BRITISH NOTE

Hokitika Guardian, 5 December 1932, Page 2

BRITISH NOTE

BRITISH PRESS PRAISE,

(United Press A Tsociation—By Electing

Telegraph—.-Copyright.)

(RIURBY, December 2

“The Times,” referring to the. British Note, says: “It is an unanswerable ease, set out with great skill and great restraint.” The “Manchester Guardian” says: “The Note does nothing less than expose the world economic situation.” Thqgj“Daily Mail** says: The total amount dtie to Britain, for allied debts and ' payments is four ,tiiAfe^' J 'tfe / British debt to the United ■ siijpl.' ' That entire" sum we are prepared to wipe out if the United States will treat our debt in the same may.” The “News-Chronicle” says: “If Washington could be persuaded even to postpone the December payment pending the proposed discussion, the whole world would welcome the . decision as an earnest and fruitful issue for the revival of prosperity.” The “Daily Herald” says: “The Note is no special pleading-of a debtor anxious to avoid his legal obligations. Tt is nil cold, stern facts, on which Congress and the United States public should, duly ponder. On the goodwill and co-operation between the two countries, everything depends.” The “Daily Telegraph” describes the Note as friendly, moderate and dignified, and referring to Lausanne, say# that “the mere prospect of the most promising W’ork yet done for world recovery being shattered, frankly, is appalling, and the great body of American investors, directly interested in the permenanee of that work will take no other view.” British Pnlss opinion is unanimous in regarding the Not© as a. great State paper, maintaining the same high, level of disinterestedness thlat since thie> war has marked l the attitude of successive British Governments towards the situation created by these inter-Governmen-tal obligations. As .the Washington correspondent of “Tli© Times” points out it is common knowledge, independent of its presentation from London, that the ca.s© put forward in the Note is in a. large sense found convincing, not only by Mr Hoover, but also by all. thos© whose executive position gives them knowledge of, and concern in, the world situation. Immediate importance, however, attaches to the effect which the Note may hav© upon Congress, which meets next wdek, and in whose hands the decision lies. The recommendations which Mr Hoover will make to Congress are awaited here with exceptional interest. It is not expected that the American public would accord an immediately favourable reception of the policy advocated. by 1 the: .British. .Government, which would involve sacrifies on the part of American taxpayers similar to those already borne by British taxpayers. TPhe conviction, however, is expressed in the British Press that when time has been allowed for careful weighing of this plain, straightforward statement of facts and th© .inescapable deductions from them, they will carry conviction to all unbiased minds. 4

The “Evening Standard” regards the arguments thlat payment must inevitably insult in a further disastrous fall of commodity prices as singularly impressive. “This,” it says, “constitutes «• grave threat to the farming community of the United States who are most opposed to any cancellation of the debt.

Th© “Star” also emphasises the noint that a settlement which would raise the price of grain and cotton by the smallest amount, would pay Amierica far better than could the receipt oif gold from Rritavn.