The Gisborne Times PUBLISHED DAILY MONDAY, JANUARY 9, 1933.

Gisborne Times, Volume LXXIII, Issue 11828, 9 January 1933, Page 4

The Gisborne Times PUBLISHED DAILY MONDAY, JANUARY 9, 1933.

THE FACTS IN REGARD TO WAR DEBTS MUST BE FACED.

It is not surprising to find that, during a discussion on war dobts in the American Upper House, some nasty tilings were said about Britain and France on account of their demand that the time is ripe for a comploto review of the payments plan- The charge was made that, prior to the Presidential election, Mr. Hoover expressed himself, at a conference of Congressional leaders, in favour of a readjustment of the French debt, hut this was stoutly denied. Tn this connection, it may he recalled that, when the election campaign was at its height, a similar complaint was levelled against the now retiring President in respect of his attitude towards the British debt. It will not have been forgotten—and it must he regarded as significant—that it was officially stated during the electoral battle that the debtor nations hr.d been requested To hold over further discussion in connection with their revision claim Until after the election. Mr. Hoover, it may be assumed,' found that his Government’s action in granting a year’s moratorium to llio Allies and his own personal leanings towards a revision of war debts were not popular

with a very large section of tin: electors. What is now suggested is, in short, that there would have been no further agitation on the part of Britain and the other debtors if Mr. Hoover had, lroiu Lhc* outset, pointblank refused to entertain the proposal for a moratorium or for revision. That, of course, is nonsense. The position was, unquestionably, this: that the 'debtor nations made it plain at ibe time of He Lausanne Conference that, in return for their action in foregoing reparations payments from Germany, they would expect the United States to extend appreciable leniency in relation to war debts which they owe the great republic. Not a single resident of the United States could honestly deny that that is so. To-day, tbo attitudo that opponents of revision adopt is, simply, that they are not satisfied that Britain. France and the other debtors cannot afford t-s fulfil their obligations. Strangely enough, not a single word is said in regard to the debtor nations’ moral claim that their own. plight is entitled to favorable consideration at the hands of the United States in view of sacrifices which they have made in Germany’s interests. As far as can be made out. the attitude of a great section of the American people towards the wn r debts question is based wholly and solely on an C s. d. basis. Ts it any wonder, in the circumstances, that Allied caricaturists have depicted the United in ibe role of a Shylock' nation p The mailer cannot, of course, res|, where it at present stands. j.l is most unlikely that France will .give ua\ be fori/ United States threats. Wlial is more, the British Government continues very firmly to press for revision. Naturally. the other Allies find it in Heir best interests to follow Britain's lead. If the United States should prove adamant, her debtors are bound to retaliate by giving her less trade. In the long run. the now American Government will find that it will have no option but to give the All'ed debtors a square deai. Nothing short of allround debts revision will suffice it international goodwill is to be maintained.