LIKE THE TIDE.

Auckland Star, Volume LXII, Issue 306, 28 December 1931, Page 7

LIKE THE TIDE.

Reduction of War Debts Must j Foflow. LEAGUE OFFICIAL'S VIEW. lEeceived 9. sun.) LOXDOK'. December 2". "Congress 1 declaration that its ratification of tie Hoover Moratorium cannot be accompanied by tie cancellation or reduction of "war debts due to America is only comparable to Canute's historic command to tie tide, 3 says Sir Arthur Salter, director of the finance j section of the League of Nations, commenting in tie "Observer' on tie Bask i financial report published yesterday. He added: '""Tie connection between reparations and war debts with the .existing moratorium cannot be broken. Whether the creditors agree or tie debtors default is for tie creditors to decide, but those no longer receiving reparations cannot continue their undiminished debt payments. "War debtors perhaps should not re- j gret Congress' opposition to tie Debt Funding Commission, which, unless endowed with greater wisdom than the European creditors have shown in deai- | rng with reparations, would probably j have produced a verdict involving an j intolerable strain ou the Eurosean j debtors, while now, if Europeans can- ! not meet their debt payments owing to ] lack of reparations, they will be ranged j with the most responsible people in America, including tie President and his chief Ministers. S "Indeed, Congress has done its best to exempt default from dishonour." | Signer Mussolini's view is that tie | world crisis cannot be remedied unless | reparations are revised and everv coun- | *-*"?" relieved of the unbearable burden I of war.