DEBTS TO U.S.A.

Hokitika Guardian, 15 February 1923, Page 3

DEBTS TO U.S.A.

AT'HTR •> i,T.t S’ AM) 5.7.. c.WU.K ASROOIA ItoS

Ti l L DIOBT I’AVMFNT. NKW YORK .FiJi lb

The Senate voted to displace the Ship Subsidy Bill, leaving a right-of-way for the British Debt Settlement Bill. The measure will immediately be called up. and will be. debated to-day and to-morrow. If not voted upon by to-morrow night, a definite time will lie fixed for the vole. WASHINGTON. Fel> 13.

Senator Alrt'umbor, in opening the debate, declared: “Tiic greatest service the ('iiiti)cl States can render the troubled world is to show the utmost elnieney to the debtor nations, a. settlement of whose, debts should he made in the light of each nation’s economic situation and ability to pay.” lie bolted that the British .settlement would prove a lesson, if not an inspiration, to other debtors to validate their obligations. Mr McCtnnbor argued that, the British terms were the best obtainable. It was a great deal bettor to get some money moving into I'nitcd States Treasury than to lot debts stand in the exportation of more favourable terms.

In the Debt Debate, Senator Smoot predicted more favourable terms than Great Britain and lie did not think the other nations would agree to come to terms as Britain did.

Senator Borah, interrupted, declaring the Debt Settlement would not stabilize world conditions ns long as

Hu rope continued spending money on vast armies and nnvio". Ho pointed out Hint? the Dinted Stalls by settling the debt would rclimpii-ii one powerfill agency it held to bring about a European sane peaceable policy. S siator Pomoreiic ironically suggested that an Hconomic (.‘oiitereiice and

s-ociation of Nations would cure the world of its ills. To which Senator Borah retorted‘‘You may treat it. lightly if you wish, but tin diet remains that the mere settlement ol debts while the security In,bind the obligations remains unset tied, does nothing towards stabilising the economic t ions.”