WARNING BY CHANCELLOR

Hawera Star, Volume LII, 26 January 1933, Page 5

WARNING BY CHANCELLOR

PAYMENT OF WAR DEBTS dangers of insistence APPROACH TO' PR EC I f ICE. URGE FOR CANCELLATION. (United Pres*. Association—By Electric TelegrapH Copyright.) LONDON, Jan. 24. Mr. Neville Chamberlain, Chancellor of the Exchequer, addressing the Leeds Chamber of Commerce regarding the American war debts message, reiterated that cancellation was the best thing for the world. He believed, said Mr. Chamberlain, that a revival .of confidence was justified and would continue in 1933 in the absence of an unforeseen set-back. But the country had not reached its limit of economy' and would still find many things could be done without. He desired, for information oi American, farmers, continued Mr. Chamberlain, and the public, to submit the following war debts, -balancesheet covering the period from 1922 to 1931: . Payments by Europe to the United States in war debts £400,030,060. Interest on commercial loans, £l,000,000,000. Surplus European purchase ,oi American goods over American purchases of European goods £1203, 1.0J,000. The other side of the balance sheet he said, showed how America had been paid: ... American tourists’ expenditure in Europe and immigrants’ remittances £1,500,000,000 Shipments of gold £IOOO,OOO, Loans raised in. the United States £1,000,030000. He was not using threats, he saul, when he warned America that insistence on- payments meant they were approaching the edge of the precipice and were likely- to drag debtors clown with them.