WAR DEBTS

Grey River Argus, 17 June 1933, Page 5

WAR DEBTS

TOKEN PAYMENTS GENERAL London Reports Exploratory LESS THAN 8 PER CENT. OF THE TOTAL. (Au?'. & N.Z Cable Assn.) (Received .lune 16 at 11 p.m.) WASHINGTON. June 16. The war debt payments received today totalled less tan eight per cent, of the total of 143,606.000 dollars, due. under the existing agreement of 11. 154.592 dollars being the sum announced l»v the State Department as represeating the token payments of Britain and Italy, and the payment in full by Finland. All the advances are in silver at the rate of fifty cents per ounce. Italy owed 13.545.000 dol'ars and paid 1.000,0(10; Finlan 1 owed and paid 148. 592 dollars. The offers to pay 1 80,0001 dollars by Czecho-Slovakia ami 25,0001 by * Rumania had also been received, but .no reply had yet been made to these- nations. Seven countries. Be glum. HsthoniaFrance. Hungary. Uithuania. Poland and Yugo-Slavia, made neither payments. nor offers. Italy and Czechoslovakia asked for a debt review; Latvia paid 6000 dollars on on instalment of 119,609 due. AGREEMENTS MUST BE AT WASHINGTON. (Received dune 16 at 9.30 p.m.) WASHINGTON. June 16 The Secretary for the treasury Mr Wood. in a formal statement tonight. said that the United States Government had not agreed to any stabilisation uf currency. lie stated that such reports from London can" not he founded on fact. • • Discussion in London with »e* _ard to the subject must be explor-at-.Hv only, and any agreement on 1 the subject must be reached in Washington, and not elsewhere. CONGRESS ADJOURNED. Lar reaching ie-islation was en acted by the United States Congress | which adjourned its special session early on Friday, after the Senate had adopted Mr Roosevelt’s compromise on the Veteran's Compensation que.uon. MR. ROOSEVELT’S SUCCESSFUL I PROGRAMME. WASHINGTON, June 16 The final victory for Mr Roosevelt in the form of the adoption of his plan for reduced war veterans benefits, after he threatened to veto the more lib(>ral proposal was bitterly contended for by the Republicans. Congress at last adjourned at an early hour this morning, having been in extraordinary session since March 9. Mr Roosevelt’s programme virtually enaetd in full, includes such major measures as thu Emergency Banking Relief and Banking Reform Bill, Beer, Government economy, agricultural relief, railway re-organisation, industrial recovery measures etc. The approprialion for 3.459.000,000 dol'ars was also SENATORS’ COMMENTS. WASHINGTON. June 11. Mr Roosevelt pointed out that the debt payment in no way prejudices eithi r Government in subsequent dis- . missions. He also outlined the history | of his negotiations with Britain, and i averred that 'only Congress had the right to alter the amount or method of . payment of the debt. He reiterated , the American intention not to dis*; cuss the debts at the London Conference. and concluded: I have no personal hesitation in saying I do not characterise the resultant situation as a default. During a discussion Senator Reed declared that Britain had defaulted. ‘‘There is no shadow .of suggest ion of their inability to pay. I hey do not want to pay.” Senator Glass supporting the President, declared: Thousands of boys from the debtor nations were killed in battle in a cause we professed to be our cause. Not only that, but three years after we made fabulous fortunes out of the very money we loaned these nations, requiring them to spend every dollar loaned in this country, and charging ■ them extortionate prices for our products. BRITISH MISSION. RUGBY', lune 15. The discussions with a view to furthering the plans of an ulitmate set tlenient of the war debt, will be continued by »Sir Ronald Lindsay, the British Ambassador at Washington. London political circles consider that the final adjustment largely depends on the course of events at the "World Economic Conference, and that not for some weeks, possibly not until September, it. is likely the British Mission will proceed to Washington. Such a Mission will probably bo beaded by Mr Neville Chamberlain. Any final settlement would be subject to ra t ideation. FRANCE DEFAULTING. J‘ARIS, June 15. France is notifying Washington that she is not paying the debt instalment. OTHER. DECISIONS. BERLIN, June 15. The German press is so pre-occupied with the Austrian tension that it. de* votes little attention to the Conference. The Press considers that England has adopted the right method respect iug war debts. RIGA. Juno 13. Latvia, following Britain’s example

is making a token payment of 5 per (•ent PRAGUE, June 15. Czecho-Slovakia is expected to offer America ten per cent. HELSINGFORS, .lune 15. Finland has paid an instalment of £29.900 in full. HELSINGFORS, June 15. Rouniania is pnying America under ten per cent.

FRANCE’S BRIEF NOTE. PARIS. June 15. The Government's note to America is biief, it recalls the previous note giving reasons for the deferring of its debt payment. It says these are unalter,ed Cabinet was bound by the resolution of the Chamber in Decent her. DOLLAR AND STERLING. LONDON, .June 15. There is a persistent report that the Bank of England has issued a confidential letter, advising- stock brokers in the matter of dollar dealings. It is widely interpreted as heralding the stabilisation of the. dollar and sterling. but another view is that it is merely discountenancing heavy commitments, pending developments. AUCKLAND OPINION. AUCKLAND, June 1(5. An Auckland business man, Mr W. •1. Truscott, returned to-day from the L nited States and Canada. He said that .American businessmen favour a cancellation or at least an adjustment of war debts, but the mass of the people took the. opposite view. However, the people were right behind Mr Roosevelt, so much that his Government, was practically a dictatorship. There was a better business tone, particularly in the East. Exporters and manufacturers believed that at last the corner had been turned. Exports and Production (Received .June 16 at 9.36. p.m.) LONDON. June Hi. “An official, says Mr Forbes’ reluctance to agree to the limitation •‘it her of the exports or production is natural. but the regulation is in the very air. The “Tehgral h’s” financial Editor at the silver lining for Bri tain’s debt payment will be transfer!' ed from the Indian Government’s reserve to the United States in order to increase the supply of silver coin* age there. INDIAN SILVER. LONDON. June 16. As the Indian Government will not replace the silver it sold no benefit accrues to the silver producers. The prominence that is given io silver by Ih e British method of payment, may increase speculation and raise the price, but unless the United States embarks on the extensive use of silver for coinage purposes* the pos ition will remain as before.