The Guardian And Evening Star, with Which is incorporated the West Coast Times. SATURDAY,SEPTEMBER 23, 1923. INTERALAED DEBTS.

Hokitika Guardian, 25 September 1926, Page 2

The Guardian And Evening Star, with Which is incorporated the West Coast Times. SATURDAY,SEPTEMBER 23, 1923. INTERALAED DEBTS.

On the assumption that there is no hitch in tun agreement with France, the war debt position as it allects the British taxpayer may be instructively examined, slates the Otago Daily Times on the above question. There is the question whether Great Britain can balance the accounts on the two sides of the ledger. Against the present payment oi thirty-three millions a year to tiie United States, her only creditor, she may set, if ail goes well, twelve and a-half millions from France, four millions from Italy, two millions from certain minor Powers, and iilteeu millions from Germany, the last-men-tioned amount being three-fourths of the maximum due to Britain under the Dawes plan. There will he a small surplus, on this calculation, over the present figures payable to the United States. But reservations and doubts thickly beset the annuities that are to come from Britain’s creditors, and there will in any case lie a considerable deficiency when the British payment to America reaches its maximum. “There is a gap,” observed Mr Churchill when juggling with these estimates, “a margin which perhaps some day Russia may be anxious to fill.” Russia owes Great Britain £800,000.000 which she has repudiated, war debts and pre-war debts alike. Although Great Britain does not abrogate any of her claims against Russia, the prospect of any balancing of this war debt account is too remote for serious consideration. Both Italy and France are expected to pay in full their debts to the United States, though the interest charged will be at a low rate. Mr Churchill has pointed out that when all the war debts had been funded to the United States, “that wealthy and prosperous and great republic,” will be r oeiving directly and indirectly, “at least 00 per cent, of the total probable reparations from Germany, and the first reparations, the first 60 per cent, as it were, which will be payable by Germany.”