Evening star., 1933-05-03


forming Of April 30. Seven persons alto.
At left Is shown portion of the parish
"A. P. Photo
| must be observed by all in the indus
try.
Church Of the Epiphany and chaplain
Of the Senate, gave the invocation al
the general session. It was followed BY
luncheon meetings at the MayhoweI
and Willard at ! O'Clock, and at
o'clock there was a series of grour
meetings at these hotels and In the
chamber.
Mckee Is Speaker.
At the Willard Joseph v. Mckee
president of the Board of Aldermen Of
New York and acting mayor aft
er the resignation of Mayor Walker,
was the principal speaker listed, his top
| ic being THE Task Of Municipal and
| State Governments"
Chairman Rayburn Of the House In
terstate Commerce Committee was the
principal speaker at a meeting at the
chamber at 3 o'clock, with transporta-
ton legislative needs his topic.
At the Willard there was group
meeting on property maintenance and
improvement.
Tonight at O'Clock the American
Trade Association executives will hold
their dinner at the Mayflower. Secre-
tary Of Commerce Roper will be a guest
and Right Rev. James E Freeman,
Bishop of Washington, will speak.
At the general session at Gas tomor-
row morning Lewis W. Douglas, direc-
tor of the budget, will speak on The
Federal Budget; Senator Bulkley, Dem
ocrat, Of Ohio, on Monetary Policy and
Banking" and DR.. John w. Ross of
Montreal, president of the Canadian
Chamber OF Commerce, on Trade Rela-
tions With Canada"
Tomorrow night at 7 o'clock the din
ner will be held at the Auditorium. when
the business men will hear President
Roosevelt. 1t is understood that in his
address he will speak not only of his mon
etary and imitation plans, but probably
also of his ideas on employment, relief
and industrial matters. There has been
some intimation that his speech might
be in the nature Of a new pronounce
ment.
Stirs Wide Interest.
Coming at a time when the Presi-
dent is about to seek broad tariff DOW
ers from Congress, and is taking the
leadership IN an international recon-
struction program through conversa-
tons here preparatory to the London
economic Conference, Secretary Hull's
speech last night was followed with a
great deal of interest.
In reference to the foreign obliga-
tons due this country, including the
war debts, the Secretary said:
The obsolete pre-war economic
theory that prevailed here and else
where, ignored our transformation from
debtor and young undeveloped coun-
try to the greatest creditor and sur
plus producing nation In history.
1T ignored the fact that today our
public and private foreign Indebtedness
OF 100000, 900, with annual paw
ments OF interest and installments ag-
gregating 81 ESQ, 900 900, is due this coun-
try, and that nations and individuals
can only pay external Indebtedness IN
gold or services, or by the establish
whether with the creditor country or
with other countries with whom trade
is more profitable
At the outset Of his address, Secre-
tary Hull said:
The leadership and statesmanship
OF no other generation were ever SUBJ
Jected to a more serious challenge than
is ours by the existing domestic and
world difficulties.
Sees Grave Threat
Humanity simply cannot continue
Indefinitely to endure existing chaotic
depression conditions. Civilization itself
VIII ultimately be seriously under
mined"
Assailing the blind forces of short
sighted isolation" Hull said "The lmi-
tations Of human suffering cannot
much longer tolerate this suicidal lead
ersh1p IN any country"
Every nation must supplement its
oomeStic program with basic inter-
national economic program Of remedies
Tor business recovery" he continued.
These would embrace the reduction
| OF trade barriers, the stablization of ex-
changes and currencies, and monetary
STANDARD dization, all of which would per
init a healthy increase of prices of
primary commodities bought and sold
| in world markets
The innocent myth that high tariff
and other instructions to finance and
trade between nations nsures full en-
ployment Of labor and high wages, with
high living standards, Is utterly de-
stroyed when we recall that the three
countries with the most extreme trade
barriers-America, Germany and Italy
have around 100000 unemployed
wage earners. American wage earners
have suffered losses of pay below the
level OF 1929 aggregating nearly $45,-
600, 100000. -
| "The trade of the world, according
1 rot af n no xrc
been $50, ,000. .000, 900 for 1892, compared
with the actual and shamefully nominal
amount OF SIG, 800, ,000, 900.
Americas share of these trade losses
approaches 5000 900 900, and who
can well overestfmate the effects Of this
amount OF exports of our Immense
surpluses Of foodstuffs, raw materials
and manufacturer"
Points to U. S. Surpluses.
Hull said that from 20 to so per cent
of the production of great staple In
dustries such as cotton, tobacco wheat
hog products, copper, Oil, coal, auto
mobiles, machinery, tools" and othel
products must be exported and sole
abroad unless stagnation and price
slumps are to result at home from the
damned up surpluses."
Probably rs to 80 per cent Of tht
2,O0O,00O,000 population Of the worlC
are living below the poverty line Thi,
means a lack either Of adequate food OF
clothing, or both. This was the actua
state Of living standards even when the
panic broke in 1929"
Eliot Wadsworth, Assistant Secretary
OF the Treasury in the last admanistra.
ton. was another speaker.
CLEARED IN DEATH
Wnynou ovI nor~hk>- A.sAI ,