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Hokitika Guardian, 23 February 1923, Page 2

‘■Tin: British settlement is a great substantial fact in the midst of world confusion. For that reason it will be of great value, not only to the United States ami Britain, but to the world in general," declared Senator 11. C. Bodge, speaking in the United States Senate last week in favour of the British Debt Funding Bill. Senator J. A. Reed, on the other band, violently attacked the settlement : but even this attack only served to throw a stronger ligli iiiioii the importance and value ofthe measure. “The (52 years' settlement," he contended, “constituted a virtual alliance, as it tied up America with the fortunes of the British Empire for nearly three-quarters of a century." That is undoubtedly the ease. Senator Reed, of course, being opposed to all “European entanglements” put forward this contention as an absolutely clinching argument against the ratification of the settlement. But. like the prophet Balaam, in Old Testament history, he "came to curse but remained to bless.” It- was upon the strong American sentiment against ‘‘entangling alliances” that the Senate based ilsTiostilitv to the Treaty of Versailles and the Covenant of the League of Nations: hut the ratification of the debt funding settlement will bind together, for at~ least the 62 years over which the payments are extended, the fortunes of the British Empire and the United States, the fortunes of AngloKaxotulom. of the whole Englishspeaking world. What this welding together of Britain and America means, the benefits it will shower not only upon the two countries immediate,> concerned hut upon the world at large, cannot well he exaggerated. F< >r, great in itself, it must inevitably lead to still greater things.

Si-hakim; of the Ruhr, a substantial fact in all the confusion with regard to the German reparations, a fact that deserves to be noted—though, of course it is not comparable in importance

vltli the funding of Britain’s debt to America—-is that tho German Treamry bills, which were given to BeL rjuni last September on account of the •eparations owing to her, and which ell due on Friday last, were duly paid it. Essen. This is a small thing in tsclf, but it may prove to be of great significance. The London Rails leiojraph” reports that tho Germans have been testing various channels in Lonlon for some time, sounding the possi- i bililies of British mediation in regard to the Ruhr. But the results show, we ire told, that "all kinds of British circles insist that not a finger will be rai=ed in the direction of mediation, until Germany begins to use her own lingers to grip her industrialists by the neck and gives assurance that the necessary guarantees will be really forthcoming from tho magnates. Ghat is unquestiosnbly the right attitude for Britain to take up. None other is thinkable under the circumstances ; and it is good to learn that “Berlin is hilly aware of this state of mind (in Britain) and that there may be developments m few da vs, if Herr Citno feels strong esom'h to force genuine guarantees from" the capitalists.” It is quite pusnil,le that Germany’s prompt pnyiiieut of the September Treasury bills to Belgium is tlie first fruits of _ the knowledge at Berlin of how Britain views vim*""Question of mediation.