WORLD ARMAMENT HOLIDAY

Taranaki Daily News, 19 January 1933, Page 5

WORLD ARMAMENT HOLIDAY

CHICAGO ATTORNEY’S PLAN. ’’ SUPPORT OF LEADING SENATORS. By Telegraph—Press Assn.—Copyright. Chicago, Jan. 16. • Mr. Salmon P. Levinson, a Chicago attorney who has participated in international negotiations over war debts, says he has evolved a plan to lift the fog of depression and that a -country-wide : movement on behalf of it has been launched. The suggestion is for a universal fouryear armament holiday and progressive reduction in arms during that period to a ratio of 50 per cent, of the present state and at the end of the holiday the settlement of European war' debts -to the' United States. Mr. Levinson says the plan has the / support of Senators Borah, Vandenberg, La Follette, Glass and Hastings. It provides for the payment of Europe’s five billion debt in four annual instalments of 312,500,000 dollars each. There ‘ would; ; be savings to the United States war budget of 1,400,001/,000 through the four- . year arms holiday and a saving of 2,» 400,000,000 for the eight years thereafter through the 50 per cent reduction in armaments, “thus making a total saving in twelve years of the full amount of the present worth of our allied debts.” Mr. Levinson proposed that the .European nations also reduce armaments 50 per cent by the end of’ the four-year holiday.