TO END SLUMP

Gisborne Times, Volume LXXIII, Issue 11836, 18 January 1933, Page 2

TO END SLUMP

UNIVERSAL. FOUR-Y r,AR A RMAMENT HOLIDAY. PROGRESSIVE REDUCTION LN ARMS. CHICAGO ATTORNEY’S SCHEME. OJ.P-A. by Elec. Tel. Copyright) CHICAGO, Jan. 16. ' Mr, Salmon P. Levinson, a Chicago attorney who has participated in the international negotiations ovei the war debts, said lie had evolved a plan to lift the fog of depression, and that a countrywide movement on behalf of it had been launched. ■ The suggestion is a universal touryear armament holiday, with a P lo ' pressivc reduction in arms dining that period to a ratio of <3O per cent, of tho present status, and at the end of the holiday a settlement °f tbe European war' debts to the United States on a basis of 1,250,000 dollars. Mr. Levinson said the plan had the support of Senators Borah, Yandenborg, La Follette, Glass and Hastings. It provides for the payment ol" Eu.rbpcv.K five .billion dollars,'debt in four annual instalments of 312,500,000 dollars each', giving a saving - to tho United States’ war budget of 1,400,000,0b0 dollars through the fouryear arms holiday and saving 2,400,000,000 - dollars for eight years thereafter through the* 50 per, cent, reduction in armaments, “thus making a total saving*in 12 years of the full , amount of tho present worth of pur Allied debts”.

Mr. Levinson proposed that the European nations also should reduce tlieir armaments by 50 per cent, by the end of the four-year holiday.