Untitled

Hokitika Guardian, 24 June 1933, Page 4

An interesting suggestion in regard to war debts was made by Lord Wakefield at the 123rd annual meeting of the Nor til-Brit:,:,oi and Mercantile Insurance Company. Complete cancellation would, lie. said, be a wise and statesmanlike course, but failing this there was a way in which relief could be given, by creditor nations to their debtois. That way would be for them to> give up all claim to interest and let all payments be treated as i; titalmeiits of capital. The original debt of Great Britain to the United States, lie pointed out, was over 4,CG0,090,090 dollars. Under the arrange, ments now in force this is to be paid off in about 60 years by ban-yearly annuities, and the total Britain has thus contracted to pay is approximately 11,000,0/9,000 dollars. So far we have paid 1,400,000,090,000 dollars cf which 1,-T00,000,000 dollars represents interest. Thus while the total paid is equal to one-third of the liability, the actual capital repayments have only been one-twentieth. He thought that in any consideration of the matter with the United States that sum of 1,400,000,039 dollars treated a.s capital might be taken as a starting point. There is a fascinating simplicity about- the suggestion which is certainly worth keeping in mind, remarks a commentator. American public opinion is still proving very difficult on the subject, and how far Mr Roosevelt will feel justified in going has yet to be seen. ‘A a Lord Wakefield continued, however, there are signs of a real and growing desire to find a n equitable solution, and with some “give and take” on both sides, it should he possible to reach a settlement.