BRITISH POLITICS.

Hokitika Guardian, 18 February 1931, Page 5

BRITISH POLITICS.

IN THE COMMONS. AUSTRALIAN WAR DEBTS. (United Press Auiotiation—By Electric Telegraph—Copyright). (Received 10.20 a.m.) LONDON, February 17. Replying to a question in the House of Commons, Mr P. Snowden said no communication was received regarding the Australian war debts. MR SNOWDEN EXPLAINS. (Received this day at noon.) .LONDON, February 17. Mr Snowden at a meeting of the Labour Party, specially called to hear him further expound the financial policy complained of misreadings and misiniterpretations of last week’s speech. His referencs to imminent sacrifices meant increased taxation. The suspnsion of schemes of scial development was in nowise referred to as a possible attack on wages. He was convinced that Labourities when they recognised the hard facts they wr up against would not shirk facing them. LONDON, February 17. The portion of the note whereon the debt repayment settlement was made provided that there should be correspondence between what we pay America and what we receive from our debtors. That has been fulfilled. M,v Wise asked.— -“it is not the case- we on bnD once receive five or seven million more than we pay America?” Mr Snowden.—“l do not think -so. Of course such correspondence varies from year to year.”

Replying further to Mr Wise, Mr Snowden said Australia would receive £826,000 on account of reparations in 1931-32. Australia was due to pay Britain £5,548,809 on war bebts in the - same period. Mr Wise asked. —“As every pound paid on war debt is a pound less for Australia to purchase in this country, would it be worth while in vieiv of the unfortunate position of Australia to reconsider the basis of" repayments?” The Speaker here intervened and the question was not answerd. . Mr Wise,then sought a comparison of percentage in allied repayments and our payments to America in 1931-32. Mr Snowden said.—“ Our payments to America is three decimal sixty-four per cent of the capital sum outstanding at the beginning of the year. The corresponding figure for Australiah repayments to Britain is 6.96 per cent. J t was impossible.in the case of French and Italian war debts to Britain to express distinction between capital and interest. Mr Wise.—“ls it not a fact we were expecting Australia to pay four or five times as much per annum corresondingly as France and Italy pay us.” Mr Snowden.— “Wlutt we expect from Aus trail (land what Australia is paying is a sum due under an Anglo* Australia agreement-”