DEBT MORATORIUM.

New Zealand Herald, Volume LXVIII, Issue 20922, 11 July 1931, Page 11

DEBT MORATORIUM.

FURTHER STEPS NECESSARY. WHAT AMERICA HAS LEARNED. (Received July 10, 9.15 p.m.) • LONDON, July 9. The Secretary of State for the Dominions, Mr. J. H. Thomas, in a speech at Ipswich, said the importance of Mr. Hoover's plan must lie in a reconsideration of the whole situation. It could not be assumed, unless other steps were taken, that the position would be any better 12 months hence. America had discovered tha.t she could not prosper if her neighbours were in a state of poverty.

LOSS TO BRITAIN. MR. SNOWDEN'S CALCULATION NO FURTHER SACRIFICES. British "Wireless. RUGBY, July 9 The Chancellor of the "Exchequer, Mr. P. Snowden, was questioned in the House of Commons as to the basis of his calculation that the British loss would be £11,000,000, from the .war debt suspension plan, and the possible increase in total sacrifice following the developments since his previous statement.

Mr. Snowden said the British Government had no intention of agreeing to any measures in connection with giving effect to Mr. Hoover's proposal which would involve any additional loss to the British Exchequer.

The Chancellor recalled that he had said the application of Mr. Hoover's plan would require some readjustment in the Budget before the end of the year.