The Guardian And Evening Star, with which is incorporated the West Coast Times FRIDAY, FEBRUARY 17, 1933. STILL UNSETTLED.

Hokitika Guardian, 17 February 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times FRIDAY, FEBRUARY 17, 1933. STILL UNSETTLED.

American opinion is still far from unißed oji i.,e ueot .sextiemeut. me Co-ngeeas Jii puiGicuiar is opwiy lioaici-ie but ‘there are mopes when liu incoming Rresiaen. assun.cs otnce eany 11e.fi nnjnJa, iliat some iika© wuieouiaging statement wi-i be made, than na«, as yet, been announced. Lhe lirst overtmes ay to some form of cisot £U.tleme...t will to made. to Britain, Great Britain in December paid nearly twenty millions of debt to the United States under protest. And to way stated, also, it would be the last payment, for the country had not the resources to continue the toll. British trade with the States has been barred to a great extent by the tariff, and .payment through trading has become ‘impossible. International trade has so ..shrunk that exchange was greatly against Britain •attempting to pay the national currency, and this created an additional impost. The British stand now is based 011 the question of war debts and reparations which are a fruitful source of the economic depression all over the world. In consequence, attempts to continue paying could only accentuate the difficulties, and a; satisfactory basis should he reached to help a world recovery. American opinion lias not yet veered eye for eye with the debtors, and th. 3/ matter now seems to be approaching a very ci'itical stage. If Germany could pay the victors in the war, all would be well, and the States would be able ( to receive its debt. But Germany has not and cannot pay. The country is escaping the indemnity ' which was placed on. it. At the outset that indemnity was over six thousand millions. When it was found Germany could not meet that enormous levy, the Dawes scheme reduced the amount to two thousand millions. Still, Germany was a defaulter, and the young Plan brought the 'total down to one thousand millions, Still, Germany was a defaulter, and the Young Plan brought the total down to one thousand six hundred millions. Both these adjustments were made by leading Americans, that the States wa,3 fully cognisant of the situation. But Germany was still unable to pay and at Lausanne was virtually let off the debt. Germany has not paid a single penny of reparations out of its own resources. What, has been paid, was borrowed from other countries, and a goodly sum of the amount so raised was wrongly used for public works in Germany—which wa.s most unfair. It is right to think of the American position at this stage. It has its financial troubles, and its farmer section is greatly involved in mortgage debts. This is the main motive behind Congressional opinion. The agricultural community is o,i> pcsed to writing off the debt, for in that quarter there are constant demands for help, with taxation maintained for national security. If 'the debt were payable there would be relief in national government, and to that end public opinion hardens. Some decision must be reached beforp the next payment, which it is stated Britain will not he able to meet. The negotiations between the two governments next month is therefore frought with pireat interest to both continents as well as abroad.