WAR DEBT SETTLEMENT.

Waikato Times, Volume 113, Issue 18875, 20 February 1933, Page 9

WAR DEBT SETTLEMENT.

(To the Editor.) Sir, —'Cabled reports dealing with the question as to whether Mr Ramsay Mao Donald should be included in the delegation to visit America to discuss the settlement of the War Debt state, inter alia, “While The Times urges Mr Ramsay Mao Donald to go, other papers oppose his visiting America." As the debts concerned were in- | ourred as a result of the late war in i which the soldiers who fought for Britain were the sufferers, in fact, thousands of them made the supreme sacrifice, it would be fitting If the delegates from Britain were composed in the main of these whole-hearted supporters of Britain when the war was raging and when the fate of the Empire was hanging in the balance. It must not be forgotten that, notwithstanding the apathy—and in some oases the opposition—of a small section of so-called Britishers, it was the sailors and soldiers who won the war, saved the Empire, and paved the way for better times. But since then the fruits of victory have been dissipated and thrown away by politicians and so-called statesmen giving ground at conferences similar to that to be held shortly in America. The result has been that Britain, instead of being paid for her sacrifices, is being bled white by America, and it is a strange coincidence that the Americans want Mr Mao Donald to represent Britain at the next conference, probably the most momentous of all. There resolute men of the Disraeli type will be required to stand up for Britain’s rights and not be dictated to. Statesmanship must take the place of sentiment and Britain’s rights must be maintained at all costs. Britain has already lost not only hundreds of thousands of men, but millions of money also, most of Which has been paid to Amerioa, and as a result we now see giant American liners oomlng into our harbours subsidised since the ■war by the Americans to compete against Britain. During the MacDonald regime the strength of our first line of defence, the Navy, has fallen to a dangerously low level, and while peace at any price" has been preached, others nations apprehensive of the unsettled state of the world and of surprise attacks, have been arming feverishly. These nations cannot be lulled into a sense of false security. They apparently realise the danger ahead, and by refusing to continue paying the extortionate demands of America, have given a lead towards world reconstruction in place of chaos. An attempt will surely be made at the Conference to coax Britain back to the gold standard. The object is obvious, The Americans having accumulated and “ cornered ’’ the bulk ot the gold of the world which they have artificially inflated in value beyond the powers of human effort to reach, have thereby created a credit amounting to many millions of pounds for Which they have paid nothing, and are now feverishly attempting to consolidate this position to enable them to continue to dictate to and control the destinies of nations gullible enough to be tied to a standard of exchange which by its artificial Inflation has automatically deflated the value of all other commodities much below the cost of production. In order, therefore, to regain stability in trading transactions gold must be deflated back to approximately its normal value and be released to circulate again in currency. This Is a point of paramount importance to the whole economic world, and If the Americans will not consider It then the sincerity of their j reiterations that they wish to avoid a continuance of the present world-wide economio war cannot be taken seriously. If the Americans are really desirous of re-establishing peace in the economic world they will wipe out the war debts altogether. Other nations have rebelled against the drastic conditions which America has imposed on them, and they have discontinued the payment of war debts. So far Britain has been the milch cow. How long she will continue as such depends on the calibre of our representatives at the Conference. It Is imperative therefore that level- headed, patriotic, all-British and resolute financial experts should represent Britain to fight her case. So far the politicians have made a mess of it.—l am, etc., ALEX. It. WILKIE. Takapuna, February 17, 1931!.