BRITAIN’S DEBTS.

Star (Christchurch), Issue 16987, 10 March 1923, Page 12

BRITAIN’S DEBTS.

BALFOUR OUTLINES POSITION. By Telegraph - -Press Association—Copyright Australian and N.Z. Cable Association. (Received March 10, 11.45 a.m.) LONDON, March 9. The Earl ol Balfour, iu the House of l Lord*, called attention to misundcr- ! & Landings arising trom his Note of | August last, dealing with international I indebtedness. He bad not- taken part j m l he subsequent controversies, he | : aid, thinimg tiiat as tune passed and i i hangeg occurred, the matter might be ■ .'flowed to rest, but as the American | Ambassador hod declared that the J ‘ Balfour Note” was misleading, and I had requested the Government to ex- : s>hcitly remove the impression that the j .Note had caused, he thought his con--5 turned silence might be misunderstood, j 'Hie passage that Colonel Harvey comi plained ol stated that the United >tatea insisted that though the Allies j were to -spend money, America was only prepared to lend on Britain's j security. 1-ord Balfour said that he could not find that anything that had passed was misleading or obscure. Britain had suggested that as she. hitherto* had borne tlie burden of financing the America, which had just entered the war, should rei Here Britain of the duty of j further financing the Allies. If ; T he United States had adopted the i plan. there would have been no American loan to Britain, and many | controversies would have been avoided ; ; { he United States refused to lend i except to Britain, throwing a double j burden upon Britain, which she was j still carrying. ff United States opinion ] adhered to the view that wartime deals : between partners must be regarded a? cpnrate and isolated undertakings, America’s incontestable right? coiild Dare been enforced in a manner less likely to impair happy Anglo-American relations than had been the case recently.