The New Zealand Railways Magazine, Volume 6, Issue 3 (August 1, 1931)
Seven in Seance
Seven in Seance.
The long drawn out tragedy of the war debts marches from act to act. The curtain fell last month on President Hoover's proposal for a year's moratorium—a year's postponement of all war debt payments. Since then the scene has reverted from Washington to Europe, which staged in London a Seven Powers' Conference under pressure of a threat of immediate financial collapse in Germany. At the moment it seems that the Conference has devised financial machinery and credits that will both prop up Germany and enable the moratorium to be carried out. At any rate, the Conference ended amid a subdued chorus of affirmation that these safety measures are assured. “We have provided,” said U.S. Secretary Stimson, “machinery necessary to meet the situation, however it may develop.” But to outline the developments pending would require the gift of prophecy.