BENEFITS OF CANCELLATION

New Zealand Herald, Volume LXX, Issue 21401, 27 January 1933, Page 8

BENEFITS OF CANCELLATION

."The 32 States whose attitude toward a reconsideration of the inter-governmen-tal debts, as interpreted by their representatives in Congress, is one of unyielding opposition. They produce 63 per cent of the nation's meat products, 73 per cent of exportable grains, all of our cotton, practically all of our copper, and 95 per cent of our petroleum," the letter proceeds. "Obviously, with a restoration of world trade these States, which would bear but a sniall part of the burden of debt revision, would be outstanding beneficiaries. An advance of cents per pouind 'in cotton would mean over 160,000,000 dollars increased value for a 13-million bale crop. An advance of 20 cents per bushel in wheat would add 130,000,000 dollars to the value of a crop of 650,000,000 bushels. . . . The State of Mississippi, burdened 'by 10 cents per capita per annum, by complete cancellation, would receive an increased income of 10.70 dollars per capita from an advance of 2£ cents per pound in the price of cotton. Arkansas, carrying an added impost of 12 cents per capita, would find its economic position improved to the extent of 12.50 dollars per capita ensuing from an advance 0f222' 2 cents per pound in the case of cotton. Kansas burdened with an additional 95 cents, would benefit by 11.90 dollars per capita through an advance of 20 cents per bushel in the price of wheat."