INTER-EMPIRE DEBTS

Rotorua Morning Post, Volume 2, Issue 281, 22 July 1932, Page 8

INTER-EMPIRE DEBTS

MR. E. J. HOGAN DECLARES CANCELLATION IS NECESSARY. BOLDNESS APPLAUDED. LONDON, June 1. The cancellation of inter-Empire as well as inter-allied war debts was urged by Mr. E. J. Hogan, former Premi'ar of Victoria, when speaking at the Royal Empire Society's dinner, at which the Duke of Connaught presided. This step, Mr. Hogan said, was essential if the Empdre was to continue united and solvent. The Dominions were displeased, Mr. Hogan add-ed, when foreigners obtained better financial terms in Britain than themselves. Australians were making great sacrifices to pay their way, but the war liability was crushing them as it was crushing Europe. Mr. Hogan attacked Lord Yestey's letters on the relative importance of Australian and Argentine trade. These revealed an astounding lack of knowledge of British-Australian trade finance, he said. Only by selling produce to Britain could Australia pay for British goods and the interest on loans of £550,000,000, for which she was unable to pay in gold. Australia was now paying the penalty, in the shape of an adverse trade balanae, for breaking economic laws between 1922 and 1929, when she piled up an adverse trade balance and increased the overseas floating debt. The Secretary of the Board of Trade, Mr. Walter Runciman, complimented Mr. Hogan on the boldness of his speeeh. So long as the case was stated so frankly, he said, honest dealing would continue to be respected in the Empire. The Imports Duties Bill admitted Dominion goods free until November 15. What would hawpen after that depended on other parts of the Empire, but at least he could say that concession would be met by concession and benefit by benefit.