Approaching a Precipice

Manawatu Times, Volume LVI, Issue 7065, 26 January 1933, Page 7

Approaching a Precipice

Cfiambeiiaim’s Warning to America

United Press Assn.—By Ele

;tric Telegraph, —Copyright.

Received Wednesday, 9.55 p.m. LONDON, Jan. 25.

Rt. Hon. Neville Chamberlain, addressing tho Leeds Chamber of Commerce regarding tho American war debts, roitcrated that the cancellation of the debts was the best thing for the world, biit if this view outstripped current American opinion, a conference would be welcome whenever America was ready so long as the settlement was final and did not involvo tho renewal of the claim for reparations from Germany, becauso a disturbance of the Lausanne Agreement would reopen old wounds.

Ho desired for the information of American farmers and public, to submit tho following war debt's balancesheet, covering the period 1922 to 1931:

Payments by Europo to the United States: War debts, £400,000,000; interest on commercial loans, £1,000,000,000; surplus European purchases of American goods over American purchases of European goods, £1,200,000,000. The other side of tho balance-sheet showed how America had been paid, namely: American tourists’ • expenditure in Europe and immigrants’ remittances, £1,500,000,000; shipments of o-old £100,000,000; loans raised in the United States, £1,000,000,000. Thus war debt payments had only been possible by American loans. European debt payments would only be rcsumable by increased sales to America and by reduced purchases from America, the former involving drastic reduction of American tariffs .and. the latter depreciation of our currencies or higher tariffs against America. Ho was not using threats when he warned America that insistcnco on payments meant that they were approaching the edgo of a precipico and likely to drag us down with them. Tho importance of Mr. Chamberlain s speech is emphasised by the entire Press by the manner of presentation if not. by editorial comment. It is . expected Britain’s reply to the American

invitation will be sent to Washington to-day.

AMERICA INQUISITIVE Received Wednesday, 7 p.m. WASHINGTON, Jan. 24. The agreements reached at the Ottawa Imperial Economic Conference arc. likely to ho among the subjects discussed when the British representatives confer hero with the Presidentelect, Mr. Roosevelt, regarding the war debts. ITALY TO PROPOSE LUMP SUM Received Wednesday, 10.50 p.m. ROME, Jan. 25. Italy’s commission when it goes to America will propose a lump sum payment in final settlement. N The figure suggested is £20,000,000 at par. AMERICA WILL BARGAIN NEW YORK, Jan. 24. A message from Warm Springs (Georgia) states: Mr. Roosevelt has given authority to Mr. H. L. Stimson, Secretary of State, to arrange for Separate conferences with the European debtor nations, who have met their obligations, and is now requesting tho opportunity to talk over the relief. Standing by his policy, that all debtors should always havo access to their creditors, Mr. Roosevelt is nevertheless going to have no general conference on tho war debts. Ho wall take each nation separately and deal with it personally. Undoubtedly, a's in the case of Britain, Mr. Roosevelt is going to link tho forthcoming Economic Conference with the debts; in other words, it seems obvious that ho will do some bargaining with the debtors if ■they want relief. He wants assurances of general co-operation on the programme aimed at world stabilisation, which he hopes to get from tho economic parley's.