DEBT PAYMENTS

Hokitika Guardian, 27 June 1931, Page 5

DEBT PAYMENTS

GENERAL SMUTS’S VIEW. [United Press Association.—By Electrw Telegraph.—Copyright. | CAPETOWN, Juiuj 26, General Smuts referred to President Hoover’s offer ns “the most oustnmb ing event jn recent years.” All the world, he said, looked to America for help, and site had not failed the world. Referring to ‘ the British offer to the Dominions, General Smuts said it would help Australia to re-establish herself, “but so far as South Africa is concerned, we are in the position to pay our debts, and we must do so. We have never had to accept a moratorium, and it would be a climb down if we did so now. I hope our Government, which was talked so much of ‘South Africa first,’ will put South Africa still first, and continue-to pay its deists. The Government should thank the British Government for the generous offer, but should refuse it.”

REACTION IN IT.S.A. OVER FRENCH COUNTER PROPOSALS. WASHINGTON. June 25. A feeling of considerable optimism regarding discontinuation of French opposition to the Hoover debt postponement programme has prevailed in U.S.A. Administrative circles but the United States stock markets, following on the reports of the French counter proposals, have reacted sharply, shifting from a strong opening, to tiie weakest closing that they experienced for several days. The Federal Reserve Bank of New York, to day announced that .it had in company with the Bank cf Trance and the Bank of England, extended one hundred million dollars of credit to Germany.

Reports also developed to-dav in authoritative circles that President Hoover would soon offer a plan to aid the bad financial situation in South America.

SOUTH AFRICA’S REPLY. (Received this day at 9.25 a.ml CAPETOWN. June 26. The Government have intimated the most cordial agreement to Air Hoover’s proposal regarding the suspension over reparations." and. it will gladly forego its share of such payments, whether conditional or unconditional. It inform, ed the British Government is highly appreciated its offer, hut considered South Africa’s circumstances , had not justified her taking advantage thereof.

LONDON COMMENT. _ (Received this day at 9.25 a.m) LONDON, June 26. The “Sun-Herald” service states:— “Legalised Bolshevism in city business, was the description of Air Lang s intention of applying the levy on undistributed profits. They declare the measure will wreck industry and precipitate economic chaos,”