SCATHING ATTACK

Hokitika Guardian, 18 September 1933, Page 5

SCATHING ATTACK

MADE Off GERMANY TRANSFER OF MORATORIUM. v Ur'ted Press Association—By Electric Telegraph—Copyright.) (Received-this day at 11.30 a.m.) LONDON, September 18. Sir Arthur Samuel addressing tile Secretaries Association, stated that Germany’s cold, selfish disregard iof her contractual obligation has shocked all honest men. The arrogant trampling of the rights of others' is characteristic of the Prussian mentality, causing the War. The transfer of the moratorium constitutes one of the • worst • cases of debt default. Ro,umania’s default is almost as‘bad.- Untold millions of British savings have been lost in South America. Loan mongers puffing sentimental hysteria and ballyhoo, enabled unjustified loans to be floated i n London for the benefit of uncreditworthy borrowers. Some overseas borrowers will ultimately receive British goods as gifts. The government has a public duty to check indiscriminate public lending, and protect, investors’ savings.

GERMANY’S FINANCIAL POSITION

(Received this day at 11,80 a.m.) LONDON, September 18.

Sir Arthur Samuel said that it was unlikely after her experience in regard to the transfer of the moratorium, that Germany would be able to raise money again from Britain, France or America, during our lifetime. -She must leave her own resources to fate, lie added 1 , ■

Unjustifiable debts incurred by uucreditworthy borrowers was the principal cause of the partial collapse of the world’s .economic structure. Abuse of. credit amounted to vulgar dishonesty. No British money should be lent to foreigners who proved uncreditworthy. : FRENCH VIEW OF ARMS APPEAL PARIS, September 18. “Germany has spoken. Disarmament talks about- to begin have no more) meaning,” sums up the. French opinion of Herr- Neurath’s speech. It is felt that everyone now knows where they are. There is a tendency 'to cry “Thank heaven for Hitler.”