PRESS SURPRISED

Evening Post, Volume CX, Issue 51, 28 August 1925, Page 7

PRESS SURPRISED

OPINION SHARPLY DIVIDED CABINET HAD TO MEET TWICE. UOSttALIAN-NEW ZEALAND CABLE ASSOCIATION.) LONDON, 27th August, The -terms of the British debt offer caused surprise and evoked a sharp division of opinion in the London Press. Even the approval is confined rather to satisfaction at the good understanding than at the actual figure. The only unqualified enthusiasm emanates from M. Caillaux, whom political correspondents variously describe as delighted and almost chortling. It required two Cabinet meetings to evolve the offer. It is significant that long conversa- ' tions between Mr. Chamberland and Mr. A. B. Houghton, the United States Am■bassador, preceded the first, while between the first and the ■ second Mr. Churchill had a lengthy conference with M. Caillaux, who received an unexpected summons by telephone. EMBARRASSING POSSIBILITIES The " Daily Telegraph's " diplomatic correspondent says the danger is that America will misconstrue the offer into * joint, attempt to place her in an invidious position if she should decline to revise the settlement with Britain and Belgium in accordance with the present Anglo-French conditions. Indeed, should America insist on a standard rate of 3£ per cent, interest on the French debt, the position created would be especially embarrassing for the British Government, which would bo bound to raise the present 2 per cent. to 3^, at the risk of arousing a clamour of indignation in France. Viewed in this light, the provisional agreement dees not'strike one as either diplomatic or. advantageous to Britain. American circles last night were certainly inclined to resent the stipulations agreed to by Mr. Churchill and M. Caillaux. It is understood the partial moratorium relates to a series of small graduated annuities starting at two or three millions. The " Daily Telegraph " makes no j comment. A CHANGE FOR THE BETTER The " Morning Post " emphasises that .the settlement is still, contingent on the attitude of the United States, but though no conclusion has been reached it must be recognised that the whole situation has changed for the better. The " Daily News" expresses the opinion that the Government took the right course. This does not obscure the fact that no debtor ■ jn the world's history ever has been bo well treated. " The Times," beyond saying a settlement is in sight, expresses no direct opinion on the amount of the offer, but stresses the importance, of maintaining that any relatively larger payments to America shall be automatically aocom- : panied by similar payments to Britain. " We have got to reckon with the possibility of finding ourselves in receipt of less than is required to meet our payments to America, when the importance of the settlements affected other debtors. Therefore it is difficult to avoid the conclusion that political rather than financial considerations weighed heavily with the Government in order to dispose of the difficult question." The " Daily Express " says: " Mr. Baldwin's settlement with America is a i grave and expensive blunder. This new surrender is a crying instance of Titian-1 cial weakness which is hardly credible. The nation cannot afford the sacrifice."