RELIEF WORTH £11,000,000.

Press, Volume LXVII, Issue 20273, 26 June 1931, Page 11

RELIEF WORTH £11,000,000.

Concession to Dominions. If!'' ||UTISH GOVERNMENT'S FINE OFFER. If ' , Prospects Justify Proposed Sacrifice. Ef Relief irom war debt payments for a year is offered the Dominions and India by the British Government. I' The concession involves a budgetary loss of about £11,000,000 to Great Britain, but it is hoped in England that the revival of confidence and prosperity will more than justify the sacrifice. Mr Philip Snowden's announcement of the offer in the House of Commons was received with enthusiastic cheers. - 1 ■ -

jfjnrra association—zt slectkio I*l IGEAIO—COPYRIGHT.) LONDON, June 24. la lite coarse of a statement in the of Commons, the Chancellor of HA Exchequer (Mr Philip Snowden) jwjtbe Government wa3 offering th® and India the same war debts faHjtions as President Hoover proImi to foreigners. Jff Snowden said he felt that |l VtS interpreting the country's gj&W freely in deciding to offer the y-ffflon* the option of postponing the •' their war debt payments to feggt Britain for one year, beginning next. (Loud cheers.) , fkis would mean a budgetary loss of mCdsimately £11,000,000, but it was that the revival of confidence and jMMrity would moro than justify the * r« _ WWW. Hoover Offer Accepted. ' • tsxmes orriciAx, wibbisss.) 'v., RUGBY, Juno 24. M lfce Government of the United KingpKi" said Mr Snowden in the House ■MCbnmonfl, "subscribes whole-heart- & to the principle of President tjbmtr'a proposal, and is prepared to i|iyr«*e in the elaboration of details M * view to giving it practical efwithout delay. moro consideration we give to iSFllWiidefit 'a declaration, the more it IMS to ds that, having regard particu--1 WfJo tie history of the matter, tho pjntioo constitutes a very great 'Mini on tho part of tho United Jvfeand it will bo a thousand pities 'MJpMpe does not respond to it in the effect of the pro- ■ lost unless steps aro gentries concerned to practical effect. This te caso as regards Gerter all, is the essentia! lith the view expressed States Government that for a conference. A lethod must bo operation the proposal States Government for imediate suspension of ts to creditor Governcedure which we would creditor Governments i notify the Bank for ittlements that they >osal for the suspension il German payment.s due does not rest with us ire awaiting the views p Governments, but we tossible to secure agreenes as soon as possible, lover's proposal applies, 11 inter-Governmental M and relief debts, lovenunent, for its part, raosal in the spirit as r. It will accordingly pend for one year all 'omental debts due it, dent Hoover's proposal Ijr accepted, and in the >m July Ist, Great Brits claiming instalments lu« as regards relief '• Government is at once inform other European tie* hold relief bonds id invites them to coition Agrees. Snowden's statement, twin, on behalf of the laid he would content ylng the Government so fully consistent with reputation of our counirge said he was very unent had given this ;eous, and unequivocal rery noble gesture of ir Austen Chamberlain, ■■■MMHor of the Exchequer said HKTwrte a statement later ns to ■flMblWlgetary position in this coun■HfcVi affected by tho Governl^ffcO^lMENT. ■Birr jn a good cause. ■fflMhgty l» this country will beWPPIteA * gift to our great DoroinMfcyaii % cause," says the "Daily HHptyiring to Mr Snowden's j^^WtMM-Ciironiclo'' says: BUE&* trill be rceeived with satisiwil »Uef in the Dominions, an" here. At the same HMEpVlueewary to recognise that ■tfcriKa a new burden on the ■SKwfnyer.' Mllit that cold spread - • : ■■Hfcfafc* and for others. A* Bonnington's Irish M° s germ, spreads a soothing' over the throatr-re-Never be without and chest ailments. ■K Vm Gd. Modium wig.

j A GOOD EXAMPLE. (Received June 25th, 7 p.m.) LONDON, June 25. "The Times," in a leader, says: Though tho internal war debts of the Empire hitherto have been regarded as a' purely domestic matter, the Government very properly refused to treat the Dominions with less generosity than its foreign debtors, making a total sacrifice of £11,000,000. This is not a bad example to set the debtor nations.. —"The Times" Cable.

A WELCOME GIFT. AUSTRALIAN APPRECIATION. (Received June 25th, 9.80 p.m.) CANBERRA, June 25. Mr Scullin's announcement that the British Government was extending the war debt concession to the Commonwealth, following President Hoover's moratorium, was greeted with "Hear, hoar's." The Prime Minister paid a tribute to Great Britain's magnanimity and said the benefits which Australia would derive would bo very welcome. POLICY OF FRANCE. NOTE TO UNITED STATES. TERMS 'APPEAR UNACCEPTABLE. (Received June 25th, 7.45 p.m.) WASHINGTON, June 24. The French Note on reparations, which was received to-day, so modifies Mr Hoover's proposal as to appear disappointing and unacceptable in its present form. It is understood that Prance wants the non-postponable reparations annuities paid into the Bank of International Settlements and the money loaned back to Germany. France wishes no precedent to be set for the suspension of the Young Plan. President Hoover's advis. ers, however, are' inclined to believe that a compromise will be reached assuring the putting into effect of the moratorium.

The statement of Mr Henry L. Stimson (Secretary of State) to-day is regarded as a friendly gesture toward France, indicating that America will Hgree to some change in details if the basic nature of the Hoover proposal is accepted. Note from Italy. The State Department has been informed by the American Ambassador at Rome, Mr John W. Garrett, that the Italian acceptance of Mr Hoover's moratorium proposal was cordial and complete, and without reservations of a political nature. A CONDITIONAL ACCEPTANCE, PARIS, June 24. France has accepted the war debts and reparations moratorium with reservations on unconditional annul--ties. The atmosphere was appreciably eased by the American Ambassador's assuring the Premier that the urgency of the German crisis forced President Hoover's hand. He added that there was no intention to-overlook France, which was a<jtually the first country consulted from Washington- . . . The Foreign Minister, M. Briana, m the forenoon, had a conference with the German Ambassador, after which the French reply was cabled to Wash' ington. ' . Meanwhile the Press unanimously insists that France must not agree to violation of unconditional payments, which are sacrosanct under the Young Plan.

THE BOURSE. PRICES OF STOCKS SOAR. (Received June 25th, 7.30 p.m.) PARIS, June 25. Quotations on the Bourse continue to soar. The explanation appears to lie in a confident belief that the French reply to President Hoover will not invalidate the Young Plan, also that a real era of prosperity is about to dawn. Advices from Berlin indicate that there was only slight surprise at France's conditional acceptance. iIUS was fully anticipated by the Press.

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