The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, JUNE 17, 1933. WAR DEBT PAYMENTS.

Hokitika Guardian, 17 June 1933, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, JUNE 17, 1933. WAR DEBT PAYMENTS.

Britain lias ; found a temporary way out of the War debt payment without defaulting, and certainly, not repudiating, A payment has been mads* on account as ' token cf acknowledgment,. with a request that the United States ishculd proceed to have the war debts revised. A token is a symbol of good faith, and President Roosevelt has accepted the payment on account in the spirit made, and promptly made an offer to .discuss the position at Washington as, soon as convenient. As tl:,ei same time' he stated, he did not consider the'part payment a. default, and the terms in which it was made could not be considered repudiation. And so on the eve of the deliberations of the Economic Conference a momentous step was taken, and the way is the clearer for action. The -ire'-iminary (speeches at the Conference made frequent reference to a war debt statement. Mr MacDonald on behalf of Britain, did not leave his meaning vague, and other speakers were no less critical cf the stand America has taken. At the same time the lender of the United States delegation was definite as the Congress for which lie spoke, that he had not come to discuss war debts. Yet, the subject was forced upon the Conference, and the opening date falling about the tiingp Britain's payment was due, gave ■the subject a special prominence. American statesmen in general are opposed to cancellation, reduction or revision, but it is clear the President has other ideas, and though great be his majority in national votes, lie must walk warily. Certainly Air Roosevelt i,~, mere amenable than Mr Hoover appeared to be, for the latter was completely dominated by Congress. But while America would appear to have unchanging views on the war debt settlement, the force of circumstances is changing her miiul on other subjects. Mr Hull’s remarks at the Conference on the futility of tariffs, was a reminder that America in this regard is disposed to abandon her general attitude of t-clation. America, lioWever, has found she cannot do without a large volume of foreign trade, and the intercourse that it would carry with it. It would in itself be a means to permit war debts to be paid by the balance of trading and not by drawing forth the last ounce of gold. This olnno-c of view is nerhapp the most' tuneful of the general situation. America shows a willingness +r ' ‘'hmdop the doctrine of Mrr'we in trading, at least, and the roxfc step might be finance. The British statesmen have handled the i'.w' wisely :v'd vtol. They have not repudiated. Tliev show a willingness to pay if the United States will be reasonable. The famous Balfour note iis still observed by Britain, and she i-cJoed. America to forgive her war dtliters as Britain has forgive-, hers, j Britain’s v. ir debt we.-, • incurred ini tliepnain far the benefit of the nation.? involved in subduing a ruthless enemy which shewed a desire to overrun the i

world. "Wliat Britain did for the world as a whole, she did lor Ameri;a a« a part. The United States, profited by th-3 zeal and sacrifice cf Britain both nationally and financially, That country reaped a rich reward, and while the war debts stand, and the depleted countries -ar© able to pay will go on profiting. If the spirit which prompted the Balfour Note were to pervade America the: greatest issue of the moment would be settled, and the world would have the opportunity of settling down to effective rehabilitation.