THAT DEBTS ISSUE

Sun (Auckland), Volume III, Issue 642, 19 April 1929, Page 9

THAT DEBTS ISSUE

GOOD ELECTION CARD, SAYS SNOWDEN LABOUR WILL USE IT (Australian and N.Z. Press Association) (United Service) Reed. 1.10 p.m. LONDON, Thursday. The “Debt Repudiation” debate has been temporarily sent to the background by Mr. Baldwin's policy speech: but nevertheless there is every indication that it will again flare as a prominent election issue, more especially in view of the fact that Mr. Baldwin’s programme does not contain one outstanding issue likely to focus the attention of the country. Labour certainly intends to capitalise the debts issue. Mr. Snowden in a lobby interview said that throughout the campaign he would continue to criticise the Balfour Note. He has received a large number of letters, including some from Conservatives, approving the policy. He is convinced that the Government has made Labour a gift of an excellent election card. It is most apparent that the debts question will have a vital appeal to many. Rightly or wrongly, there is an impression that much of the country’s depression is due directly to this. With one or two exceptions Mr. Baldwin's programme finds an unresponsive echo in the Press. Though it can scarcely be accepted as a reliable guide, it is interesting to note the reaction of the Stock Exchange, before and after Mr. Baldwin’s speech. In anticipation of the speech, the Stock Exchange advanced three and Labour fell four points. After the speech the Conservatives relapsed three points and Labour gained two. Mr. Baldwin, in the course of his policy speech, forecast a return of the Conservatives with a majority of 50. The “Daily Herald,” Labour’s organ, describes Mr. Baldwin’s appearance on the stage at Drury Lane as the tragic spectacle of a common-place performer grinding out dreary nothings for an anxious people looking for aid. “Mr. Baldwin starts with the thesis that the main duty of the Conservative statesman is to do nothing. The masses of the country are sick and tired of his sentimental rhapsodizings.” CHURCHILL’S CHALLENGE After the Leader of the Labour Party had spoken, following Mr. Snowden’s sensational utterance in the House of Commons, the Chancellor of the Exchequer said he understood that Mr. MacDonald completely dissociated his party from Mr. Snowden’s rejection of that principle. A Labour Member: No. Mr. Churchill: Is it so or is it not? The House will insist upon an answer. Mr. MacDonald did attempt to reply. Mr. Churchill: Secondly, does the Labour Party accept the principle of the Balfour Note, namely, that Britain shall not take from Europe more than she has to pay to the United States. I await an answer.

Mr. MacDonald remained in his seat. Mr. Churchill: Have we come to this, that Mr. MacDonald dara not rise to reply. I commend to the country’s attention the fact that the Leader of the Labour Party dare not answer a plain, simple question. A Labour Member: Mussolini! Mr. Churchill: He sits there and dare not open his mouth. The Budget resolutions were then carried without a division. The political correspondent of “The Times” says the general feeling in the House of Commons after Mr. MacDonald’s speech was that he had taken the only possible course in throwing Mr. Snowden overboard. Earlier Mr. MacDonald had consulted the executive of his party, for it was obvious that matters -would have to be smoothed out if Mr. Snowden’s indis-

cretion was not to lead to disaster at the election in May. Mr. MacDonald’s subsequent assurance that, in spite of Mr. Snowden’s wild words, there would be no repudiation of the debt agreements, somewhat cleared the air. but the general feeling is that Mr. Snowden could not have been more indiscreet at a more unfortunate moment. INDISCREET SPEECH The “Daily Telegraph” says the opinion in the House at a late hour last night, was that the matter raised by Mr. Snowden’s speech cannot be allowed to rest where it is in view of his insistence upon his statement about the Balfour Note. The political correspondent of the “Morning Post” says that in the dinner hour the Labour Party’s executive came to a decision that it must support Mr Snowden, although it agreed that he had been indiscreet. Accordingly the attitude of Labour in the election campaign will be that the Government has made bad bargains in regard to the Allies’ debts, especially with Italy and France. Therefore, as soon as the Labour Party comes into power it will endeavour to revise those agreements. Ministerialists are delighted to hear of this decision. The Conservatives and the Liberals will both fight, for the honouring of pledges given in the name of Britain.