WAR LOANS

Hokitika Guardian, 5 December 1932, Page 2

WAR LOANS

AMERICAN OPPOSITION

TO BRITISH NOTE

(United; Press Association —By Electric Telegraph— Copyright)

WASHINGTON, Dec. '2

Republican and Democratic leaders alike clung to their previous positions against determent of the December instalments.

Senator J. E. Watson (Indiana), Republican leader, said: “I do not think, there is any chance for postponement, cancellation, reducing, revision, or evasion of the December payments, or for the revival of the Debt Fundiug Commission.”

Senator J. T. Robinson (Arkansas), Democratic leader, who had just returned from a conference with the President-Elect, Mr E. D. Roosevelt, at Warm Springs, Georgia, asserted that the Democrats were generally opposed to postonement of this month’s payments, and that a definite policy, would be formulated wheu Mr Hoo"er’s recommendations were received.

Senator J. F. Byrnes (Demcorat, South Carolina) commented: “J do not believo that any statement as to, the financial difficulties abroad will alter in the slightest degree the fixed opinion of r.he House and the Senau.”

Senator K. 'D. McKellar (Democrat Tennesee) said that his position of oposition to cancellation or postponements due to us on December 15 will

Mr VV, M. Collier, chairman of the House Ways and Means Committee, remarked: “I have said, and I repeat, I do not favour extension of the moratorium. Any suspension of the payments due to us or December 15 will only makq it more difficult to collect them when the time comes for subsequent payment.” Among the statements and viewpoints in the British Note drawing the most considerable comment here are the following:—

The intimation that the United States will not be exempt from the disastrous consequences of a further fall in the prices of commodities. Debts cannot be separated lrom reparations. The Lausanne arrangements were made with the cognisance and approval of the United States. The .effect of the American tariff has been.t© restrict rather than facilitate the import of the manufactured goods which Britain produces. Further restrictions on British purchases of American goods would be' necessary if debt payments were resumed. .

Ultimate settlement of the debt question would in no way be affected by suspension of the December 15, payments. ‘ ”

Britain’s association of herself with the United States as both creditor nations, who find it the greatest wisdom to make remissions. The burden of the American taxpayer would not ibe so. greatly increased as would be his losses and the losses of the world consequent upon failure to revise the debt settlements.