BETTER HEARING

Hokitika Guardian, 18 April 1932, Page 3

BETTER HEARING

AL. SMITH’S PLAN. POSTPONEMENT OF WAR DEBTS. (United Press Association—By Electric Telegraph.—Copyright.) NEW YORK, April 14. Smith’s debt reduction and interest postponement proposals (as a.ready cabled) have now resulted in a cotis.dernblc reaction in tile public press. A leading article in the “New York Sun” suggests that the are potential important economic proposals, it continues: “The British Imperial Conference at Ottawa is likely to grant to Australia and to Canada the r.oh privilege of selling to England most ot tlie wheat needed. As matters stand, the American grower will he undersold on the British markets, hut they would ho beaten if an expert- subsidy, such as that which Mr Smith suggests lowered the price of American wheat to England b.v 25 per cent, without reducing American farmers’ return lor the grain. The article goes on to outline the various amounts of the reductions nccruahlo for the largest debtors. It says the figures are ones indicating (hat Mr Smith has apparently studied the question in viou of previous trade reports. The figures a,re considered

The “Now York Times,” without accepting the proposal outright, comments as ‘follows: “The. proposal may prove to have ultimate value, hut its great immediate value is its blunt assertion that we have been dealing with this question in a way that is bad for ourselves as well as for the rest of the world.” The Now York “Herrld-Tribune” characterises the proposal as “exceedingly difficult to defend from any economic angle.” However. it commends Mr Al. Smith’s courage in thus discussing the issue. ft candidly suggests that “it might he an ingenious political device to make debt cancellation palatable to the American voters.”