BRITAIN’S FINE EXAMPLE.

Timaru Herald, Volume CXXXV, Issue 18913, 26 June 1931, Page 9

BRITAIN’S FINE EXAMPLE.

Eleven Millions Sacrificed. RELIEF AFFORDED DOMINIONS. Unltad Press Association—By El actrio Taiegrapb—Copyright (“The Time*.") (Received June 25, 10.30 p.m.) LONDON, June 25. “The Times,” in a leader, says that though internal war debts of the Empire have hitherto been regarded as a purely domestic matter, the Government has very properly refused to treat the Dominions with less generosity than, her foreign debtors. Britain is making a total sacrifice of £11,000,000. This is not a bad example to set debtor nations. “Nobody in this country will grudge such a gift to our great Dominions for such a cause,” says the “Daily Mail,” referring to Mr Snowden’s statement. The “News-Chronicle” says that Mr Snowden’s courageous and wise announcement will be received with satisfaction and relief in the Dominions, and will be endorsed here. At the same time it is necessary to recognise that it will involve a new burden on the British taxpayer. RELIEF EXTENDED TO AUSTRALIA FEDERAL LEADER’S TRIBUTE TO BRITAIN. United Press Association—By K> ectrlo Telegraph—Copyright (Received June 25, 10.30 p.m.) CANBERRA, June 25. The Supply Bill to cover Government expenditure to the end of the current financial year was passed In the House of Representatives. Mr Scullln’s announcement that the British Government was extending the debt concession to the Commonwealth, following President Hoover’s moratorium, was greeted with “hear, hears.” Mr Scullin paid a tribute to Britain’s magnanimity. He said the benefits which Australia would derive would be very welcome. BRITAIN’S OFFER TO INDIA AND DOMINIONS. OUTLINED BY THE CHANCELLOR. Unltad Press Association—By Hsctrto Telegrapn—Copyright LONDON, June 24. In the course of a statement in the House of Commons, the Chancellor of the Exchequer (Mr Philip Snowden) said that the Government was offering the Dominions and India the same war debts concessions as President Hoover had proposed to allow to foreigners. Mr Snowden stated that he felt he was interpreting the country’s wishes freely, in deciding to offer the Dominions the option of postponing the whole of their war debts payments to Britain for a year, beginning on July 1 next. (Loud cheers.) This would mean a Budgetary loss of approximately £11,000,000, but it was hoped that the revival of confidence and prosperity would more than justify the sacrifice. Chancellor’s Statement. Explaining the policy of the Government for giving practical effect to President Hoover’s proposal, Mr Snowden said: “As the Prime Minister informed the House on June 22, the Government of the United Kingdom will subscribe wholeheartedly to the principle of President Hoover’s proposal, and is prepared to co-operate in the elaboration of details, with a view to giving it practical effect without delay. “I should like to take this opportunity to explain the steps we have decided to take for this purpose here. The more consideration we give to the President’s declaration, the more it seems to us that, having regard particularly to the history of the matter, the declaration constitutes a very great gesture on the part of the United States, and it will be a thousand pities if Europe does not respond to it in the same spirit. The beneficial effect of the proposal may be lost unless steps are taken by all the countries concerned to give it prompt and practical effect. This is particularly the case as regards Germany, which, after all, is the essential difficulty. We agree with the view expressed by the United States’ Government that there will be no time for a conference. A more prompt method must be found for putting into operation the proposal of the United States’ Government for a complete and immediate suspension of the German payments to creditor Governments. The procedure which we would favour is that the creditor Governments should, forthwith, notify the Bank for International Settlements that they agree to the proposal for the suspension for one year of all the German payments due to them. Wide Scope of Proposal. “The decision,” added the Chancellor, “does not rest with us alone, and we are awaiting the views of other creditor Governments, but we hope it may be possible to secure an agreement on these lines as soon as possible. President Hoover’s proposal applies, however, to all interGovemment debts, reparations and relief debts. “The British Government, for their part, will accept this proposal In the spirit as well as the letter. They accordingly will be ready to suspend for one year all such inter-Govern-mental debts as are due to them as soon as President Hoover's proposal has been generally accepted, and, In the meantime, as from July 1, they will refrain from claiming instalments that may fall due. “As regards relief debts, His Majesty’s Government are at once taking steps to inform other European Governments

which hold relief bonds of their action, and to invite them to co-operate.” All Parties Support. Following Mr Snowden’s statement, Mr Stanley Baldwin, on behalf of the Conservatives, said that he would content himself with saying that the Government had taken a course fully consistent with the dignity and the reputation of our country. Mr Lloyd George said that he was very glad that the Government had given this complete, courageous and unequivocal answer to the very noble gesture of the United States. Replying to Sir Austen Chamberlain, the Chancellor said that he would make a statement later as to how the budgetary position in this country would be affected by the Government’s policy.