“FRESH SACRIFICES DEMANDED."

Timaru Herald, Volume CXXV, Issue 18329, 29 July 1929, Page 9

“FRESH SACRIFICES DEMANDED."

Effect Of Young Report. STATEMENT BY MR SNOWDEN. (British Official Wireless.) RUGBY, July 26. In the House of Commons, Mr Lloyd George (Leader of the Parliamentary Liberal Party), called attention to the Young Report on Reparations. He said he said he was amazed that it should ever have been presented to the. British Treasury as 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 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 is no desire,” Mr Snowden proceeded, “to increase the amount of 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 however, already a difference of about £200,000,000 between what we had paid America and what we had received from Continental debtors. Under the scheme we should have to abandon all hope of ever getting anything towards that £200,000,000 of arrears. With regard to the question of deliveries in kind, the Government realised the seriousness of the question for an exporting country like our own. Anything the Government could do to case 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 Snowden, “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 vOill remain even if we were to get our payments from Germany, and **ur Continental debtors.” FRENCH DEBT TO U.S.A. NEW AGREEMENT RATIFIED. (United Press Association—By Electrlo Telegraph—Copyright.) PARIS, July 26. The Senate has ratified the LondonWashington debt agreements.