CORRESPONDENCE

Wanganui Chronicle, Volume LXXXII, Issue 19346, 27 June 1925, Page 3

CORRESPONDENCE

SAVING £1.000.000 PER DAY. (To the Editor). Sir, —In your special “Letter from London” on June 16, the writer quotes Air. Kirkwood in the House of Commons as advocating repudiation of the total “War Debt,” thus saving “one million per day.” also stating “It is so simple that it is. surprising no one has thought of it before.” It struck me when I read this that I had read in your cables of 1921 that the British Cabinet of that day—land that not a Labour one—had, through “Earl Balfour’s Note,” advised, in effect, “That if America would cancel her claim upon us, which, amounted to labout one thousand million pounds, we would renounce our claim upon Continental debtors amounting to twice that sum. But if America felt unable to rise to this example of magnamimity, then we would not lask from our own debtors more than enough to pay America. I America insisted upon the payment of [her bond, and later the ‘Baldwin Settlement’ of the American debt was arranged.” Air. Kirkwood’s saving of one million pounds per dtiy is stated to be “repudiation of the War Debt.” In Earl Balfour’s Note it is called cancellation. In effect there is apparent-, ly no difference, nor is there any adverse comment given to Earl Balfour’s Note of the possible happening to the pound sterling in the event of cancellation or repudiation. One cannot help thinking, when reading the comments » f such papers as Daily .Evp?e The Daily Telegraph, tho Daily Herald and Dlaily News, each of whom expressed itself favourably to the spirit of the Note, that once on a great occasion Britain had risen and asked “forgive us our debts, and we forgive our debtors.” Such a Note from the British people wrill go down to posterity las one of the finest evidences of self-sacri-fice. But it is evident the world is not yet ready. With the foregoing evidence before us one is forced to the conclusion that Air. Kirkwood was but reflecting the spirit of Earl Balfour’s Note. “Paying this million a day is what keeps prosperity away.” To quote the Rt. Hon. Phillip Snowdon, “We have to flake two million per day out of the labour of the British workman to pay the national expenditure, and about one million of this is to pay interest and sinking fund on the "War Debt.” Is it any wonder then, that the people iat Home are restive and discontented when they at times think and realise that they arc being taxed to pay a debt Britain stands security for, to the tune of about six hundred and fifty million, which France owes. An cqulal amount is owing by Russia, and Italy’s debt is five hundred million. A few smaller European States make up a total debt to Great Britain of £2,000,000,000. Britain is taxed £l7 9s per head of population. France is taxed £9 12s. France is entitled under the “Spa’’ agreement to 52 per cent, of the reparations paid by Germany, compared with 22 per cont. w’hieh we hope to receive. One can easily sec why the people groan under such inequillato conditions, and how natural it is for politicians and economists to snatch at every “straw” that offers help. Afaybe one of tho most galling things to contemplate is Afessrs Furness, Withy and Co., placing quite recently an order for five motor ships with “Deutsche Wcrft,” one of the largest yards on the lower Elbe. Your c-iables recently informed us that the unemployed at Home is 1,291,200, or 263,000 more than this time last year. Tn relieve this, one feels in full sympathy with any scheme, even a “general cancellation of our inter-Allied debts.” It would be to the general good and would avoid lall the difficulties of international exchange. Further, if this were done to the relief of the British taxpayer, the cost of/ production would fall. We would too the mark vyith Continental industrialists, the standard of life would be mised and trade and employment would improve. Hoping I have shown that Air. Kirkwood, though much belittled by your special, has a heart that beats true for the well being of Britishers.— I •am, etc., A WORKER,