NOTES OF THE DAY

Dominion, Volume 26, Issue 68, 13 December 1932, Page 8

NOTES OF THE DAY

An unexpected but highly significant tag has been attached, by Great Britain to her payment of the War-debt instalment to the united States. In the terms of the accompanying Note, “His Majesty s Government proposes accordingly to treat the payment of December 15 as a capital payment of which account should be taken in any nna settlement.” From this it appears extremely likely that Britain and the other War debtors are seeking to obtain a settlement from America such as they granted to Germany six months ago at Lausanne.. NOl does it seem unreasonable that they should askj and expect trom a former Ally as much consideration as they have already shown to a former enemy. The essential of the Lausanne settlement was. that Germany should pay a capital sum of 3000 million marks (£l5O million at par) in final settlement of reparations. Payment was postponed for three years and even then was to be made according to Germany s financial ability. But the point was that, the settlement was to be final and the same word—“final”—is used in the British Note on War debts.

One more witness has arrived from overseas, telling us of the quiet confidence with which the British people are facing an unexampled depression. As others have done before he contrasts this steady spirit with the dismayed foreboding that broods, oyer the United States. The difference is understandable. Great Britain has suffered a continuous depression for ten years of which the last two have been merely an intensification. She has learned to bear and forbear and has been greatly assisted by a sense of humour. On the other hand America had been led to believe that she had solved the riddle of permanent prosperity and its sudden dissolution has left her overawed,” as Dr. Talbot puts it. Some New Zealanders seem similarly inclined to stand gazing wistfully at the vanished fabric of prosperity instead of making the best of the new conditions, and working the while to improve them.

For several months the international outlook has grown ever more clouded. The triumph of Lausanne seemed to be followed by a reaction and failure to agree or settle anything in the political sphere naturally affected the economic outlook. The'sced of confidence sown at Lausanne had scarcely begun to germinate before it suffered a succession of setbacks too fresh in memory to require enumeration. Overshadowing all was the complete failure of the Disarmament Conference to accomplish anything at all. Undoubtedly this failure influenced the American attitude to War debts. Fortunately news is published to-day of the first favourable trend in international affairs for . some months. A formula has been found satisfying Germany's claim, to the right of equality in armaments and she will return to the Conference. Nothing positive has been gained, agreements on disarmament have yet to be reached, but at any rate progress has again become possible. It may be hoped that this may mark the turning of the tide away from fear and suspicion and toward trust and co-operation. * * ♦ *

Dieting is dying out and the slimming craze is almost over, according to certain London "authorities.” But it is, some years now since women were going to grow their hair and it still icmains shoit. The same applies to skirts except for evening wear. But neither hair nor skirt is as short as it was, and figures are not so thin. To suppose that women arc going back to the Rubens model would be to suppose too much. Indeed it would be overwhelming in these days of tiny fiats and tiny cars. But if dieting is to become less rigid, it may matter a good deal to many' people. Confectioners may rejoice, and dairymen and potato-growers, but their gain may be the loss of those who raise salad plants and fruit. It is a serious matter if bacon and eggs are to be restored by the deposition of fruit breakfasts. At one time feminine whims and fancies were indulgently regarded but the practical universality of modern fashions has caused the swing of taste to be anxiously studied. Dress materials and lengths are a familiar instance. For women nowadays are the chief spenders and influence most of the purchases they do not actually make. Possibly the continuance of the depression is partly' due to the idea, that it is fashionable to economise. But if women were once convinced that the buyer is the real employer they have the instinct and the gift to end business stagnation very quickly.