"NOT FINAL WORD."

Auckland Star, Volume LXIII, Issue 168, 18 July 1932, Page 3

"NOT FINAL WORD."

CONGRESS AND WAR DEBTS

CANCELLATION QUESTION,

ST3W YORK VISITOR'S VIEWS

"Congress has already declared against any cancellation, but that cannot be regarded as final," said Judge S. W. Moore, a New York legal practitioner, when questioned on the Mariposa, to-day on the subject of war debts. War Debts. "There is quite a lot of feeling and difference of opinion in respect to war debts" ho said. "I think, however, that the general opinion is that reparations and war debts should be dismissed from consideration for the time being-. In other words, there should be a moratorium for five or ten years in order to allow the world to recover from its present sickness. When commerce is on its feet again it will bo time enough to consider the best eolation. I think many people will subscribe to a formula to bo applied like tliis: EacTi country should mako a sacrifice. Germany, for instance, should pay some of her debts, and the United States should forgive some of her debts. Each country should make a sacrifice in proportion to its interests. If that principle it> followed settlement should be easy. 'I'Jm trouble to-day is that there is no crystallisation of views on tho problem." Tariff Walls. Referring to fiscal policy Judge Moore said that although he was a Republican ho was opposed to high tariff walls. Tariffs for revenue purposes only was a Democratic party doctrine. The nations were only able to pay their debts through trade, and if high tariff walls were erected trade could not be maintained, for tho inability to pay became permanent. The Democratic Presidential candidate, if elected, would tear down tariff barriers. There had not been a Democratic nominee elected since Woodrow Wilson, but there were certainly indications this year of a change. Depression Lifting? Tho depression had reached rock bottom in the States, he thought, and there was eome slight indication that business was on the turn for the better. That was not apparent in the larger industrial enterprises but in the smaller businesses. It eoemed that the improvement was to come from the bottom. '"We think liquidation has ended," he said. By that he meant that the sale of securities had about ended. People who had borrowed money from the banks had sold their securities as they went down the financial hill and the market was lower to-day than, it had been in his recollection. Ottawa Conference. "Very little interest has been shown in America concerning the Ottawa Conference,"' said Judge Moore. "England and Canada handle their own affairs, and we do not get excited about them and.; they do not get excited about us. But if one country puts up a tariff againet another then all concerned get excited.' . Judge Mooro if, on hi* way to Sydney with his wife and son on n holiday. "Years aco I was a judge," he said in reply to a question, '-and in the United States if you have ever been n. judge they keep on calling you judge for the rest of your life —unlei*," lie added with a smile, "you come from Kent inky—then vou will be referred to a< colonel."