STATEMENT OF FACTS

Poverty Bay Herald, Volume LIX, Issue 17954, 5 December 1932, Page 5

STATEMENT OF FACTS

MR. BALDWIN’S COMMENT INTOLERABLE PAYMENTS CONTINENTAL OPINIONS 'Elec. Tel. Copyright—United Press Assn.) (British Official Wireless.) Roc. noon. RUGBY, Dec. 4. Washington messages indicate a likelihood that Mr. Hoover will make the European debts questions the subject of a special message to Congress next week. Meanwhile, reports reaching London show that although the British Note created a deep impression on a large section of American opinion, including many of those most in touch with the world economic situation, the first reactions on several influential Congressmen show little or no departure from the attitude adopted by them during the recent electoral campaign. It is hoped that when time has been allowed for a more careful study of the tragic logic with which the British note traces the history of the world depression and the relation thereto of the vast unnatural transfers involved in the system of international indebtedness, together with the effect upon both creditor and debtor countries of its continuance, some recognition will be forthcoming of the real needs of the world situation. For the time being, however, messages from America give slight reasons to couple this hope with expectation.

Apart from America, the British note has been hailed in nearly every other country as both impressive and convincing.

Mr. Baldwin, speaking at Sunderland last night, said the British note to America was a statement absolutely accurate in its facts and temperate in language. DANGER TO AMERICA. Ho added: “There are no party questions in this. It is the deliberate view of every man in this country who is competent to form a judgment on the matters to which that note refers. I have no doubt that the Americans will give the most careful and, so far as the Government is concerned, sympathetic consideration to the note, because they stand as much as we do, if not more so, to suffer from a continuance of this particular form of payment. “What makes me so glad is that following on Lausanne, and followingon the noto, we shall have an international conference as soon as it can be convened in 1933, at which I hope these questions will be'studied and probed with knowledge and sympathy. I hope that the' result of that conference will bo that, to a great extent, the whole world may lie relieved of this particular form of payment, which is intolerable for the business of the whole world, whether debtor or creditor.”

Continental views on the British note are summarised by (he Daily Telegraph as follows : France regards it as a frank appeal to the American Government’s sense of realities, but fears that the hint of eventual payment may react unfavorably on France. It is admitted that if British payments to America are resumed, Britain’s debtors will be 'hedged to resume their contributions to Britain. The first impression in Italy is that, although the note says nothing neiv, it is a further step towards the treatment of reparations, war debts, and disarmament ns one problem instead of three. This lias long been the aim of Signor Mussolini. Germany draws a parallel between the position of Britain and France and that of Germany in former days. They are described as nsinrr the' same arguments ns were employed by the Reich against the fantastic reparations demands.