Evening Star Newspaper, June 15, 1933, Page 4

T A4 COX ELECTED HEAD OF MONEY GROUP U. S. Believed to Have Agreed to Temporary Stabilization of Dollar. (Continued From First Page.) the delegates greeling the names of the men elected ‘ith rounds of ap- plause. The mention of Mr. Cox brought a special ovation. A second vice president was chosen for each of the committees—Monetary and Economic. Victor Kienbock of Austria was named vice president of the Monetary Committee along with Signor Jung. On the Economic Com- mittee, beside Prime Minister Colijn as chairman, Delegates Krogmann of Ger- many and Thomas A. Le Breton of Argentina were chosen vice president This committee was left to select own reporter. Compromise Reached. A compromise between America and France whereby the United States gets the chairmanship in exchange for & temporary de facto stabilization of the dollar was understood to have been reached. This was an outgrowth of a confer- ence between Secretary Hull and Bonnett, in an effort to break a dead- Jock over the leadership of the impor- tant monetary group. It was understood that M. Bonnett previously had conferred with James P. Warburg, a member of the Ameri- can delegation. Coming from the conference with the Prench minister, Mr. Hull said that the parley was marked by a spirit of team work. The French hitherto had insisted that & representative of & gold stand- ard country be named to the position. M. Bonnet also conferred with Mr. Cox and afterward the Frenchman de- clared, “we have met Gov. Cox and we love him.” American quarters said that de facto stabilization within 48 hours was likely. The French appeared mollified by the rospects for stabilization of the dol- Fnr. and there was less evidence of ten- sion in the French delegation. Many Delegates Absent. The pressing importance of affairs outside the main assembly hall, where the speeches were proceeding, was evi- denced on resumption of the afternoon session. Prime Minister MacDonald had barely made his bow as president when he handed over the gavel to Foreign Minister Paul Hymans of Belgium and disappeared. Mr. Cox, who was ::1 his delegate’s seat, promptly deserted the assembly hall, leaving Senator Key ! THE The Economic Conference The Relation of Intergo Restoration of an Inter BY ARTHUR CRAWFORD. Intergovernmental debts are inex- tricably interwoven with the problem of a return to an international gold standard. While at the insistence of the United States the settlement of debts is banned at_the world economic conference, it will be impossible to exclude from dis- | cussion the general relation of debts to_the depression problem. Upon the success of debt negotia- tions, which will be going on simul- tanéously between individual Europear | debtor nations and the United States. | will hinge in large measure their will- | ingness 1o join in & general agreement | involving réturn to a gold basis. | The Roosevelt administration recog- | nizes that the debt question is a pari of the problem but would relegate it to & place of incidental rather than primary importance. In the view of the debtor governments it forms the| key to the whole situation The connection of the intergovern- | mental debts with the problems of the | world economic conference is obvious | from the fact that it has been called | in compliance with & request by the Lausanne conference of a year ago o e ] money capitals decide on the ratio for the stabilization of thew currencies. | Bennett, turning to the important wheat problem, declared the accumu- | lated stock of 350,000,000 bushels can only be dealt with by international co- | operation involving ossible acreage | reduction agreements.” His reference to this suggestion, ad- | vanced recently at a conference of | Argentine, Australian, American and | Canadian leaders at a conference in Geneva, was interpreted by many listen- ers as indicating his qualified approval of the American theory of restricted wheat acreage in an effort to boost prices. Bennett suggested that importing countries should give attention to the increasing demand for wheat, while producing countries should limit the acreage, and thus from both ends tackle the surplus and get a balance. As Bennett finished speaking con- siderable interest was created when it was announced that the Steering Com- mittee meeting, which had been sched- uled for noon, had been postponed until later in the day. MacDonald, a veteran of many inter- national conferences, was understood to be unwilling to let the question come | to a vote in the Steering Committee meeting while a deadlock existed, be- cause he feared a bad reaction in the conference. At _noon neither the Americans nor the European bloc had budged from Pittman of Nevada as the sole Amer- dcan delegate present. Private discussions had . proceeded during the luncheon recess. Well-in- formed conference quarters said they understood the Americans had agreed to stabilize the dollar and the pound only on condition that the principal central banks would pursue a monetary and credit program designed to con- tinue the advance in commodity prices. It was believed the French had agreed to go at least part of the way in such measures. The British already- had an- nounced substantial agreement with the American easy money and credit ex- pansion policies, - Russian Story Denied. willlam C. Bullitt, special assistant to Secretary Hull, denied this afternoon reports circulated in Russian quarters that he had been instructed to make overtures toward American recognition of Soviet Russia. Mr. Hull characterized the reports as “absurd.” Within the assembly room speakers from the four corners of the earth continued their addresses in which they cutlined their governments’ viewpoints on_economic Tehabilitation. The principal delegations, however, were beginning to chafe under the de- luge of oratory, and wanted action. For this reason many leaders were absent from the session proper and were getting set for real business. The conference assembled in a more cheerful mood this morning. There seemed to be much less temsion, and many expressed the happy view that the British war debts arrangement, an- nounced last night, had cleared the air. Portugal Accepts Truce. Caeiro da Matta, repl’esenl'lzs Portu- gal, as the first speaker ay an- nounced his country had accepted the proposal for & tariff truce suggested some weeks ago by President Roosevelt for the duration of the conference, Twenty nations thus far have an- nounced their adherence to the armi- stice plan. The speaker congratulated President Roosevelt and Prime Minister Mac- Donald on their debt arrangement, and echoed the view already expressed by many delegates outside the assembly when he said he considered it “a most fortunate omen.” He said Portugal was preparing s way to return to the gold standard, reserving for itself the determination of how to achieve parity Portugal is not able to accept the bi- , Da Matta continued. address, Cox, Senator others of the American their places in the con- During his Couzens and group to ference America’s silver program, which pre- viously had found few expressions of approval, received the unqualified sup- port of China T. V. Soong, the Chinese spokesman, said in his address before the plenary session that he hoped the conference would seek to nd stabilize silver prices, thus purchasing power of vast populations in China and India Bennett Backs Chamberlain. anada, the d to an e suggestion advar speakers Tuesday and W ng ary problem, Canada_sub- edly to what Cham- rday . he added, that his gov- ild endeavor to maintain on the London when those two Had to Cut Son’s Hair Away. Cuticura Healed. “My son bad eczema on his scalp, face and neck, and we had to keep a cap on his head all the time. It seemed to be in the form of dry pimples, but became wet and started to spread. We had 16 cut his hair away in places, it was so bad. He| was rather cross and fretful, and lost sleep. “We began using Cuticura Soap, and Ointment, and he was com- pletely healed after using one cake| Cuticura Ointment.”” ‘Wm Gahl, 2806 Monroe St., 8. Omaha Neb.. Jan. 22 1932. their positions, Joseph Connolly, minister of lands and fisheries of the Irish Free State, contributed the suggestion that the conference should explore the possi- bility of developing the Bank for Inter- national Settlements into an interna- ‘tional clearing house for international transdctions. Mr. Connolly warned the conference against the “confusion and chaos which I believe are imminent.” He said that-unless leaders are will- ing to make “drastic changes in our system we will fail in the purposes which brought the World Economic Conference together.” The conference agenda, he suggested, may be criticized because it gives the feeling that the world’s economic bet- terment can come only through ortho- dox systems. He said he felt that if nnyth%—m matter how unorthodox— can bring & solutfon it must not be barred. P A At the afternoon session Tewfik Rushdi Bey, Turkish foreign minister, said his government was in entire agree- ment with the Russian proposal for a pact of economic non-aggression. ROOSEVELT RECEIVES FIRST LUTHER STAMPS | TR | Issue Commemorates 450th Anni-| versary of Birthday of Church Leader. President Roosevelt today received the first of an issue of stamps com- memorating the 450th anniversary of the birth of Martin Luther. These stamps will be used by Lutherans all over the world. The stamps were presented to the President on behalf of the Evangelical Lutheran Church of the Missourl od, at the request of the American :theran Bureau of New York City, by Representative John W. Boehne, jr., of Indiana. Those present at the presen- tation in the President’s office were: Rev. J. Frederick Wenchel of Christ Lutheran Church, Rev. H. M. Hennig of Trinity Lutheran Church of this city and Rev, H. Erck of Lincoln, Nebr.; A. J. Holtman of Fort Wayne, Ind., re Tesenting the Walter League, and Rep- resentative Boehne's two sons, John W., 3d, 12, and Charles H., 7. S e +Carrying a Full Line ¢ of Select Meats + at Low Prices Sesessssrrecaes GRAPE-NUTS A Delicious Cereal CHALLENGE MILK. . POST BRAN FLAKES. EAGLE BRAND MILK. ALL GOLD PEACHES 2 e cane 28c BAB-O 2 em 2lc Tumbler Fad Free CERID ... 2 cans KIRKMAN'S SOAP. ... RIPPLE WHEAT = akfast uses. Soap to cleanse, Ointment to soothe, Talcum to powder. VISIT YOUR NEAREST IDEAL FOOD STORE BAKER PREMIUM COCONUT OUR SUPER SPECIALS, Glen Valley Extra Sifted Peas GREEN VALLEY COFFEE. ... GREEN VALLEY BUTTER. KIRKMAN'S SOAP POWDE! KIRKMAN’S SOAP CHIPS........ A Deliciou: Fi vernmental Debts to the national Gold Standard Presses for Consideration. | the council of the League of Nations. It was the Lausanne conference which scaled German reparations down to an inconsequential sum and virtually | wiped out intergovernmental debts, subject to a settlement with the United States. Omitted Specific Discussion. The preparatory commission of ex- perts in_its annotated agenda for the | coming London conference was obliged under its instructions to omit a specific discussion of the debts. How its members felt about the matter is evident from this comment in the in- troduction to its report: “In this program, the problem of in- tergovernmental indehtedness has not been included, because it lies outside our terms of reference. In our opinion, however, it is essential that this ques- tion shall be settled and that the set- tlement shall relieve the world of fur- ther anxiety concerning the disturbing effects of such payments upon financial, economic and currency stability. Until there is such a settlement, or the def- inite prospect of such a settlement, these debts will remain an insuperable barrier to economic and financial re- construction. We therefore attach the greatest importance to the early re- sumption and successful conclusion of negotiations upon this problem.” It has been the view of President Roosevelt, as stated during the cam- paign and adhered to since then, and also of Secretary of State Cordell Hull, that if international trade barriers are torn down the problem of the payment of the debts will largely vanish. The administration places a stabilization of currencies and a reduction of tariffs ahead of the debt question in impor- tance. The British View. ‘The British view has been that with- out a very material reduction in the debts it will be futile for Great Britain to return to the gold standard. Some months ago Great Britain was disin- clined even to consent to the fixing of a date for the world economic confer- ence until a debt settlement was in definite prospect. In deference to the wishes of President Roosevelt, tne British policy was modified somewhat, but it remains a certainty that there will be no hard and fast agreement in- volving the restoration of an interna- tional gold standard until debt negotia- tions make more headway than they have thus far. This is the situation de- spite the fact that British gold holdings have greatly increased recently, the ‘Bank of England now having more gold than ever before in its history. To-get the British viewpoint of the connection between the debts and maintenance of the gold standard one can turn to dissenting reports of the gold delegation of the financial com- mittee of the League of Nations. Complete, with fixtures and way switches in 2 of repair work — electris £ < MUDDIMAN 5 C. A. Muddiman Co. Will Wire a 6-Room House bulbs and switch in each room; 3- $69.50 hails, for only .. Estirates gladly giyen on all lln‘.l Fhone National 0110 and representa- tive will call and give estimates. 911 G St. NAYL 0140-2622 Organized 1888 orth don’t pay the check. FRIDAY DINNER 50c Fresh Crab Meat Cocktail, Clam Chow. der. Fried Scallops, tartar sauce: Half Broiled Spring Chicken, jelly; Creamed Chicken. a la King, Waffles: Brofled Tenderloin _Steak, mushroom —sauce: Cholce of two Vegetables, Salad, Hot Rolis, butter, Beverage, Choice of Desserts. | Half F. F. Potatoes, Rolls, 50 cents. DINE and DANCE Tonite . . ve out for a light Supper " a glass of cold Beer— either drausht or bottle and dance to Fred Kelley's Sho-Case Music. No couvert charge Popular Prices | SHO-CASE | Table or Curb Service | Clev. 9782 4449 Conn. Ave,, at Albermarle St. Broiled Lobster, lemon. hutltr,’ IDEALFOODSTORE 7t WEEK END fpien Loe 5508} i SPECIALS 4 be . For Your Nearest ¢ Ideal Food Store : D R BANQUET ORANGE PEK coseesses2cans 25C . .vkg. 9c . Sh oA s soaniliOC ¢ . ti-b. pkg. 10c LUX TOILET SOAP 4 26c IDEAL Toilet Paper 1.000 Sheeis Tissue 4 o 25¢ an e s MORNDC! .. 25¢ ... 2.3 rars 14¢ .. 29 8.9 2 pigs. 13c l:e.pk:.loc Jig Saw Puzzle Free 25¢ Trial Size Package FREE Rock Creck Ginger Ale Contents Only AND SEASONABLE FRUITS VEGETABLES AT LOW PRICES EVENING STAR. WASHINGTON, D. C. A dissenting report signed by the two British members of the committee, Bir Reginald Mant-and Sir Henry Stra- kosch, and by Prof. M. Albert Janssen of the University of Louvain, formerly minister of finance of Belgium, chair- man of the gold delegation, set forth the view that reparations and war debts are the basic causes of the de- pression and that debts must be can- celled. It was asserted that the dominant factor underlying the sharp fall in the level of commodity prices and the con- sequent breakdawn of the international gold standard was a maldistribution of monetary gold reserves which began early in 1929. This maladministration of gold was attributed to reparations and war debts. The increase by France of its gold gIIllmllIlflIlIMHl|l||l|||'|l|lfllmmm|l|IlflmIIIlilHI|lImIlflllllllllllfllfll|MMMI!IMlIll'lflllllImlmmfllflmmumlmnflmflm“fi“lllIII|IImIl||IIHIII e T T O H SMILE UP AT THE SUN The Young Men’s Shop Makes it a Cool Summer With a Sale of St. cAlbans $24.50 CRASHES AND IR T T T THURSDAY, stocks between 1929 and 1931 by 74 per cent and the dncrease of those of the United States by about 20 per cent during the same period while those of other nations were decreasing by 16 per cent was due, the dissenting re- port contended, to the payment in gold of huge adverse balances of trade based on reparations and war debts to these two countries. It had been made im- possible because of tariff and other re- strictions, the report pointed out, to settle trade balances in goods and serv- ices. The crash was averted for a while by private loans from the United States to Germany, but when the burden of | payments was thrown entirely upon | gold, the breakdown of the gold stand- | ard resulted. | _'The maldistribution, according to the | theory expressed in the report, caused TW0 TROUSER JUNE 15, 19 a severe shortage of monetary gold in a great majority of the countries of the w%rld. leading to an appreciation in its value and a decrease in commodity prices. The decline in prices was des- cribed as the direct cause of the de- pression. In a separate dissenting report by Prof. Gustav Cassel of the University of Stockholm, a noted economist, sub- stantial agreement was expressed with the views set forth in tge Janssen- Mant-Strakosch report. Prof. Cassel was of the opinion that several years must elapse before a restoration of an in- ternational gold standard can be ser- jously contemplated. The majority report. which was signed by members of the gold dele- gation from the United States, France, Germ: Italy, Poland, Czechoslovakia | and the Netherlands, urged a return to | the gold standard “within the shortes: possible time. Measures which should be taken by international co-operation to facilitate a return to the gold standard, the ma- jority report stated, include, first, the restoration of a reasonable degree of | freedom in the movement of goods and | services; second, a satisfactory solution | of the problem of reparation payments and war debts; and third, adoption of certain guiding principles by central banks in respect to the working of the gold standard system. |, The majority was not of the opinion that reparations and war debts -were | the main cause of the depression but considered a final solution of the prob- lem as quickly as possible of the utmost | importance. | FILIPINO: DEBATE ‘SLATED ‘Whether the Philippine {ndependence act should be accepted by the Filipino people will be the subject for & debate | under the atispices of the Visaya Cir- | cle, Inc., largest Filipino organization | in the city, at 8:30 p.m. Sunday in the Y. M. C. A hall, Eighteenth and G streets. The debate will feature a program in commemoration of the birthday anni- versary of Dr. Jose Rizal, Filipino hero. Nolasco Icarangal and Frdeerico Cruz will speak for the affirmative, while the | negative will be represented by Eduardo S. Balonon and Nicanor P. Donesa. | Manuel Argel will preside. s IROPSHIRE WORSTEDS St. Albans famous 2-trouser Crashes and Tropshire Wor- steds give the same smart ap- pearance as a regular season suit, yet take half the load off your back. If you want to experience the blessed re- lief from “Torrid Zone™ weather, if you want the last word in comfort and the first word in style — then by all means make it your business to get your St. Albans Trop- shire or Crash Suit. Genuine SIZES TO FIT MEN OF EVERY BUILD LORRAINE No Charge for Alterations! Seersucker Vests, $2.50 extra SUITS, $10 Pre Shrunk, Imported Irish LINEN SUITS White Bedford Cord Trousers, The Aristocrat of Summer $6.50 Trousers! 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