THE WAR DEBTS

Manawatu Standard, Volume LIII, Issue 50, 26 January 1933, Page 7

THE WAR DEBTS

BALANCE-SHEET SUBMITTED

WARNING BY CHANCELLOR. WHAT INSISTENCE ON PAYMENT MEANS. (United Press Association—By Electric Telegraph.—Copyright.) LONDON, Jan. 25. Rt. Hon. Mr Neville Chamberlain, Chancellor of the Exchequer, who, when addressing the Leeds Chamber of Commerce, reiterated the opinion that cancellation of the war debts would be the best thing for the world, said ho desired for the information of the American farmers and public to submit the following war debts balance-sheet covering the period 1922-31: Payments by Europe to the United States. £ War debts 400,000,000 Interest on commercial loan 1,000,000,000 Surplus of European purchases of American goods over American purchases of European goods 1,200,000,000 The other side of the balance-sheet showed how America had been paid. The figures were:— £ American tourists’ expenditure in Europe and immigrants’ remittances 1,500,000,000 Shipments of gold 100,000,000 Loans raised in the United States 1,000,000,000 Thus war debt payments had only been made possible by American loans. European debt payments could only be resumed by increased sales to America and by reduced purchases from America, the former involving a drastic reduction of American tariffs and the latter depreciation of our currencies or higher tariffs against America. He was not using tlieats when he warned America that insistence on payments meant that they were approaching the edge of a precipice, and were likely to drag us down with them. The importance of Mr Chamberlain’s speech -is emphasised by the entire Press by the manner of presentation if not bv the editorial comment.

It is expected that Britain’s reply to to the American invitation will bo sent to Washington to-day.

MESSAGE TO MR ROOSEVELT.

VIEWS TO BE EXCHANGED

(British Official Wireless.) Received January 26, 11.35 a.m. RUGBY, Jan. 25,

Sir Ronald Lindsay, the British Ambassador, has handed to Mr H. L. Stimson, the United States Secretary of State, a message from the British Government to Mr F. D. Roosevelt, the President-elect, stating that they will be happy to send a representative or representatives to Washington as soon as possible after March 4. They will be glad to exchange views with Mr Roosevelt on other world economic problems in which the Governments are interested. Decisions on the questions which form the agenda for the World Economic Conference, in which many other States are concerned, naturally cannot be reached before discussions have taken place at a conference between the States represented there.

ITALY’S SUGGESTION. ROME, Jan. 25. Italy’s Commission when it goes to America will propose a lump sum payment in final settlement. The figure suggested is £20,000,000 at par.' OTTAWA AGREEMENTS. WASHINGTON, Jan. 24. The agreements- reached at the Ottawa Imperial Economic Conference are likely to be among the subjects discussed when British representatives confer here with the President-elect regarding war debts.