—— AMSAY MACDONALD threw a falr-gized monkey wrench into the London economic conference machin ery In his opening speech, but the wheels hadn't really begun to revolve, so the mechanism was not wrecked immedi- ately. Whether it is ultimately to operate successfully depends on diplomatic skill or on the complais- ance of Uncle Sam. In the middle of an otherwise wellor- dered address, the British prime minis. ter suddenly inter Jected the war debts issue, despite the fact that it was not on the agenda of the conference. ‘That question, he de clared, “must be dealt with before every obstacle to general recovery has been removed, and it must be taken up without delay by the nations con- cerned. Lausanne has to be complet. ed and for all in conditions.” Delegates from all Ish empire and France were not Donald's I and Unite : Ramsay MacDonald this vexed question settled once the light of present world parts of the Brit. ibly those t a dis Hull was soo: mn with Washing dd a fenst considered taste, Mr. his address to result and as a nference which was to open the lay of the Among the howey tnd Gen, uth Africa, both of ip MaeDonald's stand were Guid Jan Christian Smuts whom Sinuts Americans ed States the world. Chancellor of the E Chamberlain seco: MacDonald about wa suid the crisis in world ditions makes restoration of the gold standard absolutely impossible at pres- ent, He fav lower tarifl were actiua ivered a upose undue sacrifices on lower tar- [ countries and that they did not lead > warfare, ity for cheap money, ———— econo He emphasized y JHEN Sed third to was expected gort of reply to mand. But he retary Hull arose, the his would make the war was silent on that sub- debts de. argument for a renewnl of truce promulgated by President Roose. by removal of trade barriers, elimina- tion of excessive tariffs, stabilization of exchanges and abandonment of na- tionalistic economic policies, “The world cannot longer go on a8 it Is going at present.” Hull sald. “A successful meeting of this confer ence In my judgment is the key to widespread business recovery.” poasiBLY more threatening to the success of the conference than the injection of the war debts issue was the demand of the French, represented by Premier Daladier, that the dollar be stabilized before the matter of tariff re ductions and re moval of other trade barriers be taken up. Both the dollar and the pound, he . inti. mated, must be sta. bilized on a gold basis at the earliost possible moment, “We feel we must end the currency war,” Premier Daladier declared. “The aintenance of the gold standard is Indispensable. How ean elrenlation of goods be re-established if their value depends on luck and hazard? What would you say to an architect or builder who used an elastic foot: rule?” America’s hope for success of the conference was built upon a world tariff truce, and the French believe they have blocked this for the present at least. They assert this would mean nothing so long as currencies are fluctuating. Only 15 of the nations represented In the conference adhered to the temporary ftarilf truce which was to lust during the life of the par. ley, nnd one of these, France, now re fuses to renew He pledge under exist. ing circumstances, HILE this sort of talk was go ig an in the conference hall, Great Britain and laly were plan Premier Daladier ning to evade payment of the great. er part of the Installments due the United States on June 15, and France was calmly ignoring the” fact that she also was due to make a payment on that date, her government being determined to do nothing about it. The British offered to pay $10,000,000 of the $79,000,000 due, President Roosevelt's reply to the jritish offer, eagerly awaited, was that the United States would accept the partial payment only with the ex. plicit understanding that the money was just an mstallment on the sum due and that such action should in no way invalidate America's claim to the unpald remainder. Mr. Roosevelt advised the British that as soon as possible they should make whatever representations for a revision of the debt they desire to offer, and in Washington. He said he had no power to reduce or cancel the debt but would submit the results of the negotiation to congress, Under the new inflation bill President is authorized to accept silver in payment of debt installments at the vilue of HO cents an ounce. So the British paid in silver obt from India, ained \ JAR debts, as much nas over the matter of war caused delay in the discord veterans’ ad} the benefits, ment of question The though latter ostensible CONEress, the appeared was reason senate there about the offe was to know wut th of partial payment and the Presi response The { for a long time wanted then 15, and Robinson of them cabled lent's senntors had know that Mr ’ t away b Indian: 10 n saying that war ing for announcing wait before cent pas on the Un to disagreement of the President's progri tion of veterans’ be nefits, a part of the independent offices bill. The ho had accepted the compromise, but Democratic Farmer-Laborite, senators and foined with Shipsten