Foreign Relations of the United States Diplomatic Papers, 1932, General, Volume I

800.51W89 Belgium/203

The Belgian Embassy to the Department of State ⁵⁰

[Translation]

The British and French Governments, moved by a desire to alleviate the serious difficulties resulting from the economic depression, have, in their notes dated the tenth and the eleventh, respectively, of the present month,⁵¹ proposed to the Government of the United States that it cooperate in a reexamination of the problems arising from the intergovernmental debts. Basing their action upon the principles adopted during the recent Conference of Lausanne,⁵² they suggested that the period of suspension on payments due to the United States be extended for the duration of this reexamination. The Belgian Government has the honor to make the same request in respect to payments due from Belgium. Although the rights of Belgium to obtain complete material restoration have been unanimously recognized from the beginning, the Belgian Government did not hesitate in July 1931 to accept the proposal for a moratorium which was made by the President of the United States.⁵³ A year later, in the interests of peace and economic recovery, it adhered to the Lausanne Agreement.⁵⁴ In so doing, it consented to make sacrifices which were particularly heavy and which have profoundly affected the financial situation of Belgium. The Belgian Government remains convinced that the difficulties with which the world is faced today cannot be overcome unless the nations pursue a resolute policy of cooperation and mutual assistance. With this idea in mind and in a spirit of friendship, the Belgian Government requests the Government of the United States to examine the proposals which it has the honor to submit.

[ Washington , November 15, 1932.]

50. Handed to the Secretary of State by the Belgian Ambassador as an enclosure to his note No. 3639 of November 15.
51. Post, pp. 754 and 727.
52. See pp. 636 ff.
53. See telegram No. 262, June 20, 8 p.m., to the Ambassador in France, Foreign Relations, 1931, vol. i, p. 33.
54. Great Britain, Cmd. 4126, Misc. No. 7 (1932): Final Act of the Lausanne Conference, Lausanne, July 9, 1932.