BRITAIN MUST PAY

Poverty Bay Herald, Volume LIX, Issue 17950, 30 November 1932, Page 11

BRITAIN MUST PAY

DANGER OF DEFAULT A TWO-EDGED WEAPON SOME PLAIN' SPEAKING (Elec. Tyl. Copyright —United Press Assn.) (Received November 30, 3 p.m.) LONDON, Nov. 29. Mr. L, S. Amery, speaking at Birmingham, said Britain could not refuse payment of the American debt simply because it was unpleasant, or because others were defaulting. Repudiation was a double-edged weapon for Britain, which was still the greatest creditor, nation in the world, being owed, apart from war debts, tour times more by tiie rest of the world than she owed America. The consequences of our default would strike us in the face in every quarter. Wo. were at present engaged m insisting that the Free State should fulfil her obligations. Must we admit that we bad been wrong, and that Mr. De Valera was right in saying that a nation’s pledges meant nothing if fulfilment happened to be inconvenient. A tremendous election in Australia, was based on whether she should fulfil her obligations, but she bail honored them. Were we now going to tell America that what she had fought for in order to preserve her honor was a piece of fooiish quixotism? “What security shall we have it our example .shows that pacts and pledges mean nothing?” he asked. “We cannot repudiate, despite the burden imposed on us, if others refuse to pay. Doubtless we, unlike the Americans, regard the supplies they sold us in war time at a stiff price, not as a business transaction, but as a common effort, but the Americans are entitled to point to our signed bond, and the fact that Mr. Baldwin repeated the bond after the war. “America cannot have it both ways She can have it in debts or in trade. If that is made clear America will bring us much nearer a settlement than any amount of reasoned dispatches.”