WAR DEBTS

Manawatu Standard, Volume LII, Issue 118, 19 April 1932, Page 7

WAR DEBTS

UNITED STATES ATTITUDE. “STUPID AND ILLOGICAL.” MELBOURNE PROFESSOR’S VIEWS (United Press Association—By Electric Telegraph.-—Copyright.) Received April 19, 8.35 a.m. ADELAIDE, April 19. Professor E. H. Oliphant, of Melbourne, a well-known writer on a variety of subjects, who has returned from a lecturing tour of the United States, describes that country's attitude concerning debts as stupid and illogical. Ho says that the United States cornered the gold supply, thus making goods the only form of international payment possible, and then in effect said: “You must.pay us every cent, but by our high tariff we cripple you so that you cannot.” The Americans apparently thought that they could have it both ways—an illusion from which they were now awakening. Professor Oliphant declared that although there was strong opposition to the cancellation of the debts, the United States Government would eventually be forced to adopt this procedure through sheer pressure of economic circumstances. AMERICA NOT READY YET. MR ANDREW MELLON’S STATEMENT. LONDON, April 18. The Dailj- Telegraph’s diplomatic contributor says that Mr Andrew Mellon, the newly-appointed United States Ambassador to Great Britain, in private conversations has intimated tnat there is not the slightest chance of America agreeing to a revision of war debts at present, and that it would be fatal to raise the question at this juncture.