The Guardian (And Evening Star, with which is incorporated the West Coast Times.) MONDAY, NOVEMBER. 5th. 1923. FRANCE AND FINANCE.

Hokitika Guardian, 5 November 1923, Page 2

The Guardian (And Evening Star, with which is incorporated the West Coast Times.) MONDAY, NOVEMBER. sth. 1923. FRANCE AND FINANCE.

NEWsr.vi'Eus to hand in the last- English nntii, remarks an exchange, show what a painful impression was made in Britain, bv what the ‘'Manchester Guardian" called at the time “M. Poincare’s contemptuous rejection of the offer to waive nearly two-thirds of our

limtneial claims upon Europe." l! will be lenitMiiberei! that the French Premier not only rejected the British offer but chaiged Britain with demanding sacriiices from t lie Allies and with making none herself -a charge so illnatured and unjust that ft cum.- as near to ending the Entente as the words of one individual can tome. The facts are so extraordinary that it becomes a duty in tell them over again. The i<• |.millions which France demands are bn-od on a schedule of payments fixed in London in May. 1921, the present value uf her share being, on her own officii! 1 ealt illation. 1700 millions sterling. I’uder the same schedule, and by the slime efticial F'rciieli calculation the present value of Britain’s share is 71 d millions. France claims, however. that she has advanced to eertiin of her Allies between 250 and 300 millions, so that if we give her the benefit of the outside estimate. the world owes her in all 21X10 millions. But Franco owes Britain 600 millions, and i lie Hinted Stales 700 millions Ulm la-t obtained with the aid of Britain's credit', and on her own figures therefore has a credit balance, at best, of ddO millions. On the other hand Britain’s claim against her Allies in 1893 millions, or it wo leave Russia out, 1200 millions - half of which, it must be noted again, is owing from prance, and on none of which has Britain tcceived a single penny of interest. Yet- this selfish, ungrateful Britain oilers to settle all Briti-h claims tln'sc against Germany for reparations (7ld millions', and those against her Allies for money lent, to them (000 millions to France atone) for the present value of the amount, due to America (710 millions'. And France shows her apprecia 1 ion of that oiler (It hy charging Britain with demanding sacrifices. hut making none, anil (2) by renewing her demand for 13t)0 millions. Gee of any obligation to pay her debts to Britain and the I'ti.ited States. In brief, she asks twice as much as the balance in her favour—and these Bntons who can no longer be patient under such rapacity are told that they are betraying llieir friends! Get. it not lie forgotten, either, lino the present prosperity of l**i a nee is almost as preliouncOi! as the distress m the [Tilled Kingdom. Even the "Spectator." a Conservative English weekly and stoutly Francophil, is forced io say that nothing could be further from the truth than the mu ion that prance is ‘a poor devastated country to whom it is brut d 11l recall the facts of any situation. . • France, is. at. the mo-

ment. the one really prosperous couiif'y in Europe. . - . She has gained the two magnificent mineral ureas ot Alsa e and l.oiraine; -lie lias laigoly restored her devastated provinces: her agriculture i' still the magnilicenily suro foundation on which he** wealth tests: and she has no unemployment in he: industrial centres. . . • The fact is t.bat she is refusing to honour her debts, not because slie is weak and poor, bill he-aiiM* she i~ si long mill rich, and feels tliai. ill no ciivnmst anees can she/he compelled to pay.' II ili’t is strong and strange language, tar stronger than any that we have ever us.-.l vltrselvi s. the ‘Spectator* lias tome.

to -co that charity begin- at home; Dint (an Sir Hubert Home put, it ill a reply to M. Poincare) •’even the honors and the mh-iows of the war veie, lti some respects. le-s biller and more capable of being endured than the long-drawn-nut agony of this continuous anil peisistent distress arising from unemployment.”; and that France adds another period to that, agony evoiy lime she says, like Sliylc/.-k, that she will have nothing but her bond.