Dec, 27.
The development of American ion in the light of the e: periences of 1933 with its w international enthusiasm President Roosevelt's recovery programme must be of profound interest to European nations. The change of President coincided with the arrival of the climax to the break-down of the banking system in the face of the current depression which had been actively at work for three years and during the earlier stages of that period had, in fact, been unrecognized. Yet'all the time a critical opinion has been developing in America and has gradually asserted its influence in emphasising the incompatibility of the "buy American" cry with a resolute determination to stiffen on the war debt issue. It had all along been clear that individual banking opinion in America was far more in accord with Europe, on the subject of debts than Congress itself. President Hoover's desperate efforts to reassure the members of the Lausanne Coi ference without committing his
Text read from the printed page and cleaned; old type leaves the occasional error.