AUSTRALIAN WAR DEBT

Waikato Times, Volume 109, Issue 18258, 20 February 1931, Page 8

AUSTRALIAN WAR DEBT

COMMENT IN LONDON.

EXTREMISTS’ MALICIOUS ACTION

AIR LANG BLAAIED

United Press Assn.—Elec. Tel. Copyright.

LONDON, Feb. 19

The Financial Times, In a review of the circumstances of the Australian war debt, says the idea that the burden of repayment is onerous has been deliberately and maliciously fostered by extremists, in support of their general campaign for debt repudiation. The outcry against the alleged severity of the terms is belated, and based on a most insecure foundation. The overseas liabilities are largely a matter of contract between the Commonwealth or the States and the individual investor. With respect to the annual interest and sinking fund payments, the British Government might be able to lessen Australia’s difficulties, but it must 'be recognised that should any amelioration prove possible, it would needs be on the ground of sympathy, not of right. The writer concludes: ’'Other debtor Dominions might ' consider themselves aggrieved by their exclusion from similar privileged treatment.” The Financial News says Australian stocks are depressed by the renewed declarations that Air J. T. Lang favours a reduction in interest payments. Fortunately the exchange position has not become worse. If anything the pressure on the outside market has diminished and the rates have lately fallen to within $ to 1 per cent of the official rates.