THE WAR DEBT NOTE

Poverty Bay Herald, Volume LIX, Issue 17953, 3 December 1932, Page 8

THE WAR DEBT NOTE

ACCLAIMED IN BRITAIN A CONVINCING STATEMENT LONDON PRESS OPINION (British Official Wireless.) Roc. 2 [i,in. RUGBY, Dec. 2. The I’nnes, referring to the British debt note, says it is an unanswerable (use set out with great, skill and great restraint. The Manchester Guardian says Hie. note dues nothing less tlum expose the world economic' situation. The Daily Mail says the total amount due to Britain icr Allied debts and Herman reparation payments is four liii-es the tiritirti debt to the l nited Hi at as. That entire sum we are prepared to wine out il the United Stai.es i, ill ti> at uur debt in lim same way. Tim Ntuvs-f‘bronii'le. says that if Washington ennid lie pcismidcd even to no i none toe He cm icr payment pendiii... ihe proposed discussion. Hie whole world would welcome the decision as an earnest and Jiutfhil issue tor a revival of j,r, sps nty. The ins ael says the note is _no specious pleading of a debtor anxious id avoid iegai m ligations. It is a cold, men) fact widen the Congress and the Foiled Stall's public should duly ponder. On the g Hulwill ami co-operation bn l ween the two countries every tiling depends. The Telegraph, describes the note as friendly, moderate, and dignified, and, referring to Lausanne, says the mere nro-qiuct of the most promising work vet done for world recovery being shattered is frankly appalling, and the

;nc,it hndy of Amei'icau investors directly interested in the permanence of (hat work will take no other view. GREAT STATE PAPER

British press opinion is unanimous m regard to the note as a great State paper, maintaining the same high level of disinterestedness that since the war lias marked the attitude of successive Jh'irtsii t locci mneiits towards the situation created by 'these, inter-, governmental obligations. As the Times’ Washington correspondent points out, it is common knowledge that independently of its presentation from London, the case put forward in the note, is in a large sense found to be convincing, not only by Mr. Hoover, but by all those whose executive position gives them a knowledge of, and concern in, the- world situation. Immediate importance, however, attaches !o (lie effect which the note may have upon Congress, which meets next week, and in whose hands the decision lies. The recommendations which Mr. Hoover will make to Congress, therefore, arc awaited here with exceptional interest. It was not expected that the American public would accord an immediately favorable reception to the policy advocated by the British Government, which would involve sacrifices on the part of American taxpayers similar to those already borne by the British taxpayers. The conviction, however, is expressed in the British press that when time has been allowed for a careful weighing of Hie plain, straightforward, statement of facts, and the inescapable deductions

from'them, that they will carry conviction to all unbiassed minds. The Evening Standard regards, the arguments that payment must inevitably result ill a, furtimi' disastrous fall ot couimoditv prices as singularly impressive. This, it says, constitutes a grave Hi ; cat in the 1 1 liming community of the United Stales, who ave most opposed to anv cancellation of debt.

The Star also emphasises that u.settleintipt which would raise the price ot grain and cotton by the smallest amount would pay America, far bettor than could the receint of g< Id from Britain.