WAR DEBTS

Grey River Argus, 5 December 1932, Page 5

WAR DEBTS

PAYMENT EXPECTED By United States (Aus. & N.Z. Cable Assn.) (Received December 1 at 6.3(1 p.m.) WASHINGTON, December 3. The Administration are understood to be preparing for the resumption ot the war debt payments on December 15 and to .be seeking a collection method that would cause the least ] ossible disturbance in international exchanges. The general impression here is that the British and French instalments will be met. President Hoover is expected to refer the subject to Congress next week with a renewal of his appeal for the creation of th.* War DeLt, Commission, but with *<i firm stand against post ponement. It is becoming plain that thp Unit ed States wants some disarmament by the European Powers on any programme of debt relief. WASHINGTON. Dec. 2. ‘‘lt may not bo necessary to reply. Mr Stimson told the newspaper menover his shoulder, as ho loft White, 1 louse. While he did not elaborate. Mr Stimson's statement is understood to menii that the Government feels that its position is (dearly staled in the jejdies to the original requests. and the latest communications present mi new proposals. Te.piiring an answer. Senator Borah, of the Senate For-i eign Delations Committee. said the war debts owed to the United States were only one cause of the world’s economic troubles. It was unfair to | ask tlu? American taxpayers to contribute their part for a removal of these I causes, and leave behind the causes whi.'h will make their contribution wholly ineffective. ‘‘l said t<> Mr Hoover when I was down at White House a week or so ago. that -the sooner the .European nations realised that the I’nited Slates expects In be paid, the better off the whole world will be,” Mr Garner said. ‘'l still think so. Debtor nations mav routinin' to talk about it all they please. but Congress will not do anything about it. We have the right over here to do what we think best, just as they have.” Others on Capitol Hill also expressed opposition to acceding to Britain and France.

HOOVER CABINET’S ATTITUDE. CONCERN OVER EXCHANGE:. WASHINGTON. December t. President Hoover’s Cabinet was busy throughout the day discussing the situation. •Sir H. Lindsay (British Ambassador) called on Mr Stimson (Secretary of No statement was made other than an intimation that neither tlu* British nor French Note might officially answered. .Meanwhile, it is persistent Iv rumour ed that severed Senators, presumably leading Democrats, are formulating a long-range programme envisaging the settling of all of the debts. A fixed cash amount is tentatively mentioned cl’ one billion dollars to be finalised by an international loan; also the granting to the United States of concessions; and substantial reductions in the European armaments. It is understood thaf high Government officials art 1 greatly concerned as to the eff -ct on world trade of further currency depreciation. They are studying this angle intensively. STERLING’S RELAPSE. NEW YORK, December 2. The pound closed three and an eighth lower at 3/20 5-8 for cables Io- I day. and fractionally higher than the! noon quotation. The Canadian dollar closed live- I eighths down at S 5. WORLD ECONOMIC CONFERENCE. . LONDON. December 3. I It is believed Mr MacDonald will i take advantage of his present visit to) Geneva, to study the possibility of the convocation as soon as possible of the ( World Economic Conference. The Note Endorsed BY SEVERAL U.S.A. .PAPERS. (Received December 1 at 6.30 p.m.) NEW YORK, December 3. Commenting on the British debt note the “Journal of Commerce” to-day said: “Now our best customer is not engaged in making foolish threats. They ar.o, nut trying needlessly to alarm the mime runs exporting groups whose sales abroad will be curtailed in proportion as the pound depreciates. They arc only setting forth certain obvious facts which it is perilous for the. people of the United States to ignore.” The “Herald Tribune” says; “The British Note conveys a sense of danger which not even the most suspicious citizen from Missouri could miss. Any easing of the December task that is feasible should certainly be granted, but far larger and more vital is the problem uf a final settle-) mi nt. The interest of this nation in! seeing the pound sterling restored to I its old position, and Britain, our largest customer, share in the generr.i return to prospierity, can hardly be overestimated. The “ Washington Star’’ (an Independent, paper) says: “It is plainly! and patently incumbent upon the A^nc-] rican people to suppress their prejudices and weigh the British facts and figures, not only upon their intrinsic i merits,/but, primarily, from the stand-j points of what will be best in th 4l l long run for the United States.” ■ The “.Birmingham Age-Herald” (aj Demoncrat paper) says: “The British [Note is, avowedly, an effort to reach I

I the mind and heart uf the American I public. America’s lov e for candour , and ils capacity for catching a point .must respond to such a petition.’ 7 < The “San Francisco Chronicle” (an independent' Republican paper) says: | “Whatever the President may recommend now or Mr Roosevelt’s prui position later. Congress has made up its mind, and its answer is ‘NoU ' Most American economists agree that the British analysis is correct, but no i American Congressman will learn that by mere economic, argument.” The “Boston Herald” (Republican) says; “It is a notably comprehensive, torth-right ami •persuasive document, which those Americans who have hitherto neglected to study the involved • question of reparations, war debts and economic implications, would do well ’ to read in its entirety.

The Debt Burdens SOON TO BE EASED. SAYS BALDWIN. (British Official Wireless.) RUGBY. December 3. Air >S. Baldwin speaking at Sunderland, said that the British Note to America was a statement of fact. There was no party question in this matter. It was the deliberate view of every man in this country who was capable ! of forming a judgment. j Mr Baldwin ‘’aid ho expected America io give the matter careful att- ritioii, as America stood to suffer as much as Britain, if not more from this particular ’•form of payin'nt. Mr Buhlwin said thaj he anticipated that the International Conference early i in 1933 would result in an agreement j whereby th" whole world would be relieved from the burdens of a form of payment which was-proving intolerable for business in every country. MR BALDWIN’S HOPES. DEBTS. CRICKET AND EXPORT* LONDON. December 2. Rt. Hoti. S, Baldwin, speaking at Sunderland, disclosed that there would probably bp important matters to deal with at the week-end, in which, he said, he did hope that everyone would read tin* whole British debt note to America. “You can mix it up with the Test match.” he said. Britain, said Air Baldwin, under its previous Government, was the third among thp world’s great exporting countries. It was now the first. British manufacturers should take advantage of the Ottawa agreements to | familiarise themselves with the Dominions’ requirements. lie added: “I believe what I have never been able to say before, namely, that Britain’s turn towards normality is coming.’’

France’s Appeal CONGRESS MORE ADAMANT. WASHINGTON, December 2. As - tudy affd discussion of the Brij fish Debts Note to-day has appeared only to solidify the Congressional op- ! position to any change in the existing ' funding agreements, the French n’O’e published has as anticipated, emphasi f?d the contention yhati President Hoover’s position in suggesting a Lausanne Agreement has placed a moral obligation on him to extend the moratorium principle. The FrcJivh note described the I’rench and the world economic situation as requiring a fundamental «•»’■- I vision of the debts status. I While admitting, the powers of Co'iI gross, it closed significicntly with an i up; enl for a favourable decision from “the President of the United States.” PARIS, December 2. I The French reply to America, renews an urgent, demand for deferment ■of the debt payment. It repeats reasons therefore and. adds that the re quest, implies safeguarding mutual rights, stating it would be extremely grave if the Lausanne solution were again questioned. A resumption of the payments before a general dissipation or the depression would he ruinous to the whole world.

Continental Opinion FRANCE DOUBTFUL OF OUTCOME. (Received December 4 at 6.30 p.m.) LONDON, December 3. Continental views on the British note are summarised by the “Daily Telegraph” as follows: “France regards the Note as a frank appeal to the American Government's sense of realities, but. she fears that the hint given of eventual payment will react unfavourably on France. It is admitted that if the British payments to America are resumed, Britain’s debtors are pledged to resume their contributions to Britain. ITALY FOR A HEROIC CUT. “The first impression in Italy is; that, although the Note says nothing] new. it is a further step towards the treatment of the reparations, war debts and disarmament as one problem, instead of three problems. This has long been the aim of Signor Mussolini. GERMANY’S ARGUMENT OVER AGAIN. “Germany draws the parallel between the position of Britain and France and that of Germany in former days. Those Powers described as using now the same arguments that were employed by the. Reich against the fantastic. Reparations demands. London Press PRAISE FOR THE BRITISH NOTE. TRADE AND INVESTMENT A RGUMENTS. (British Official Wireless.) RUGBY. Dec. 2. “The Times,” referring to the British note, says; Tt is an unanswer-