DEBTS QUESTION

Hokitika Guardian, 4 February 1932, Page 5

DEBTS QUESTION

AMERICA’S REPLY. TO BRITISH PROPOSAL. (AJmuid I’rebf Association. —By Electria Telegraph.—Copyright, i WASHINGTON, Feb. 3. The revival of Biitain'.s policy- ior general cancellation of u-parations and war .debts, as stated by Mr N. Chamberlain, m the Commons, drew no immediate reaction in official circles. it received a cold reception m the Senate however.

The proposal of the British Chancellor of the Exchequer (Rt. Hon. A. Chamberlain) for a general cancellation of both reparations and of war debts lias been received with interest but it lias created no apparent disposition to change the prevalent oliic.nl and legislative viewpoint, which is one opposing cancellation. High officials of the Treasury Department are non-committal. Among State Department officials and high-ranking Senators, the report has brought the general reaction that Britain had said, unofficially, in effect, the same thing before, without causing any change in the American viewpoint. v

Senator Smoot said he thought that it was hardly necessary to reiterate his opposition and that of many of his fellow senators to tho BriLisn proposal. He said: “The whole country knows how I stand uu that,”

Senator Reed, of Pennsylvania, said: “I am perfectly convinced Shat the position of Congress has been made dear, and that it is not going to bo changed.”

AMERICAN GOLD LOSSES

NEW YORK, Feb. 3

The Federal Reserve Bank has confirmed the New York banking houses’ order not to encourage the hoarding of American gold coins jn Europe, and will refuse to make further export of tho same. The export of gold in bars will continue. It is estimated that hoarding of American coins is proceeding, five million dollars weekly going to Switzerland, Belgium, Holland, Germany and France.