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Hokitika Guardian, 2 April 1931, Page 4

The effect of the war debts on the trade of the world is a recurring subject. A New York correspondent to ■\ London commercial journal writing in .Ja,unary, pointed out a mild sensation was caused there when Air Albert H. Wiggin, chairman of the board oi the Chase National Ifan.k, cami' out in a recent statement with, the declaration that the present commercial depression there and abroad will continue until the war debts of the Kuropoan nations were either cancelled or reduced. and until the TaritT Act was modified ; perhaps, he al~o said, wages in th.‘ States, might have to he scaled down. Air Wig-gin is eoiiddered such an important banking bead, and Ins bank so important, that what he says in a public statement causes many to sit up and take notice, hits declaration in a report to his stockholders was not at all to the liking of President Hoover, it is said, a.nd certainly not to the liking of many members of Conirress. Yoi there nro shrewd business men in the nation who come to the conclusion that there is a great deal of truth and wisdom

in which Mr Wiggin said. In fact the tariif .-till continues to get a large Mare of atteniun. and the revision of the war debts-a,s.i nines in now for more favourable consideral ion, although there are some dielmids ulti'auatio.s who ere bittrily opposed to sealing down I lie amount of deal repayment-- egri'i d upon between tliicountry a: d Eure-; •can countries, which they contend would only he putting so miie.il more on the Ameri an taxpayer. However, say-, the corrosnoiidcnt the ca.nl lljiion, reilit.-l too., or -postponement of war debt payments does not seem to have entered the realm of practical polities yet, although one lending candidate for the Democratic nomination for Pre-ideiit in 1032, Governor Albert G. Ritchie, four times elected Governor of Maryland, has ro'ently come out lor io' v Ihi i ion or reduction.

end that brings it almost within practical politics, because it L quite on the cards t ii.it he may rccivc the nomination. He is next in the running to Governor Roosevelt in. New York (State. On Hie other hand, the New York World. an independent Democratic dailv. declares that before Congress would even re; ou.sirler revision of the win' debt payments European debtors would have to ask lor il themselves on the ground that they found difficulty in meeting payments due. and because of the terrible economic handicap, it is considered in the Bt.nt.es by many people that Great. Britain got the worst end of the deal when it arranged its war debt pnvuipnts. and that other countries got off much easier.