Evening star., 1933-12-05
HULL BARS PRIVATE
DEBTS DISCUSSION
Declares U. S. Regards Issue
Outside Scope Of Pan
American par|ey. a

BY the Associated Press.
MONTEVIDEO, Uruguay, December
5.-Secretary 5. of State Corder Hull said
today that although international bank
ers have been antagonistic to President
Roosevelt's program. the United States
feels that the discussion of private debts
is outside the scope Of the Pan Amer
lean Conference
Hull's statement was part of an acri-
monious debate in the Steering Com
mittee of the conference
Moratorium Proposed.
The discussion followed 4 Mexican
proposal for a moratorium on all public
and private debts, with Cuba support
ing Mexico.
Argentina and Chile backed UP Sec
retary Hulls view Of the private debt
situation, Argentina suggesting that the
question be referred to q subcommittee
to decide Chile seconded the Argentine
motion.
Hull agreed that the United States
delegation would serve on the sub
committee, but reiterated that it would
not discuss the question of private debts.
The subcommittee was assigned to re-
port December g.
Inter-American Bank Planned.
Earlier in the session Peru prepared
resolutions proposing the formation of
an inter- American bank and decrying
the gold standard as "a factor of per-
turbation."
The Peruvian resolutions would make
a determination of the capacity to pay
a prerequisite for foreign loans and
would require international agreements
on the subject Of loans.
An Argentine proposal for a pan
American economic conference, to study
problems of tariffs. commerce and navi-
cation, was under consideration by the
Steering Committee of the parley.
DR.. Carlos Saavedra-Lamas. the Ar
gentine foreign minister, said the Amer
ican Secretary of State, Cordell Hull,
supported the suggestion for a new and
early study of ways to effect economic
rehabilitation.
Under the plan. which the committee
was understood to have accepted in
principle. inter-American shipping and
commercial treaties would be investi-
gated and the present and potential
exports and essential imports of each
country would be analyzed.
Freights taxes. production costs and
sanitary restrictions would be on the
agenda.
Hope to Revive Trade.
It is Argentinas hope. Dr. Saavedra-
Lamas indicated. that a pan-American
economic conference would result in a
world tariff change aimed at reviving
world trade.
Secretary Hull did not comment on
the Argentine proposal definitely. but
members Of the American delegation,
which Hull heads communicated with
the White House.
Also before the 2l delegations was a
suggestion for an inter-American none
tary and banking system. offered by
DR.. Jose NJ Puig CaSaurang OF Mexico,
He advocated a central banking house
to supervise a series Of central banks
and the establishment Of an all-Ameri-
can currency, backed partly by silver,
and based on commodity price levels.
He said also Mexico intended to
sponsor 6-to-l0-year all-American
moratorium on public and private debts
A plea for the recognition OF Cuba
was made yesterday by DR.. Alberto
Giraudy. Cuban delegate, who said
his government was sorry that only
Mexico. Peru, Panama and Spain have
so far recognized the Grau San Martin
government in the island.