EXTRAVAGANCE !
PATH TO BANKRUPTCY AMERICAN SENATE UTTERS A WARNING. FREEDOM OF THE SEAS. Bv Telegraph—Press Assn.—Copyright. AnstraliAn and N.Z. Cable Association (Received November 1, 10.40 p.m.) WASHINGTON, October 31. , Senator Swanson, ranking as a de mocratio member of the Senate Committee on Naval Affairs, in a speech, said that Government expenditures, unless greatly reduced, would certainly lead to further (industrial * distress, which would finally culminate in universal bankruptcy. The mad international competition in armaments could only be ended by the success of the Washington Conference. The United States Government taxed the people 10 per cent, of the total income. This was more than three times the 1910 tax. People would cease to labour when thus forcibly deprived of the fruits of their toil. The United States should recognise the dependence of England on access to the sea alike in times of peace and war for the sustenance of her people, and the continuation of industries, but they should insist that this gave no right of naval supremacy or placed the commerce of the world under her control or dictation.
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Bibliographic details
New Zealand Times, Volume XLVIII, Issue 11047, 2 November 1921, Page 5
Word Count
179EXTRAVAGANCE ! New Zealand Times, Volume XLVIII, Issue 11047, 2 November 1921, Page 5
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