Britain’s Sacrifice

Horowhenua Chronicle, 26 June 1931, Page 7

Britain’s Sacrifice

PROMPT ACCEPTANCE STATEMENT BY MR. SNOWDEN British Official Wireless. RUGBY, June 24. An important statement was made in the House of Commons by the Chancellor of- the Exchequer (Mr. Philip Snowden) regarding the policy of the Government for giving practical effect to President Hoover’s proposal.

Mr. Snowden said: “As the Prime Minister informed the House on June 22, his Majesty’s Government in the United Kingdom subscribes wholeheartedly to the principle of President Hoover’s proposal, and is prepared to cooperate in the elaboration of details with a view to giving it practical effect without delay. A Very Great Gesture

“I should like to take this opportunity to explain the steps we have decided to take for this purpose. The more consideration we give to the President’s declaration, the more it seems to us that, having regard particularly to the history of the matter, that declaration constitutes a very great gesture on the part of the United States of America, and it will be a thousand pities if Europe does not respond to it in the same spirit. The beneficial effect of the proposal may be lost unless steps are taken by all the countries concerned to give it prompt and practical effect.

‘ ‘ This is particularly the case as regards Germany, which, after all, is the essential difficulty. We agree with the view expressed by the United States Government that there is no time for a conference. A more prompt method must be found for putting into operation the proposal of the United States Government for a complete and immediate suspension of German payments to creditor Governments. Procedure Favoured

“The procedure which we would favour is that creditor Governments should forthwith notify the Bank of International Settlements that they agree to the proposal for a suspension for one year of all German payments due to them. The decision, of course, does not rest with us alone, and we are awaiting ing the views of other creditor Governments, but we hope it may be possible to secure an agreement on these lines as soon as possible. “President Hoover’s proposal applies, however, to all inter-Governmental debts, reparations and relief debts. His Majesty’s Government for its part accepts this proposal in the spirit as well as in the letter. It will accordingly be ready to suspend for one year all such inter-Governmental debts due to it as soon as President Hoover’s proposal has been generally accepted, and in the meantime, as from July 1, it will refrain from claiming instalments that may fall due. As regards relief debts, his Majesty’s Government is at once taking steps to inform other European Governments which hold relief bonds of its action, and to invite them to cooperate. Offer to Dominions “Finally, although his Majesty's Government in the United Kingdom does not regard President >Hoover’s proposal as directly affecting the war Obligations of the Dominions and the settlement between those of his Majesty's Governments concerned, we feel that we should be interpreting the wishes of the country in deciding freely to qffer to the Dominions and India the aame cqncessiqn as is for .foreign countries under the same conditions.

“Accordingly, when inviting the assent of the Dominion Governments apd the Government of India to the suspension of German payments so far as regards tlxe sharp to'which they are entitled, wo intimated that on the same principle ’we would readily give tnera the, outiqn of postponing the whole amount qf their W ttr debt payments to the Pm ted Kingdom a period of 12 months from July 1, if they »o deeded. These proposals will .involve a loss to the current Budget which may r<wcb approximately £II,GOO,ObO. . , “This is a serious sacrifice for the taxpayers of this country, upon whom such heavy, calls have already been made< but .we hope that the step which WO ate taking in co-operation with -.the United States ;yrill be more fha.n justified it -wj}!' give in reviving convene,© and prosperity.*’

Approval of leaders Potlpwin^^Mr.'' Snowdon*9 statement, Mr. JSaldwib, '•on behalf-,of the Conservatives, aai<f that hewould content him* self "with saying that the Government had taken, a course, fnjly, With the dignity and reputation pi out spp* m try,;’ ,V. ; ,•, ;l • ' Ur. Ypjfr Gqyernment had «Jn th|a 'i complete, courageous and Htttam* vocal answer tt> the very of the Whited States. ; - ;V - ? ; - ■ Replying to Sir- Austen the' Ghansollor said ha wouid ntfchp $ statement later a* to how the budgalh ary pqaitiqq |n Jhia, Aqpptry^wquld be ■ th«- W&T*'