WAR DEBTS
UNITED STATES AND EUROPE
WELLINGTON, June 26
Reviewing world conditions in his address at the annual meeting of the Bank of New Zealand. to-day, tho chiiirman of (directors, Mr R- W. Gibbs, referred briefly, tp the. wrvr debt problem recalling the remark of the Secretary of the United States Treasury that ‘'the entire foreign debt,, is -npt worth as much to the American people in dollars and cents as a. prosperous Europe as a customer.” “Jt is obvious that Europe cannot pay unless America takes her goods, said Mr Gibbs.' “Since, if America in her own interests cannot take payment in goods, Europe has.no other means of paying—Europe’s,gold is already practically divided between America and France. The solution, therefore, of this problem- chiefly rests with America. “The unsuccessful attempts of debtor nations to pay war debts, against tariff hurdles whicli . make goods impassable throw tho onus on the creditor nation t ( y show a way out. America and France, the Two chief hoarders of gold, have failed to benefit by their action, and their troubles are just as great a n those of other nations.”
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Hokitika Guardian, 28 June 1933, Page 6
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187WAR DEBTS Hokitika Guardian, 28 June 1933, Page 6
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