BRITISH WAR DEBTS

Rotorua Morning Post, Volume 2, Issue 393, 30 November 1932, Page 5

BRITISH WAR DEBTS

(British Official Wireless)

MINISTERS BUSY WITH, EXPLANATION OF POSITION NOTE FOR WASHINGTON

Rec. Nov. 29, 5.0 p.m. Rugby, November 29. Cabinet Ministers were husily engaged yesterday, and will be further occupied to-day, considering the terms of the second Note to be despatehed to the American Government. It is realised that Mr. Hoover's invitation to state in more precise terms the reasons which led the British Government to suggest a suspension of next month's instalment of the war debts payment gives an- opportunity to make a clear and explicit statement of the grounds for their conviction that it would he against the interests of the whole world, including the United States, to resume the deht payments at this moment. It is felt that an unanswerable case ■ can he presented. Meanwhile the Government is takiing all appropriate measures to ensure that their action, is supported by the nation as a whole. It should he noted that the Ministerial discussions at present proceeding are not concerned with the question whether the payment due on Decemher 15 should or should not be paid. That question hjas not yet arisen. Mr. Hoover requires fuller documentation of Britain's' case, and it is being prepared as quickly as gpossible. Mr. Montagu Norman, Governor of the Bank of England, visited the Chancellor of the Exchequer, and several Ministers discussed the matter further at a meeting in the House of Commons. It is anticipated that the Note will be despatehed to Washington within the next few days.