WARTIME DEBTS.

Manawatu Times, Volume XLVI, Issue 2593, 12 March 1923, Page 5

WARTIME DEBTS.

EARL BALFOUR EXPLAINS. ONLY BRITISH SECURITY ACCEPTED. BY STARS AND STRIPES. [By Electric Cable—Copyright.] [Auat. and N.Z. Cable Association.] (Received Sunday, 7.10 p.m.) LONDON, March 10. Earl Balfour, speaking in the House of Lords, called attention to the misunderstandings arising- from his Note Of August hist, dealing with international indebtedness. He said he had not taken part m the subsequent con. troversies, thinking that as time passed and changes occurred, the matter might be allowed to rest, but as the American Ambassador had declared that the Balfour Note was misleading and had requested the Government explicitly to remove the impression the Note had caused, he thought his continued Silence would be misunder. stood. The passage Colonel Harvey complained of stated that the United States insisted that though the Allies were to spend the money, America was only prepared to lend on Bri. tain’s security. Earl Balfour said he could not find anything that has passed that was misleading or obscure. Britain had suggested that as she had hitherto borne the burden of financing the Allies, America, which had just entered the war, should relieve Britain of the duty of further financing the Allies. If the United States had adopted that plan, there would have been no American loan to Britain and many controversies would been avoid, ed, but the United States refused to lend except to Britain, throwing a double burden upon us, which we were still carrying. If United States opinion adhered to the view that wartime deals between partners must be regarded as separate and isolated undertakings, America’s incontestable rights could not have been enforced in a manner less likely to impair the happy Anglo. American reflations than they have been recently. POST WAR BURDENS. PENSIONS AND UNEMPLYOMENT. (Received Sunday, 7.10 p.m.) LONDON, MarchlO. Mr. S. Baldwin, in the Parliament, hry papers, states that the United Kingdom’s total war pension expenditure from August, 1914, to March SI. 19231823, will amount to £470,000,000 ■With an estimated capital liability thereafter of £823,000,000. Votes for mandated territories from April,, 1919, to March, 1923, totalled £153,000,000. Other expenditure resulting from participation in the war in eluded unemployment, £400,000 000housing, £225,000,000; liquidation of and canal agreements. £-.03,000,000; Ministry and Muntions and Shipping. £36,500,000; bread subsidy, £100,000,000; coalmine deh. ciences £48,000,000; relief works loans, £33,000,000; occupation of Constantin* ople. £20,000,000. BEER DUTY AND INCOME-TAX. FIRST TO COME DOWN, (Received Monday, 2 a.m.) LONDON, March 10. The “Evening Standard’’ believes that the total estimates will eventually be reduced to 790 millions, compared with 903 millions in 1922-23. It understands that income-tax and beer duty will be given preference in tax reductions.

DID NOT GUARANTEE FOREIGN DEBT. ’ LATE SECRETARY OF TREASURY SPEAKS. (Receiedv Monday, 2 a.m.) NEW YORK, March 10. At Los Angeles, Mr Macadoo, in a statement, said: “I am at a loss to understand how Earl Balfour, for whom I have a great respect and admiration, could have gained the impression that the United States insisted on substance, if not the form, that although Britain’s Allies were to spend the money, it was only on Britain’s security that the United States was prepared to lend it. Loans to the Allies were made through me as Secretary of the Treasury and at the time It was never suggested, or intimated, by me or Ear! Balfour in my discussions with him as head of the British Mission to the United States in .May, 1917, fhat Britain should assume any responsibility whatever for any loans the United States might make to other Governments than Britain. Every loan made to Britain, France. Italy or Belgium was made on the faith and credit of each respectively, and independently of the others except insofar as an intelligent effort was made to distribute available credits among them in such a way as to best secure their effective use for war purposes.”