The Daily News. WEDNESDAY, SEPTEMBER 8, 1922. INTERNATIONAL POLICY.

Taranaki Daily News, 6 September 1922, Page 4

The Daily News. WEDNESDAY, SEPTEMBER 8, 1922. INTERNATIONAL POLICY.

The French Premier has not exhibited any undue haste in replying to Lord Balfour’s Note on the subject of the Allied war debts. It would almost seem, by the subtle terms of that reply, that M. Poincare has been quite as much exercised over plausible expressions of appreciation of the contents of the Note as in a veiled endeavor to give a baek-handed blow at Britain by contrasting America’s high, motive in entering the war “to defend the principles which were the basis of civilisation,” with Britain ’s self-interest in defending her property and means of existence. The incident is one that shows how great men can become petty when smarting under chagrin or pique, and it is significant that a section of the French Press bitterly attacks the whole tone of M. Poincare’s Note. Happily Britain can afford to ignore the French Premier’s innuendoes, and is prepared to acquiesce in the suggestion to summon an Allied and associated Powers’ conference to discuss inter-Allied indebtedness. In this connection it is interesting to note the statesmanlike remarks made by Mr. J. M. Cox (ex-Governor of Ohio) in a recent speech in London, when he said; —

“It is time the voice of America was ■heard, and that she took a share in the policy of international concerns. . . . America was a child of Europe; let her make contribution, in common gratitude, to the recuperation of Europe. The confusion in Europe had become contributed to by the American policy of isolation; there could be no permanent readjustment of European civilisation until America has become part of the general equation.”

This statement fairly accurately represents some very cogent reasons why America, which is almost as much interested in the stabilisation of currency exr changes as is Germany—though in an entirely opposite direction — should abandon her policy of isolation and join with other nations in a common endeavor to readjust European financial and economic conditions. M. Poincare only reiterated an oft repeated assertion when he stated that the French Government was convinced that the reparations problem will not receive final solution unless it is linked with the problem of Allied debts. Apparently the time has arrived when this linking-up can be entered upon with fair prospects of , success. Britain and America are the two countries that have lent most largely to European nations, so that it would be only right these two should jointly initiate a conference whereat a scheme could probably be evolved either for wiping out all the war debts, or funding them in such a way as would clear the ground for adjusting the economic and financial troubles which are barring the way to international progress and expansion. If there is any reliance tc be placed on the recent cabled message from Washington to the effect that President Harding practically promises active participation by the United States in the settlement of European financial and economic problems, “whenever European statesmen asrree that such aid will be most effective.” then there should be no delay in convening a conference. It must be remembered, however, that the United States Senate has deliberately indicated its objection to cancel the war debts owimr to America, and unless that attitude is modified sufficiently to enable any conference to enter upon its work without restric-

tions, all that America could do would be to give advice—without aid. Certainly Britain cannot relieve the situation single-handed, nor would it be just to expect of her such an enormous sacrifice. Mr. Cox is sufficiently optimistic to believe that things would work out all right if European statesmen would meet their task with the same vigilance and fidelity as heretofore. In this view he is doubtless fully justified. The uncertain element is America, and practically the solution of the problem rests in her hands.