CONCESSION TO DEBTORS.

New Zealand Herald, Volume LXIX, Issue 21159, 16 April 1932, Page 9

CONCESSION TO DEBTORS.

AMERICAN PROPOSAL.

COMMENT IN THE PRESS.

the economic aspect.

Telegraph—Press Association—Copyright. (Received' Aplil 15, 5.15 p.m.) NEW \ ORK, April 14. The modified debt, cancellation scheme • proposed by Mr. Alfred Smith, formerly Governor of New York State, at tho Jefferson Day dinner, has resulted in (Otisiderable reaction iu the press. The York Sun suggests the potential economic importance of the proposal. It eavs the Empire Conference to bo held Ottawa is likely to grant Canada and Australia the rich privilege of selling to Britain most of the wheat she needs. As matters stand, says tho newspaper, {)ie American grower will bo undergold in the British markets, but he would be beaten if an export subsidy, such as Jlr. Smith suggests, lowered tho price in Britain 25 per cent, without reducing the American fanner's return, which latter is questionable. The New York Times, without accepting the proposal outright, comments that it, may prove to have an ultimata value, but its great inimediato value is (he blunt assertion that America has been dealing with tho question in a way that is bad for Americans as well as for (he rest of the world. The New York Herald Tribune characterises the proposal as exceedingly difficult to defend from any economic angle. However, it commends Mr. Smith for his courage in discussing the issue candidlv and suggests it might Le an ingenious political device to make the cancellation of debts palatable to American voters.