FRENCH WAR DEBTS

Hokitika Guardian, 11 August 1926, Page 2

FRENCH WAR DEBTS

(Australian A N.Z. Cable Association.] NEW YORK, August 9. Al. Clemeuceau’s letter to President Coolidge, despite the President’s announcement that it would remain unanswered, since tile debt question was considered closed, has aroused a great deal'of interset and comment in the United States, and has again revived the efforts of a staunch minority of prominent men who, from the beginning, have advocated the cancellation of the. Allied debts. The Editor of “ The Afanufaeturers’ Record.” one of the most important industrial magazines in America, has cabled Al. Clemencoau stating that millions of Americans deeply regret that the debts are not cancelled,\and saying that his letter renders a service to this country. Official circles at 'Washington,- especially those with a strong Republican leaning, view the letter ns the product of politics on both sides of the water, with foes of President Poincare and the United States Democrats furnishing the chief inspiration for it; but they admit .that it jeopardises the ratification of the agreement- already proposed.

The AA’all Street reaction was a drop of six points on French exchange, this reflecting renewed doubt concerning the stability of the French currency as the result of AL Clemenceau’s plea. The newspaper editorial opinion is adverse. The “New York Evening World ” says: “Loan money and love friend.”

Tho “Boston Herald” says: “ Tho claws of tho Tiger are sharp, but the thrust is hardly deserved.” ' The “Chicago Tribune” says the •French demand is unfair in various ways.

The “Cleveland Plain Dealer” states that, unless it is shown that France cannot pay without suffering serious injury, there is no likelihood that American sentiment will sanction a complete cancellation of her indebtedness.

The “New York Times” asks:— “ Ought we not to open your eyes to the need for a general reconsideration and readjustment of the war debts before many years arc past?” . ' NEW YORK, August 10.

A Philadelphia -message says: Mr Pierpoiit Noyes, former head of American Department of the Inter-Allied Rhineland High Commission, declared: “The appeal from M. Clemeuceau requesting President Coolidge not to place the landing" of the war-time debts on a purely commercial basis is worthy of careful consideration. M. Clemeanceau says, rightly, that there is a difference between commercial debts and war-time debts. American policy must in time realise this. We are 120 million people. Tho collection of ten times the war debts would not repay us for gaining the hatred of 45 million in a world which will have forgotten the war and will think of the United States only as an inexorable financial tyrant.

GERMANY PAYS. PARIS. August 10. The Agent-General for Reparations announces that Germany has paid 93,023,000 gold marks for the second year of jdie Dawes scheme, ending July 31st.

France revives 43,393,000 go] marks.

The British Empire receives 17.416.000 gold marks, including 14,716.000 marks under the Reparations Recovery Act.

Since the inception of the Dawes Scheme the British Empire has received 390,842.000 gold marks. France has received 883,820.000.