DEBT SETTLEMENT

Hokitika Guardian, 18 January 1933, Page 5

DEBT SETTLEMENT

ANOTHEB SCHEME

CHICAGO LAWYER’S PROPOSAL.

(United Press Association—By Electric

1 eiegra pH—Copyright?

CHICAGO, Jan. 16

Mr Salmon P. Levinson, a emcago attorney, wiio lias participated m international negotiations on war aeots, said tiuu ne nad evolved a plan to lift tne log or depression, and tout a country vv'iue movement on oenaii oi it had been launched. Liis suggestion is lor a universal iour-years' armament holiday ; a progressive reduction oi arms during mat period to a ratio of fifty per cent or tne present- status; and at tne end ot the Holiday, a sett.ement of European war debts'to the United btates, on the basis of a billion and a-quarter dollars.

air Levinson said his plan had the support of toenatoi's Borali, Vandenburg, la Toilette, Glass and Hastings.

| The plan provides for tiie payment, after the four year arms’ houclay, or 1,250,000,000 dollars by the European debtors to the United btates, in settlement of Europe’s 5,000,000,000 war debt to America, the payments to be made m four annual instalments of 312,000,000 dollars' each. There would under the plan be at the same time a saving to the United States, in its war budget of 1,400,000,000 dollars, through the four year arms’ ’'holiday; and a further saving of 2,400,000,000 dolLrs f-r eig.-t years thereafter, -through the fifty per cent reduction in araments, “thus making the total saving in the twelve years equal to the full amount of the present worth of 1 the Allied debts.”

Mr Levinson proposed that European nations also reduce their armaments by fifty per cent by the end of the four years’ holiday.