Evening star., 1933-03-28
ECONOMIC PARLEY
IN MAY IS SOUGHT
U. S. Bending All Efforts to
Speed Up Preliminary
Discussion.
BY CONSTANTINE BROWN.

With the Disarmament Conference
temporarily out of the way, having ao-
io1rned until the middle Of April the
State Department is doing its utmost
to speed up the preliminary discussions
of the International Economic Confer
ence. in the hope that the date OF that
parley might be fixed for some time be-
tween the end of May and the begin
ming Of June.
Negotiations tending to crystalline the
main trend Of the conference are being
carried on in Washington as we'll as IN
Europe. Secretary Cordell Hull has left
the details of the many questions which
are coming up for consideration in the
State Department to his subordinates,
concentrating almost exclusively On-the
Economic Conference. In Europe, Am
bassador Norman Davis, who will arrive
in England tomorrow, will devote most
of his time and energy to straighten
out the existing difficulties and convince
the principal European nations OF the
tremendous importance Of having the
Economic Conference meet at the
earliest possible moment. London Is
still tentatively set as the meeting
place of the conference, but there is a
tendency in Europe to make Washing
ton the headquarters. 1t is stated au-
thoritatively that If the European states
really want to meet in Washington. the
administration will offer no opposition.
Debt Discussions Avoided.
The reason for haste in calling the
conference is tWofold The adminiStra-
ton. and especially Secretary Hull. Is
convinced that all the Ills of the world
will be cured easier If the economic
machinery of the world can be set in
motion again, and the debtor nations
regard to the June Is payments at
the earliest possible moment.
For the time being Secretary Hull
IS carefully avoiding discussing debts
with the debtor nations. But he can
not avoid listening to the Ambassadors
of the debtor nations when they want
to open up this controversial matter
again THE creditor owes this ele-
mentary courtesy to the debtor" the
American Secretary Of State said.
revision Of the foreign debts. be-
fore some positive agreement regard
ing tariffs and other such matters.
which must form the counterpart OF
any American concessions on the debt
question, is impossible at the present
moment however This America s
debtors know full we'll and are not like
ly to ask the American Government
to make any reductions now. But all
the same, the June payments are sub
stantial-England alone will have to
pay close to $50, 100000 on that date
and it is most improbable that either
the British or any Of the other debtor
governments will make these payments.
As a matter Of fact. when the British
government made the last payment on
December IS, 1t was announced formal
ly that this would be the last payment
under the old funding agreement. The
same applies to all the other debtor
nations.
Moratorium Desired.
Europe desires a moratorium on the
next debt payments pending an agree
ment whereby these debts will be
either Cancelled or reduced.
President Roosevelt. under the pres
ent circumstances will find 1t dif1cult
to grant such a moratorium unless the
International Economic Conference has
already started and that must happen
before the debtor nations have been
compelled to default.
With the Economic Conference in full
swing and promising to yield results
much greater than the collection of the
debts, it will be only natural that the
President should ask and obtain from
the Congress q pOStponement Of the
June tnstallmentS, either for a period
of six months or for the duration Of
the conference.
Such an extension would ease the
general situation and permit the con-
ference to be held under more favor
able auspices
The principal debtor nations consid-
er a moratorium or any other form Of
extension of their June payments as
essential for the successful conclusion
of the economic parleys. The admin
istration refuses for the time being to
discuss the debts with all the nations
together, although it listens to the
individual points Of view.
Bound by Agreement.
But the European nations and espe-
cially France and Great Britain. are
bound together by the 'gentleman's
agreement" reached at Lausanne in
July 1882. They must stand or fall
together on the debt question and are
unlikely to accept different treatment
in the revision Of their debts. All the
debtor nations agree with The point of
view of the administration that salts
factory solution of this question will
be much easier If the economic con-
ference proves successful, but all the
same they will not, or cannot. pay the
June installments under the old funding
agreements and insist that something
should be done SO as they should not
be forced in the position Of defaulters.
1t is for this reason that the admin
istration, through its officials in Wash
1ngton and its representatives abroad.
IS doing its utmost to summon the
economic conference at the earliest
possible moment and Is likely to find
sympathetic collaboration from the
principal world nations