MR LLOYD GEORGE.

Hokitika Guardian, 3 February 1923, Page 4

MR LLOYD GEORGE.

a Fi'ii'nii'S! Aimci.i'

DISCUSSES THE DEBT QUESTION

The following mid nil ot -'lr Lloyd Course articles, are copyright l>y United Press in America and all conntrie.'-, copyright in Australasia by the Australian Press Copyright in Britain hv the Daily Chronicle. ' (.'Reproduction in Dill or part, prdiibited).

Received this due at S a.m.t BON DON, l-’eb. 1

Mr Lloyd George continues that lii* ilisciis-ion ol Britain's debt. to Ameiica at the present stage can only embarrass the negotiations. 1 express no opinion as to the merits of the proposals or counter proposals submitted at \\ ashiagtoii. but 1 bare no doubt an agreement will be readied. It is eminently desirable that an arrangement should he effected. The American Government displayed the spirit of accommodation ami concession which is highly giatifv-

iug to those anxious to maintain a spirit of I riendsltip and confidence between the two greatest free communities oil the earth. The British Government also made a genuine effort to ar, live at an arrangement in a decision to take all the necessary steps to repay the debt. We could have paid for all the supplies required for our own use without resort to a loan from America. Nevertheless the money mis advanced on our credit and signature. Our credit as a nation, therefore, demands that we should pay, whether no can collect enough from our own debtors to meet this charge, ft becomes increas inglv doubtful as it is becoming more increasingly neediul. Britain is alone in thinking she is under any moral obligation to any external liabilities incurred for tin 1 effective prosecution of war. Why have the British taken a ilPi'pi-nt view from that adopted bv ,• - ..i \i|i. s. f have no do-are to offer censure or criticism upon their decision. They have no doubt, reasons for the course they are adopting. A mail hates reminding his friend at the end of a business in which belli have been < ngaged in warm amity, that lb-‘re is a Pttle balance to la- paid up. lie has been expecting his friend to mention the matter to him. tint the friend disappoints his expectations, and no hint coins from that quarter of any realisation that there is anything due. Thfriend is most insistent on collecting business accounts due to himself. ’He is am.:rv at the delavs in payment of ids own hills, but bis conscii-m-- is Idiml on the side of debts be owes himse'f. It is not an uncommon experience licit wc are sufferin'.-: throng!- ii to-dav. The war left us a creditor nation to the extent of two hundred millions and a debtor nation for hah ilc-.i amount M'■ rmnlilv accepted an invitation from nor liter ia discuss repayment, while

•or ,I• ■ I.; -rs have d>~idav"d an invim-d brnluol nice to ent'-r iiPn a similar discussion with us. That ought not to iiifluem-e our action. Britain is tingreatest of all ini oniatioiml traders. Di-v rr-dit: rests on the reputation she hi's well earned. Her bond is a sacred t'-iisi, which her people always Honour agrl redeem without counting the cost in toil and treasure. As soon as the war was over, lb'.- people ol Britain, with instinctive mpulso. set about restoring their war battered credit. Govern mv'et. hankers, merchants, tnanu-incluf-rs. end workers were of one mind that borrowing must end and Britain must pay her way, whatever the sacrifice.'-. Expenditure was cut d.-wn an I Ivav.v Laxntion imposed. taxation such as no other country hears. Brituin. means to pay the last ot her debts without a murmur. Already we are

i i-aping some ol tlte reward. Iho pur-iha-ine val-p- ni our currenCv i-r- ri-'-n and i|-,r- r-o--l of living has fallen steadily, wiiiie in other could ries which followed • • , Tie-rent police the cost of living is a-cr-nding nioutli hv niomh. A short t * 111 - * ago we were taunted in the French Clmmher by the President of lie Ceuncil that nor unsound linanelal policy was responsible for unemployment. It is true that laid we defied our foreign creditors instead of pay Ml g them, we might have fostered artificial prosperity, hut British credit would have disappeared beyond riiovery. I : hazard no opinion as to the percentage at which the terms of repayment to America will ultimately he fixed, hut whatever the figure the burden will he infiuitolv less than that of the indirect ■ burden involved in the large purchases with discredited currency. Why the deH was incurred. Hie circumstances under which it wits entered into, and flic purposes for which the money was advanced, are all matters whirl' tlte American government might well eon-j sider. in arranging the terms of repay- ( infill. That is, liowevr. their privilege, j Ours is to In noil r our signature. I