WAR DEBTS.

Star (Christchurch), Issue 16566, 27 October 1921, Page 7

WAR DEBTS.

A CURSE OR A BLESSING? THE REPARATION PAYMENTS. By Telegraph—Press Association —Copyright. Reuter’s Telegrams. (Received October 27, 8.50 a.m.) NEW YORK, October 26. The Rt Hon R. M’Kenna, speaking at a public dinner at Chicago on international finance, said that the United Kingdom had advanced the Allies and dominions eight billion dollars. Germany owed Britain six billion dollars, and England owed the United States four billion, leaving a net credit to Britain of ten billions, which was equal to the amount that the Allies owed the United States. The United States and England were entitled to ten billion each from Germany. Personally, he favoured the cancellation of England’s half* Germany oonld pay only by exporting annually 650,000,000 dollars* worth of goods more than she imports. German workmen would accept almost any wages to undersell Britain and the United States exports. Germany was issuing paper marks, thus depressing the * external value of the mark, and paying the reparation B at the cost of the British unemployed. “ I would rather see our people employed in producing wealth than receiving a dribble of wealth from Germany at the cost of British unemployment,’* he said. 11 I begin to doubt whether the payment of the reparations is really beneficial to Britain, at any rate at this amount or in this form, and whether tho other war debts due to Britain might not prove a corse instead of a blessing if they are paid.’*