AMERICAN ITEMS.

Hokitika Guardian, 5 October 1922, Page 2

AMERICAN ITEMS.

AUSTRALIAN AND N.Z. CABLE ASSOCIATION. ✓ U.S.A. HELP. WASHINGTON, tct. 3. President Harding has appointed Mr Will Hays head of a committee to co-• operate with the Near East relief in aid of those distressed in Asia Minor. 36r BANKERS’" CONFERENCE.

(Received this day at 8.30 a.m.l NEW YORK, Oct 3. Mr McKenna addressing the Bankers’ Convention pointed (flit that M IC spoke as a banker, expressing his personal views, not in any representative character. He declared Concerning the British debt to United States that the primary essential duty of a. debtor is to discharge the liability. Until this is done, all observations on debts, origin and economic consequences of international payments aie liable to he viewed with suspicion. A creditor may, if he likes, open, a question of that kind, .hut the debtor should admit the obligations without discussion. England has the ability to pay, and I can unhesitatingly assert! her determination to honour her bondV in full. I believe I am justified in asking you to treat the English debt to United States as certain to be provided fori Mr McKenna went fully into thd question of German indebtedness expressing the belief that she would lie unable to meet the reparation demands, and pointed out that oven if able, it would he by increasing exports. To do so, would mean that she would be compelled to reduce imports, cut profits and lengthen the working day, in order to meet other countries competition. The latter would have to do tie same, thus lowering the standard of life l all round, and further upsetting the world s economic situation. _ Answering criticism that Germany was undertaxed compared with Bra tain, Mr McKenna said lie Britain was over-taxed, which was depressing national production. In his opinion the only way Germany would approach th e Allied demand would be to persuade Germans possessing foreign assets to sell them to the German Government at a small profit, so that the Government could turn them over to its creditors. Ylr McKenna added that no solution of reparations was possible unless political considerations were subordinated to economic facts. This general a argument was applicable to other mi ternational debts. Only bmgHnd possesses foreign assets. Ita y . France are without similar wealth reserves. He pointed out that 1' nance s debt to England was far too great to he settled by trade exchanges, • England being utterly unable to absorb French surplus production. Thus England is the only nation aide to pay United States interest and sinking fund on her debt. No other nation was able to meet more than a small pait of the 7" liabilities. A definite" postponement of any payments is desirable m the interest of |all parties. The actual amount they will ultimately be able to nav should be ascertained by inquiry , regarding tlieir exportable-surplus, at a full, frank conference between creditors and debtors.

PRESIDENT HARDING’S APPEAL. . (Received this day at SMO a.m.) NEW YORK, Oet. 5. Mr Harding sent a message to the Bankers Convention. He suggested that American financial interests might aid in the financial economic reepnstruction of the world. He declared the increasing appeals to the uorld for American co-operation in solving pioblems resulting from the war, cannot y be denied. That appeals call for the . application of the same spirit of operation which is the basis of the banks development. I wish to to > conviction that another and elusive and perhaps more diflieult opportunitv for service is' presented.