BRITAIN’S WAR DEBT.

Timaru Herald, Volume XCVIII, Issue 18084, 17 June 1924, Page 6

BRITAIN’S WAR DEBT.

A GIGANTIC BURDEN. _>y anb- I'ress Ai>3oelairicr WELLINGTON, June 16. “Over five years have passed since the signing of cue armistice, and many people express surprise amt disappointment, that England Has not recovered m a larger degree, her pre-war position at Home ana uuroad,” said Mr G. LL Scott, president of die New Zealand Association ot British Manufacturers; in liis address at the annual meeting. •'sucii a viewpoint is tne outcome eiiieily of lack of knowledge, regarding tiie gigantic task that England lias faced since 1918. It must not be overlooked that England’s efforts in this direction necessitated that, be cause of her position, and standing among world powers, and because of the world-wide influence of England m linance and commerce, she should take a very important part in assist mg to settle some ot the post-war problems of nations which are competitors in trade and commerce. Con hequently England's position among European nations lias continued since 1918, most complex and extraordinary. England’s national debt on March 31, was £7,6BU,UUU,(XJL), her annual interest bill is approximately IMOi ,(JO(J,UL)O. Whilst piling up . this, tremendous national liability, Kngland has honoured every obligation undertaken in connection witii tier war ellorts. The huge sum mentioned includes war loans which she is unable to collect. Without doubt her position is unique.” Mr Scott referred to the splendid ellorts being made, and said these matters had a vital hearing upon the price, which New Zealand received for her primary products. The. burden carried by .Britain reduced the purchasing power of her population. They imK marvel that Britain still had a Mirplus of cash to lend the Dominions. From the most selfish of motives it behoved them to support her in their purchases. “More than this, we -lomlfl to that our triulin; hubs with other nations and other Dominions, especially the European countries, referred to, left in ocpiit- : li!<> bash 'or Britain to compete on - nr markets.”