AMERICAN DEBT COLLECTING.

Hawke's Bay Tribune, Volume XVI, Issue 85, 26 March 1926, Page 4

AMERICAN DEBT COLLECTING.

One of our New York cables to-day quotes Air. Andrew W. Mellon, Secretary of the United States Treasury, as saying that “America’s war-debt settlements with European nations are the most favourable obtainable short of force,” and that “her financial policies are backed not by sentiment but by sense.” In speaking thus Mr. Mellon may be actuated by sincere personal conviction, or he may merely be squaring his political conscience with what he regards as the views of the majority of the American electors. That there are those among his fellow citizens who distinctly disagree with his pronouncement is shown by some writing in a recent issue of 1 he “World’s Work.” an American publication. This journal declares that the stand taken by the American Government is dictated

mainly, if not entirely, by political considerations. “The natural way to have settled the question of wardebts,” it goes on, “especially for a business nation like the United States, would have been to call a conference of all concerned for threshing out a general understanding, if successful, it would have done more to stabilise European credit than the Dawes'plan, and probably would have provided us with as much payment as we shall get anyway.” The American writer goes on to affirm that, as a result of the attitude actually adopted, the shrewder minds in America are beginning to say about themselves what the outside world has been saying about them and their policy. The Americans —or are to get—some money from their debtors, but at the cost of much illwill, a feeling that makes all settle, xnent uncertain. “The last war,” he writes in conclusion, “made it apparent that a world war will drag us in. and that, being the richest; country, we shall probably have to contribute heavily to the cost. Recent events indicate that the longer Europe is financially embarrassed with war-debts the larger will be oUr fina.l share of the accounting. It is far from dear that the policy of washing our hands of Europe, except to ask that it pays us, is profitable even in