ANGLO-FRENCH DEBTS

Hokitika Guardian, 29 August 1925, Page 3

ANGLO-FRENCH DEBTS

HOW CHANCELLOR WAS BLUFFED AIR CHURCH ILL’S LACK OF ABILITY. [Australia A N.Z. Cable Association.] LONDON, August 28. The “ Daily Express ” in a remarkable article headed “ A Financial Gallipoli— How Caillnux Toyed With the Chancellor—manoeuvres in a Great Intrigue,” says:—“Now that AI. Caillaux has returned to Paris full of deep gratitude it is possible to disclose the inner history of Mr Churchill’s financial Gallipoli and its serious consequences. The conference in London in July was limited to experts. There were frantic denials when it was reported the conference had broken down. Mr Chamberlain feared the atmosphere for negotiating the pact would he ruined and Cabinet hastened to offer to accept sixteen instead of twenty millions annually. This was the first surrender. M. Caillnux is otic of the world’s astutest minds, famous for hold bluffing, and lie immediately saw how he could profit from the offer. There was a- fierce outburst in Paris press against tluj heads of the British treasury and the object was to silence and render powerless tlie watch-dogs of British finance. AI. Caillnux wanted to get Mr Churchill away, the experts knowing the latter’s lack of ability to handle figures scientifically. He succeeded this week, simply toying with Air Churchill. Tired Ministers wanted to go on a holiday, but AI. Caillnux stayed out. His persistency was astonishing. He wore Mr Churchill down from fifteen to fourteen and then to twelve and a-lialf millions. This was the second surrender. AI. Caillnux has more up his sleeve, lie wishes to use the British offer to beat down America and has hinted that the new developments may produce a revision of .Mr Baldwin’s settlement. There is no chance of that : but there is the unpleasant risk that Britain and America may become embroiled. There is also Italy! What can wo expect from Italy, if we are ready to permit France to pay us with a moratorium.” BAD BUSINESS. LONDON, August 27. Tlrndbur.v interviewed hv the Central News Agencv said: “Frankly I am alarmed at the new British offer. Ido not think we ought to have accepted less than twentv millions a year. If there had been a spontaneous French offer, somewhat below twenty millions there would have been a lot to lie said for its aeeeptanee ; but writing off twothirds of tlie claims without improving the security for the other third is not good business. I think there is the danger of tho British proposals being further whittled down before aeceptanoo, as they are at present, with the avowed intention of demanding - a reduction Inter. If France obtains similar terms from America she will cover all debt payment, if only half the Dawes annuities are received. Britain, on the contrary, will he several millions short of covering commitments to A mcriea.