Rt Hon Ramsay MacDonald, PM, outlines Empire's policy on US President Hoover's offer on war debts, in historic statement at 10 Downing Street.
SLATE INFORMATION: Premier on War Debts
ENGLAND: London: Downing Street: No.10
Ramsay MacDonald (Prime Minister) sitting at desk reading statement SOT
- saying Pres. Hoover's proposal to suspend war debt payments is a wise and courageous one and will contribute it is hoped to the revival in world trade. Reparation and debt payments have distrubed the natural flow of trade, have upset the economic distribution of gold and left countries in difficulties. This country responded to Hoover's appeal. Payments to America under that scheme shall be suspended.
We shall also suspend the payments of debts to us by foreign countries. South Africa by generously refusing to take advantage of our offer has reduced the debt to us by 300.000 GBP. We are undertaking a very heavy burden at this time but nevertheless. I feel perfectly confident that Mr Hoover's effort will make a great contribution to the revival of world trade.
When world trade revives... when ordinary flow of commerce has taken place then nations will be ready to bear their burdens and prosperity will come upon their people
Background: Rt Hon Ramsay MacDonald, PM, outlines Empire's policy on US President Hoover's offer on war debts, in historic statement at 10 Downing Street.
Hoover plan / economy / Herbert Hoover (US President 1929-1933) / World War I / Economics / British Empire / Personalities / Politicians / James Ramsay Macdonald (1866-1937) / Great Britain