THE WAR DEBTS

Hokitika Guardian, 25 January 1933, Page 2

THE WAR DEBTS

RjIVIL WAR OBLIGATIONS

STILL' OWING.

LONDON, January 5

In view of the omission of the United States to indicate her attitude on the question oi war debts until after March 4, when Mr Franklin D. Roosvelt will assume office, the' British Treasury continues to favour the sending of a mission under the leadership of Sir Warren Fisher, Permanent Secretary to the Treasury, to the United States. Its function would be to advise the British Ambassador at Washington (Sir Itonald Lindsay) in framing Bntain’s case.

Diplomatic circfes, however } conaider that tire real necessity, namely, instruction of American public opinion, can best be achieved by prominent unofficial economists like, Sis Josiah Stamp and Sir James Salter delivering non-party addresses. Informed circle's in Washington predict that while Senator H. Johnson develops his proposal to compel the payment of war debts due to the United States by legislating to debar defaulting Governments from making private loan arrangements in the United States, British bondholders will plan a drive to collect 1,/ 50,000,000 dollars (£350,000,000 at par), of debts and accrued interest owed by eight southern States, which defaulted in the majority of their loans made after the Civil War. When the Federal 1 ! Administration imposed northern Governors on the conquered south, they negotiated British loans. On resuming Self-Government the States repudiated those debts. They are: Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, and North and South Carolina. # i V 1. .......