The Guardian And Evening Star, with which is incorporated the West Coast Times MONDAY, JULY 25, 1932. LAUSANNE AND AFTER.

Hokitika Guardian, 25 July 1932, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times MONDAY, JULY 25, 1932. LAUSANNE AND AFTER.

In the first blush, Lausanne was acclaimed as a stepping stone to a world betterment. But Lausanne, was not the whole story, and wtoean the existence of the subsidiary agreement came to he known, the public acclaims subsided. All the samej Lausanne was amaterial advance, if it was not. the first essential step to be taken ih the unrhveiling of Europe's plight as a result of the war. The agreement conditional , to Lausanne is in part essential to the writing down cf y the reparations. This is so, because it has been, announced that Lausanne cannot be ratified, unless the Alli'.d Powers of war-period, are» able to, come to an agfieemtent 'regarding their war debts. The point seemed tope raised that this agreement also involved the debts dule to'the United States, but Mr MacDonald; has stated positively that is not. so, The agreement therefore applies mainly to debts of the European 'Powers to Great Britain, There is a very large debt dui.) by the Allies to Britain, much of which debt was incurred by Britain to the United States for tho benefit of the Allies of th'. former. The sum is a very large one. payments eixtLmd.ng ,for many years. Apart from these debts, there is the European war debt to tfie United States, and this is much the greater sum., With matters at this stage it would be interesting to know what the United States will do. If that were disclosed, the way would he easier to a complete sett’tement. At the moment the States is very much engross: d in this Presidential election, and parties are'careful what may be said on this subject of debt cancellation. It would appear Britain, cannot bo too generous to her Allies of tbs'war years, til 1 Britain’s treatment by the United States is known. Meanwhile Britain is fulfilling her to America, whereas vtory little' is'being received from the Allies to reduce the debt owing.-. to, Britain. It remains to be seen how long this can go on, and it will be to thle aft:r events of Lausanne whence .will', come the more determining stage of the war debt settlement.