WAR DEBTS PLAN

Taranaki Daily News, 24 June 1931, Page 5

WAR DEBTS PLAN

DISCUSSION BY NATIONS DIFFICULTIES IN EUROPE EFFECT UPON BUDGETS POSITION OF DOMINIONS WIDE APPROVAL OF MOVE ) STOCK MARKET RESPONDS By Telegraph—Press Asm—Copyright. Rec. 0.30 p.m, London, June 23. While there is BOt the slightest dim. inution in the appreciation of President Hoover's offer of a war debts holiday, awkward pointe have been raised in three countries, France, Belgium and Italy, and the position of the Dominion? its still regarded as not clear. France is concerned about the uncon’ ditipnal portion of the German pay. merits. Belgium is Mueasy because the net balance from German reparations after t|ia payment of debt to America will amount to nearly £3,500,000, the lass of which would gravely affect the Bud’ .get. Italy’s approval ig unqualified; never’ tlieleea the feeling in Fascist circles is thqt Germany must give up the idea of union with Austria. Ths Msrnirig Post's special representative says that, taking it for granted that Britain will lose thfe full payments from tha Dominions, he reckons Aug’ tralla will have a net gain of approximately after a loss of £830,000 in German reparations; New Zealand will gain £1,060,<100 after a loee of £340,000 of reparations. The Daily Telegraph says the post, ponoment of the unconjitiopal annuities due to France would constitute a contravention of the Young Plan as settled at the international conference. The Ministers, .IM. Laval and Flandin, have been all day Jong working out counter-proposals which are being forwarded to Washington. The general view on the London. Stock Exchange is that a year’s moratorium is not sufficient, yet it is a step in the right direction. An important factor in Mr. A. W. Mellon’s inquiries in London was that Jie asked whether Britain would continue payments to America despite German default, and yas informed that Britain would certainly stand by the Balfour Note. The city informed him that the British taxpayer would not consent to further burdens to meet a contingency for which Britain was in po wise responsible. tf WHAT GERMANY INTENDS LASTING YOUNG PLAN REVISION. “NO BENEFIT TO TAXPAYER.” Rec. 9,30 p.m. Berlin, June 22. . Dr. Bruening, German Chancellor, ■in bis first statement since Mr. Hoover’s offer was published; declared that it afforded no relief to Germany’s taxpay •, era or unemployed, aa the reparations holiday is from July, 1931, to July, 193 g, whereas the German Budget was from April to April. Therefore there would be only a three-quarters saving. The benefit to the current financial year would be absorbed by measures far surpassing the recent financial decrees, and to put Germany's house in order Germany intended to use the breathing space to secure a lasting revision of the Young Plan. He hoped the world wag now. convinced that the problem should be pursued to a solution. INDIA WELCOMES PROPOSAL. “CANDLE THROWING FOR BEAM,” Rec. 11.10 p.m. Calcutta, June 23. Business men in India generally have given a warm welcome to Mr. Hoover's proposal,which has touched the imagination of the public at a moment when the financial and economic (Situation was at its gloomiest. The Press welcomes the proposal as a substantial contribution to the restoration pf the world’s prosperity. The impression is that “in a day as dark as this the proposal is a candle which throws a far beam.” Regarding Mr. Hoover's plan as the thin end of the wedge for' the general cancellation of war debts, the Calcutta Statesman expresses the opinion that •'if this year’s moratorium does bring sensible relief America will have to face what the wor.d will call the logic of facts.”