WIPE THEM ALL OUT

Dominion, Volume 25, Issue 94, 15 January 1932, Page 11

WIPE THEM ALL OUT

Debts Between Nations ECONOMIST’S OPINIONS Would Pay a Thousandfold DANGER OF IMPORT BANS By Telegraph—Press Assn.—Copyright. (Bee. January 14, 5.5 p.m.) London, January 13. Sir Walter Layton, editor of "The Economist,” speaking at the Eighty Club, said that war debts and the gold situation were not exclusively responsible for the crisis, which did not start in Germany. The general debt situation was the main factor, converting a great, recurrent depression Into something threatening the entire economic system. The nations could not rebuild if the present situation were to be repeated. Provisional settlement was useless, so was a moratorium. Two years were worse than one because the period would be longer. How Powers Would Fare. If all debts were to be wiped out, Germany would have only £5OO millions internal debt, or £8 per capita. The internal debts of other nations would be:— France—£23oo millions (£56 per capita). Britain —£6600 millions (£l5O per capita). The United States—£32oo millions (£27 per capita). ' Germany, Sir Walter continued, clearly could pay something. A plan could be devised which would not be greatly harmful. A Source of Irritation. There should be an agreement now, enabling immediate reconstruction. It would be highly desirable to \wipe out the whole thing, removing a lingering source of irritation and the sense of war psychology. If it were done by agreement it would pay a thousandfold. France should take the lead? There could be no economic reconstruction without a Franco-German agreement, to which the consent of the Hitler (Fascist) group would be necessary. •If everybody tried to balance trade by stopping imports they would succeed with everything balanced'at zero.

APPEAL TO-AMERICA Generous Gesture Sought MILAN PAPER’S CAMPAIGN / (Bee. January 14, 8 p.m.) Milan, January 14. Following the article to which attention has been directed throughout tho world the newspaper, “Il Popolo d’ltalia,” has printed an address to America saying: “America will not wish to be compared to a Shylock de-, manding his pound of flesh from the debtor.” The newspaper argues it is to America’s interest that she should make a gesture of renunciation. Previous, in a widely-qtioted article, this newspaper made a strong .plea for the abolition of reparations, claiming it was no exaggeration to say that Europe is moving toward an abyss. “Il Popolo d’ltalia” is a strong Fascist journal and, in some quarters the article was at- ' tributed to Siguor Mussolini himself. The writer concluded by expressing the hope "that the Lausanne Conference will end by wiping the slate clean of the war’s tragic balance-sheet.” MEETING OF CABINET Plans for the Conference Official Wireless. Rugby, January 13. — It is understood that the plans for the Lausanne Conference on Reparations were discussed at a meeting, of Cabinet Ministers this afternoon. The Chancellor of the Exchequer, Mr. Neville Chamberlain, who attended. was In possession of a report received from Sir Frederick Leith Ross, of the Treasury, who has returned from Paris after conversations with the French Treasury experts on questions concerning reparations problems.