ALLIES’ DEBT TO AMERICA.

Taranaki Daily News, 30 November 1921, Page 5

ALLIES’ DEBT TO AMERICA.

AN INTERESTING PROPOSAL. USE IN HELPING EUROPE. By Telegraph.—Frew Assn.—Copyright. Received Nov. 30, 12.5 a.m. New York, Nov. 28. Mr. Frank A. Vanderlip, who has returned from an extended investigation of the European economic situation, in a speech, advocated that the Allied debt to America should be devoted to the rehabilitation of European civilisation, since upon the latter depends America’s realisation of her full destiny. He advocated that the money should be used for the establishment of educational institutions in the backward countries of the Near East, the establishment of a revolving fund of credit to be loaned to European Governments for approved projects for the general good, for the development of the European transportation system, the development of hydro-electric power, particularly in Italy and Austria, the establishment of grain elevators and the introduction of more scientific methods of agriculture in Eastern Europe. Mr. Vanderlip admitted that it would be difficult to find use for such funds in Britain and France. He suggested that they might be used to establish great scientific laboratories in England and also upon the establishment of schools of applied art iu Italy. He pointed out that the devotions of the funds to the rehabilitation of Europe would ensure the ultimate repayment of the entire debt, and declared that if America asked for repayment without devoting it to the rehabilitation of Europe wc would be compelled to accept goods, which would result in breaking down the American tariff wall and Tragic competition among American manufacturers.—Aus.-N.Z. Cable Assn.