MUST BE PAID

Rotorua Morning Post, Volume 2, Issue 396, 3 December 1932, Page 5

MUST BE PAID

ROOSEVELT'S DICTUM Rec. Dec. 2, 8.55 p.m. Washington, Dec. 1. Simultaneously with the publication of the British note, publication of an artiele, written by Mr. Frank-

lin Roosevelt for a popular magazine with a wide circulation, is the most important pronouncement of public policy since the elections, entitled, "The New National Leadm-ship." The artiele said that oebts owed the United States by foreign, Governments must be paid. It is sound common sense to assist debtors in every way, hut there is neither practicability nor honour in cancellation. Stabilisation of world finance can best be achieved by a clear understanding of our just obligations. The policy of unduly favouring foreign private loans has resulted in more great sums being owed us, and has failed to achieve any real national unity, economic or otherwise, and has confirmed foreign hopes for repudiation of debt. The new leadership will deal fairly, honestly and sanely with this situation. It will remember, however, that as society is now organised, we are divided into nations and it is the duty of the national administration to first consider the welfare of its owm people. "I feel strongly that the welfare of the world depends just as much upon ourselves as it does upon others, but there is only one view to be taken of these great money obligations between nations. These sums represent national labour of a great mass of individuals," concludas ^Mr. Roose-