WORLD CRISIS

Gisborne Times, Volume LXXIII, Issue 11538, 15 January 1932, Page 5

WORLD CRISIS

BRITISH ECONOMIST’S VIEW OF J,'.. WAR liliBTS.

GERMANY CAN PAY ■ SOMETHING.

IMMEDIATE RE-CONSTRUCTION SHOULD BE AGREED ON.

“DESIRABLE TO WIPE OUT WHOLE THING.”

(U.P.A. by Elec, Tel. Copyright? (Received Jan. -14, 9.5 p.m.), I LONDON, Jan,-13-

Sir -Walter Layton, the noted 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 debt situation was the main factor in converting a great recurrent depression into something threatening the, entire .'economic system;. We could not rebuild if the present situation was repeated. A. provisional settlement was useless, so a war debt moratorium of two years was worse than for one year, because it was longer. If all debts were wiped out .Germany would have only £500,000,000 of internal debt, or £B' per capita ; France £2,300,000,000 or £56 per capita; Britain £6,600,000,000 /or £l5O per capita;, and the United States £3,200,000,000 or £27 per capita. Germany could clearly pay something and a plan could* be devised which would not be greatly harmful. Thero should he an agreement now enabling immediate reconstruction. It would be highly desirable to wipe, out the whole thing, removing a lingering source of irritation and a sense of war psychology. It it were done by agreement ,it would pay a thousand fold. France should take the lead. There could be no economic reconstruction without a Franco-German agreement, it would pay athoUsandtho Hitlerites was necessary. If everybody tried to balance trade by stopping imports, they would succeed;- everything would be balanced at zero. - v -

ITALIAN PRESS ADDRESS AMERICA.

WILL NOT WISH COMPARISON

WITH SHYLOCK

u.s. should Make, gesture

OF RENUNCIATION

iD.P.A. by Elec Tef. Copyright.) MILAN, Jan. 14. (Received Jan. 14, 7.50 p.m.)

Following an article to which attention will be directed throughout the world, the newspaper “U Popolo d’ltalia” prints an address to America, saying:—

“America will not wish to be compared to Shylock demanding his pound of flesh from the debtor”

Tbe paper argues that it is to her interest that America should make a gesture of renunciation.