BRITAIN’S POLICY

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

BRITAIN’S POLICY

ALL DEBTS SUSPENDED. MR SNOWDEN’S STATEMENT. [British Official Wireless.] RUGBY, Juno 24. An important statement was made in the House of Commons by Mr Philip Snowden, regarding the policy of the Government for giving practical effect to President Hoover’s proposal. Mr Snowden said: i ‘As the Prime Minister informed the House on June 22, the Government of the United Kingdom subscribes 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. “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, that declaration constitutes a very great gesture on the part of the United States, and it will be a thousand pities if Europe docs 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 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 is no time for a conference. A more prompt method must be found for putting into operation the proposal of the United States Government for the complete and immediate suspension of German payments to the creditor Governments. The procedure which we would favour is that the creditor Governments should forthwith notify the Bank for International Settlements they agree to the proposal for the suspension for one year of all German payments due to them. “The decision does not rest w’ith us alone, and we arc awaiting the views of other creditor Governments, but we hope that it may be possible to secure agreement on these lines as soon as possible. President Hoover’s proposal applies, however, to all intcr-Governmental debts, reparations, and relief of debts. The British Government for its part accepts this proposal in the spirit as well as in the letter, and they will accordingly be ready to suspend for one year all such inter-Governmental debts due to them as soon as President Hoover’s proposal has been generally, accepted, and in the meantime as from the Ist. proximo they will refrain from claiming instalments that may fall due as regards the relief of debts. “His Majesty’s Government is at once taking steps to inform other European Governments which hold relief bonds of their action and will invite them to co-operate.’’ Other Parties’ Views. Following Mr Snowden’s statement,. Mr Baldwin, on behalf of the Conservatives, said that he would content himself with saying that the Government bad taken a course fully consistent with the dignity and 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 on as to how the Budgetary position in this country would be affected by the Government’s policy. DEBTOR NATIONS EXAMPLE OF DOMINIONS (Times Cable) Received June 25, 9.10 p.m. LONDON, June 25. The Times, in a Leader, says that though the internal war debts of the Empire hitherto have been regarded as a purely domestic matter, the Government very properly has refused to treat the Dominions with less generosity than her foreign debtors, making a total sacrifice of £11,000,000. This is not a bad example to set debtor na tions.”