£200,000,000 DOWN

Sun (Auckland), Volume III, Issue 726, 27 July 1929, Page 11

£200,000,000 DOWN

BRITAIN’S WAR DEBT TRANSACTIONS SNOWDEN CALLS A HALT British Official "Wireless Reed. 11 a m. RUGBY, Friday. Mr. Lloyd George, the Liberal leader, called attention in the House of Commons to the Young report on repara, tions, and said he wa s amazed that, it should ever have been presented to the British Treasury at a fair settlement of the claims of Great Britain. Mr. Philip Snowden, Chancellor of the Exchequer, in reply, said the Government was not in any way committed to acceptance of the Young report. He realised the difficult task he would have in approaching the conference, and could only say that he would do his best to obtain justice for this country, and whatever the result of the conference might be, he assured the House that there would be no further sacrifice of British interests. There was no desire to increase the amount of the annuities which Germany would be called upon to pay. That was one point in the report on which he thought there would be very general agreement. There was, howeTer, already a difference of about. £200,000,000 between what we had paid to America, and what we had received from our Continental debtors. Under the Young scheme, we should have to abandon all hope of ever getting anything toward that £200,000,000 arrears.

With regard to the question of deliveries in kind, tfce Government realised the seriousness of the question for an exporting country like our own Anything that the Government could do to ease the situation would certainly be done. The proposals constituted a new demand for further sacrifices from this country, and from the viewpoint of our national finances our position was sufficiently serious. Therefore, we should maintain such rights as we had. "I think I am expressing the view of the Government,” said Mr. Snows den, “when I say the limit of concessions by this country has been reached. Our sacrifices have been magnanimous, generous and quixotic. They have imposed a burden of £60,000,000 a year upon our own | people, which will remain even If wa were to get our payments from Ges« I many and om Continental debtura."’