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Statement on the London Conference of Ministers.

July 23, 1931

THE PRESIDENT said:

"The London Conference has laid sound foundations for the establishment of stability in Germany.

"The major problem is one affecting primarily the banking and credit conditions and can best be solved by the voluntary cooperation of the bankers of the world rather than by governments with their conflicting interests. Such a basis of cooperation is assured.

"The program supplements the suspension of intergovernmental debts already in effect. The combined effect should enable the German people with their resources, industry, and courage, to overcome the temporary difficulties and restore their credit.

"The program contributes to expedite recovery from worldwide depression through the overcoming of the most important elements in the crisis affecting Central Europe.

"The world is indebted to Premiers MacDonald, Laval, and Bruning, to Messrs. Stimson, Mellon, Grandi, Francqui, and other governmental representatives in this Conference. The Conference has demonstrated a fine spirit of conciliation and consideration amongst nations that will have lasting benefits in establishment of stability."

Note: The President referred to British Prime Minister J. Ramsay MacDonald, French Prime Minister Pierre Laval, German Chancellor Heinrich Bruning, Secretary of State Henry L. Stimson, Secretary of the Treasury Andrew W. Mellon, Italian Foreign Minister Dino Grandi, and Emile Francqui, Belgian Minister of State and Regent of the National Bank of Belgium.

The London Conference produced the standstill agreement which provided that the governments represented would recommend concerted action by their financial institutions to maintain German credits already extended. In addition, a committee of bankers was to inquire into the future needs of Germany.

Herbert Hoover, Statement on the London Conference of Ministers. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/211628

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