BIG PLAN

Rotorua Morning Post, Volume 2, Issue 433, 18 January 1933, Page 5

BIG PLAN

(Press Assn.-

TO LIFT DEFRESSION MONEY FOR ARMAMENTS MGRE THAN PAY DEBTS PROPOSAL TO EUROPE

— By Telegraph — Copyrlght)

Chicago, January 16. Mr. Salmon P. Levinson, a Chicago Attorney, wh'o has participated in international negotiations on war debts, said to-day that he had evolved a plan to lift the fog of depression and that a eountry-wide movement on behalf of it had been launched. : His suggestion is for a universal i four-year armaments holiday, the progressive reduetion of arms during that period to a ratio of 50 per cent. of the present status, and at the end of the holiday a settlement of European war debts to the United States on a basis of £1,250,000,000 dollars. I Mr. Levinson said the plan had the j supp'ort of Senators Borah, Vanden- j berg, La Follette, Glass and Hastings. It provides for the payment of E.ur- j! ope's 5,000,000,000-dollar debt in four j annual instalments of 312,500,000 dollars each. The savings to the United States war Budget, through the four-year arms holiday, would he 1,400,000,000 dollars, while the saving would he 2,400,000,000. dollars for the ensuing eight years through the 50 per cent. reduetion in armaments. "This would make a total saving in 12 years of the full amount of the present worth of the Allied debts," says Mr. Levinson. He also proposes that European nations should! reduce their armaments 50 per cent. by the end of the four-year-holiday.