AMERICA AND EUROPE

New Zealand Times, Volume LI, Issue 11786, 24 March 1924, Page 8

AMERICA AND EUROPE

FEAR OF ENTANGLEMENTS MORGAN COMPANY’S LOAN TO FRANCE CRITICISED. “GAME OF SELFISHNESS.” By Telegraph.—Press Assn.—Copyright. «cetr« »» .inH \Crum As-uuatioa (Received March 23, 11.5 p.m.) WASHINGTON, March 22. Senator Shipstead, of Minnesota., addressing the Senate, bitterly criticised the State Department for its failure to inform the Senate of the French loan. He said it would seem a publio duty for the State Department to keep the Senate informed regarding relations with other countries, because sooner or later financial matters would become political, and financial entanglements would become political entanglements. “Shall America through bankers’ loans, be again drawn into a maelstrom of destruction?” he asked. “Shall wo he again drafted into a game of selfishness and greed that will multiply poverty, disease, misery, debts, taxeo, and death among the white race?”

During the critical days of a fortnight ago when the French Government was attempting to save the franc, the J. P. Morgan Company, the French Government’s fiscal agent, announced in New York, that it had arranged with several American bankers to establish for the Bank of France credits totalling at least 100 million dollars, secured by gold in the French Treasury, the time limit being fixable by the Bank of France. The company stated that the loan would be used to assure improvement in the French fiscal position.