WAR PROFIT

Nelson Evening Mail, Volume LXI, 12 November 1928, Page 7

WAR PROFIT

DENIAL BY COOLIDGE

AMERICA'S BENEFIT SPIRITUAL

NOT MATERIAL

ATTITUDE TOWARDS EUROPf

United Press Association—By Electric Telegraph—Copyright Australian Press Association

WASHINGTON, 11th "November

President Coolidge, in an Armistice Day address here, made an important announcement on foreign policy. The President recounted American achievements of arms in the war, and said : "The United States was the only country after the conflict that had much reserve power left. Our resources delivered Europe from starvation and ruin." lie denied that the United Slates made pn.fit out of the war. The United States' expenditure on the conflict would probably total a hundred thousand million dollars, or half the entire wealth of the country when it entered the war. America's benefits from the war were not material, but spiritual. "The people are awake to the drumbeat of the new destiny. Every dictate of humanity constantly cries aloud that we do not want any inore war. Questions before the League of Nations are how to prevent war and how to defend ourselves if it comes. We do not know any nation which has ever been able to provide arms enough always to be at peace. It is our duty to ourselves and the cause of civilisation, to the preservation of domestic tranquillity, and to our orderly lawful relations with foreign people to maintain an adequate army and navy. We do not need a large land force. The situation is different when we turn to the sea."

The President recounted the long coastline, foreign commerce "'unsurpassed in importance," and foreign investments to protect, and added: "But we are also bound by international treaty to defend the Panama Canal. We have few fuel stations and ships of large tonnage, and having scarcely any merchant vessels capable of mounting five or six inch guns it is obvious that, based on our needs, we are entitled to a larger number of warships than a nation having these advantages. We called the Washington Conference for the purpose of a naval agreement. It no doubt has some significance that foreign Governments made agreements limiting the class of combat vessels in which we were superior. We made altogether the heaviest sacrifice in scrapping work which was already in existence. That should for ever remain not only a satisfaction to ourselves but a demonstration to others of. our good faith in advocating the' principles of limitations." The President, referring to the conference between Britain, Japan, and the United States, said : "The United States there proposed limitation of cruiser tonnage of 250,000 to 300,000. The British as near as we could figure out their proposal asked for from 425,000 to 600,000. No agreement was made, as it appeared useless to us to agree to so large a tonnage, which constituted not limitation but extension of war fleets. Referring' to the rejection of the Anglo-French agreement the President said : "Had we not done so the French army and English navy would have been so near to unlimited that the principle of limitations would be virtually abandoned." OUTLAWRY OF WAR

Air Coolidge praised the outlawry of war treaty. "While recognising to the fullest the duty of self-defence, and not undertaking, as no human ingenuity could undertake, absolute guarantee against war, it is the most complete and will be the most effective instrument for peace ever devised. We can only say that this is the best that mortal man can do. It is beside the mark to argue that we should put no faith in it." ,

REPARATIONS AND WAR DEBTS

Taking up reparations and war debts, Mr Coolidge said: "We have heard an impressive amount of discussion concerning our duty to Europe. We,do^ have such duties, but they are mutual." He declared that American loans to Germany have enabled her to pay reparations, but there was little reason for sending capital abroad while rates for money in London and Paris are 4 or 5 per cent., while in the United States they are much higher. "England is placing a very considerable loan abroad. France has had large credits abroad, some of which have been called home. Both are making very large outlays for military purposes. Europe on the whole has arrived at a state of financial prosperity and stability where it cannot be said we are called on to help or act much beyond a strict business basis. The needs' of our own people require that any further advances by us have the most careful consideration. It would not only be a selfish, but an entirely unenlightened view for the United .States not to wish Europe to prosper. We want the investment of life and money which we made there to be to their benefit. We should like to have our Government debts all settled, though it is probable that we could better afford to lose them than our debtors could afford not to pay them. It has always been plain that Europe and the United States are lacking in mutual understanding. We are prone to think they can do as we can do. We are not interested in their age-old animosities. We have not suffered from centuries of violent hostilities. We do not see how difficult it is for them to displace distrust in each other with faith in each other. They, on the other hand, appear to think that we are going to do exactly what they would do if they had our chance." AGAINST IMPERIALISM

Declaring that America is against imperialism, the President said: "America's outlying possessions, with the exception of Panama Canal, are a hindrance and not an advantage. If we could secure more complete reciprocity in good will, the final liquidation of the balance of our foreign debts, and such further limitation of armaments as would be commensurate with the treaty renouncing war. our confidence in the efiectiveness of' anv additional efforts on our part to assist in the further progress >i Europe would be greatly increased.'