WAR DEBTS SUSPENSION

Wanganui Chronicle, Volume 74, Issue 149, 26 June 1931, Page 7

WAR DEBTS SUSPENSION

CHECK TO NEGOTIATIONS FRANCE ACCEPTS SCHEME WITH RESERVATIONS TERMS SAID TO BE UNACCEPTABLE TO AMERICA BRITAIN EXTENDS OFFER TO THE DOMINIONS While other countries have accepted Mr Hoover s war debt suspension proposal in the terms of the offer, France, whose actual loss in reparations is the greater, has accepted with reservations. The French Note, on being received at Washington, was described as disappointing and unacceptable, but it is believed that a compromise will be reached. In a statement in tlie House of Commons, Mr Philip Snowden said that the Government was offering the Dominions and India the same war debt concessions as President Hoover proposed for foreigners. Mr Snowden stated that he felt that he was interpreting the country’s wishes freely in deciding to offer the Dominions the oplion of postponing the whole of their war debt payment 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.