WAR DEBTS

Hokitika Guardian, 11 June 1932, Page 5

WAR DEBTS

’ FORECAST GIVEN WORLD ECONOMIC CONFERENCE. (United Press Association—By Electric Telegraph.—Copvriglu.; LONDON, June 10. While the Prime* Minister, Mr R. MaoDuiiald’s, meeting with M. licrriot (French Prime Ministei) wli.n eii route to Switzerland, is every when; we.coined, tliu.-e is still but. IjLLie sign that'permanent agreement at the Lausanne Conference on tho j operations is possible, according to the ‘‘Daily Telegraph.” Official, circles in Loudon, the paper says, expect the procedure to be somewhat as follows Germany will declare her inability ever to lesiime the payments. Franco will not accept this position. The immediate result will Da an extension of the moratorium, until the end of the year, the appointment of committees, and an adjournment. Then will come the holding of a World Economic Conference at London in October, when there will be a similar appointment of technical committees, followed by an adjournment during the American elections in November, The World Colllereiice will then emerge as a Plenary Conference, when the American policy is re-stated. Tho London and Lausanne Conferences, in light thereof, wid enter on their final stages at the end of the year, in an attempt to reach a decision. It is understood that with the advent of M. Herriot, the French attitude lias undergone a modification. It is believed that the new French Government might even consent to the cancellation of the Allied war debts, or that Britain may agree? to join France, Italy, Belgium and the others concerned by serving notice on America of their inability to pay the debts, since they themselves are receiving no more payments from Germany.

It is reported from Berlin that Chancellor Von Pa pen himsc-lf has decided to go to the Lausanne Conference, and that he is leaving on Tuesday. BRITAIN AND AMERICA. RUGBY, June 7. In the House of Commons, Major Elliott (Financial -Secretary to the Treasury) was asked what amount included In Britain’s war debt to the United States was represented by' the guarantees that wei'e given by Britain for material supplied direct to France on French '''account during the war. He replied that the British war debt to the United States contained no specific items of the kind referred to. The position was that, if Britain jhad not had any call's for assistance from her Allies, it would have been unnecessary for her to have asked for assistance from the United States Government.