THE VITAL POINT.
Looking at the matter, however, not merely from the standpoint of actual debt payments during the year but -from the much larger standpoint, stress is laid by- the City upon the action taken by President Hoover because it is regarded as expressing acknowledgment of a fact which has been somewhat tardily recognized on the other side of the Atlantic—namely, that there is a close connexion between the present unprecedented depression, in America and the present state of Europe, while there is also probably a recognition of the fact that there is also some connexion between America's past financial policy and the financial difficulties and lack of confidence existing in Europe. President Hoover's proposal is clearly restricted to a postponement of obligations for one year only, but the City, perhaps, may be excused for feeling that we are scarcely likely to slip back completely into the position of America adopting an attitude of indifference with regard to the welfare of foreign countries. Something like a continuance of co-operative effort in dealing with the world's financial ills is hoped for, and it is the belief that this may be so, which explains the importance which is attached by the City to the action just taken by President Hoover.
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