THE HOOVER PLAN
[To the Editor of the SPECTATOR.] ,
SIR,—The announcement of a " holiday " of one year in international debt payments is generally taken to signify that the attitude of drift in the great- slump is going to be abandoned and that we can now look forward to better times. The probability is that the proposals in their present state will only help us for a short while—comparative prosperity, perhaps, for two or three years. At the end of that time we will once more find ourselves in a similar impasse and the several factors which precipitated this depression will again be working unabated. However, the proposed respite and its influence on the coming three years or so will allow us time to grapple with our difficulties and prevent a recurrence of the troubles of the past months.
I consider that no effort should be spared in the furtherance of international good will and co-operation, in stressing the futility of superimposing vast political indemnities and fan- tastic debt repayments upon international trade already hampered by artificial barriers of various descriptions.
I feel certain that at a time like the present all your readers consider our social responsibility before political factors, and that the liquidation of man's debt to his fellow is of greater importance than imperialistic and nationalist pride, and I hope that you will labour unceasingly for international economic co-operation, in case we lose sight of the sinister dangers which a short respite or a gesture may hide, but which will still be lurking behind the scenes and unless allayed will once more bring misery to the lot of man.—I am, Sir, &e.,
R. R. HERBERT.
10 Carneddwen Road, Bethesda, N. Wales.
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