FOREIGN LOANS

Greymouth Evening Star, 18 September 1933, Page 7

FOREIGN LOANS

-BRITISH LOSE MILLIONS. [BY CABLE —PBESS ASSN. —COPYRIGHT.] (Received September 18, 8 a.m.) LONDON, September 17. Sir Arthur Samuel, addressing the , Secretaries’ Association, said it was < unlikely, after the experience in regard to the transfer moratorium, Germany would be able to raise money again, in Britain, France or America during our lifetime. She must be left to her own resources and fate. He added that unjustifiable debts had been incurred by uncredit-worthy borrowers. The principle cause was the partial collapse of the world’s economic structure. The abuse of credit ainounted to vulgar dishonesty. No British money should be lent to foreigners proved uncredit-worthy. ' Germany’s cold selfish disregard of her contracted obligation shocked all honest men. The arrogant trampling on the rights of others was characteristic of Prussian mentality-, causing Avar. The transfer moratorium constitutes one of the worst cases of default. Roumania’s default was almost as bad. Untold millions of British savings had been lost in South America. Loan-mongers, puffing sentiment in the Austria Ballyhoo, enabled unjustified loans being floated in London for the benefit of uncredit-worthy borrowers. Some of these overseas borrowers would ultimately receive the British goods .as gifts. The Gov-ernment-had a public duty to check indiscriminate public lending, and protect investors’ .savings.