The World's Creditor

Radio Record, Volume IV, Issue 51, 3 July 1931, Page 8

The World's Creditor

PHE subject for the international talk of the week chosen by Dr. Scholefield, speaking from 2YA on Wednesday, was one of peculiar and particular interest at the present time-"America as the World’s Creditor." The whole world is vitally interested in President Hoover's stiggestion that the repayment of international war debts be waived

for a year. The offer could only emanate from the U.S.A., since she is the creditor nation of the world and, while not wishing to depreciate the generous offer, one cannot help wondering as to the present state of trade in the U.S.A., since all hints and suggestions of a general debt cancellation have, in past years, fallen upon very deaf ears,

Dr. Scholefield ‘spent the time at his disposal in quoting figures; he apologised at the conclusion for being dull. I do not think anyone will consider such an apology necessary. Just now, when we are all to some extent feeling the pinching .of the. shoe, a clear statement of the world’s balance-sheet cannot fail to be enthralling. To quote Dr. Scholefield, therefore, it would seem that with the prompt approval of Great Britain, Italy, Germany, aud: most of the other more important iate-belligerants, to.the Hoover proposal, it should be possible for it to be put ‘into effect almost immediately. Unfortunately, France: is once more proving a stumbling block. Analysis of the situation shows that, after the U.S.A., France stands to lose most under the suggestion, mainly because the huge reparations. payments, of which she is the recipient from Germany, would be cut ‘off, ; Some of the figures quoted were truly of a staggering nature. War time is certainly not, the time for over caution in the matter of loans, but when we ‘consider that Great Britain, from 1914 to 1917 financed the Allies to the tune of over 900 million pounds, of which 500 million’ went to Russia, and may virtually be written off accordingly; when in addition Great Britain’s dcbt to the U.S.A., for money borrowed, principally on account of her Allies, was funded at 922 millions, payable over a period of 60. years; finally, when it is realised that before the end of the war Great Britain had been milched by three of her principal allies alone to the tune of 2400 millions, much of which must be considered a -bad debt; when all these facts are fully considered, is it any wonder that .the British taxpayer groans, and thinking people begin to

realise the utter absurdity of adherance to the gold standard when such mammoth international debts may be raised on such an absurd foundation.

International Programmes HE International Programmes which have proved so popular at 2YA, 1YA, and 4YA, are to go on the air from 3YA. The first will be broadcast on Thursday, July 30.