not the
resources to withstand the strain of a
continued unfavorable trade balance.
and the only known answer is to re-