The Daily Banner, Greencastle, Putnam County, 4 October 1933 — Page 4

DIPLOMATIC BATTLJ5 OVER BRITISH WAR DEBT ( I T BEOINS IN " VSHINGTON

QiM'Mtioa Never Has ( eased to Be International Issue Since ( lose

of World Mar

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THE HOME STOKE

LOS ANGELES HOMICIDES UP

EOS ANOKLKS (I I’) Tlu mini tii’i of homicides in Los Anjfeles County jumped in July to Jt. from In in June. Twenty of the killinns were "unjii.-:ittalde,” according to the coroner’s report, and IS w r" committed by a known person. Sni- ■ cldcs also showed a large increase, from 4ft to 66.

WASHINGTON, Oct. 4, (UP) — American and British statesmen ongnife today in a diplomatic battle over reduction of the $4 (iOfl,000.000 loan which Londcn contracted from the United States treasury to carry the World war to a successful con-

clusion.

Britain, insisting that the tremendous debt burden is lieyond it.- capacity to pay in times of world depression has sent one of its ablest negotiators, Sii Frederick ladth-Koss of the Bank of England, to plead its case. He is being beard by Secretary of State Hull, aided by the -tale department

and treasury experts.

Thus, behind the massive, gray walls of the state department, begins another chaptei in the AngloAmerican dispute over war debts which began shortly after the guns on the Western front i eased fil ing. Through every post-war administra-

1 (is ANGELES (I’Pt the nuni- payment of thru lebt.s never In ot California walnu s to bi ship- ), as ceased to he an international is

pfi| this year to Britain and Europe L ue

will approximate .ii.itou bags, a- | now an attempt is being made compared w b HUD last y. u. it wasj ((> fom .| ue H Meu settlement, which it «i"'uun. d today by Hi, California | hoped will lemc-ve the debts from

the field of contruveisy. But in the view of impartial observers, the pros

WALNUT EXPORTS INCREASE

Wat nil Gin large imuea ree* nt trade

ti !tUU lust yiar. it was ulay l>y ill, California • is Assoiiation. The ■ was uliribllted to a

survey.

I'OTTER SHOE STORE

■ :.u . Jt.

Informal Tie / fur Dress or Street

Soft Pecarry Calf, Cuban herd, in tilack b soft shade of brown

la-N

pect rif success i~ not lirigbt. British and American negotiators

start miles apart. The British, acc rding to reliable p p ids, will pen id their first skinnisii with a reouest ra for a !)0 per cent reduction. They are g expected to point out that this was S I tlie percentage of the cut applied to (lj j German reparations by the former a j Allies at the Lausanne conference in

1 11132.

jn] i Reparations were scaled down from ei nbout SK.nuu.OOO.IKMI l a little more

United States never has admitted officially thiv connection between debts and reparations. Thus, the Americans are expected to argue that Great |* l ltain> treattnont of German repar.it ions ha.* no iiini'ction with the war debts. S rond, the view generally held by the Roosevelt administration is that w , Britain i ame rea i)0 per ct at cut is too much, pul iii 1 observers believe that even f Presi lent Ro veil were willing to cut the British debt so drastically, ,,i. action would never he approved by congress. Smiic observer- believe that con•jii imial >entii nt has been modified sufficient t" wairant approval of niotloiate reluction in the Britl war debt. IP.t.iin approaches the negotiati ns, however, with these advan-

tages:

On- . It never ha- ; completely def i Itrd on any (I t pa\ nielli. In De- , ea,• or, HUI2. wiien France shouted “n i a -uu” and I by it, Britain made its full payment of $95,500,000. T .t i roated a ivorable impression in (ongress. I-Mn last June, when I-1 ni o and other again defaulted, t a British came t 'Ugh with a “tok i layment” '10,000,000- Some i i. • : this a pi, • default. Others e r,ten led that i ' ■ ' a re ogmition in. the British ti ■’ ihu debt still was

valid.

i wliieat Hi ' iin can argue— iport iti ■ ith fat i - that it teceivi'd a nioi' burdensome settli i int than th other major debtors. Britain was the fust nation to fund it- debt. Font 'r Prime Minister Stanley Baldwit i gutiated the settlement in lOJti lin British agrees) •u pay :;.M I per rent over a period of 62 years. Lati Fiance settled for an average inti t' -t rate of 1.64 per cent and Italy cot off with 0.41 |>er

cent.

\\ hat does th ■ difference in interest rate mean the British tax-

(hat ever since the war it has had an adverse Jrade balance, with the United States. In other words, it has bought more goods here than it sold. The effect cf this, the British maintain, has been to drain gold from liondon to Washington to adjust the international balance of trade. In view of this situation, tho British say thoy must either buy less in the United States, or receive a reduction in their debt. They contend that they cannot continue forever exporting such vast quantities of gold to the U. S. tteasury. On the American side, these arguments can. and probably will, he made: One. The United States already ias made a substantial < ut in the 'Iritish debt b\ reducing the interest from 5 to 3.3 per cent. Two. A substantial part of the mmey loaned to the British was borowed by the treasury from the American people (by Liberty Bond issues) at a rate higher than that chaiged the British in the Baldwin funding agreement. Every dollar of payment taken from the backs of the British must lie placed on the American taxpayer. Three. Cancellation of German reparations bears no relation to the war debt, a tho former represented an indeniity whereas the latter was a commetcial obligation contracted for by the British to prosecute the war. Despite these arguments affecting the justice of debt payments, however, the negotiators will be faced with this basic question: Can Great Britain pay in gold annual annuities of mere than a quarter billion dollars and till continue to buy here more than it sells? This is a question for economists. Their answers bring up a maae of technical questions baffling to the layman and about which even the experts themselves cannot agretj.

Flays Scheme For British NRA

( HANCKLEOK OF EXCHEQUER CONDEMNS “I NTROD PATH”

AS INVITING DISASTER

LONDON, Oct 4 (UP)—A scathing reply to demand- that Great Britain adopt United States NRA methods for restoring prosperity was made by Neville Chamberlain, chancellor of the exchequer, in a s|teeeh at the annual bankers’ dinner for the lord mayor of London at Mansion house last night.

$5.85

ROTTER SHOE STORE

j than $70(1.000,000 and that condi- payee? It meu that whereas the tionnl. Great Britain and the other French fitizens u ust pay $2,822,67:!,l| debtors, particularly France, long ; (Kk) in interest •m a total loan of

debtors, particularly France, long

/ V* V x ivo i iintained that war debts and $1,025,0(111,000. British taxpayer / , f ‘ * * l * * * S * * ’ 1 reparations were connected that must dig up $6,505,955,000—more

they could pay debts only as they col-1 than twice as much- in interest on an lected reparations. obligati, n only slightly larger than

This approach, if made, is not ex- the French one.

^B l SISI^' 8 -Ah l BIB^(^'elt | JB.l3.'BiBIB!g || ^ig!3IBiBI3IBlBBISI5IBISil8.‘i?ffiilii:ig , -.liiir-:?iiiijBlii:!gl»liii|jii|rilrii• t " Ik- succc-sful. First, the | I hree. Britain expected to show

WEIGHT KEPT POST AWAKE WINDSOR. Out. (UP) The way to keep awake wh n flying a plane is to tie a heavy object to your little finger with a piece of string, Wiley Post iliseloseii here. Vou hold th, weight In your hand, and If you drop off to sleep you drop the " ’ight and It Jerks your Anger, the round-the-world flier explained.

The wiry, iron-gray chancellor in characteristically biting fashion ridiculed labor party suggestions that the government attack the depression with ‘‘new weapons ’’ "They call for abandonment of orthodox methods,” Chamberlain said, ‘‘and require that we adopt in public affairs imaginative finance—although of course in private finance it generally goes by a much less agreeable

title.”

Chaimberlain criticized the laboritefor their attitude, adding: ‘‘It may he all very well for those who have no responsibility for what may follow, but for an old country like this whose roots have extended to the uttermost parts of the earth, such a government must he very sure the old principles really have failed before experiments really are likely to succeed before we embark on

them.”

The chancellor admitted, however, that the first requisite to world recovery was a rise in wholesale prices. He hinted at the probability of Brittain's return to the gold standard when the government deems R work-

able, but remarked:

‘‘There is no sign of an approach-

ing boom, although in almost every direction we can see indications of

definite progre.-- This is no

-TUNIGJU.

GRANADaI Thursday-Frid*,

EXPERIENCE; Every human crav« it, secretly or openly! How many dare em! brace it when it leadj them into the shodowj of their levees' lives} mm iidnh THEODORE DREISERS

Jennie foMAf

Q Qiramn^nt (fVimt

DONALD COOK maryastor aaviAtsa

MlUBD

ETHEL WATERS

Rulus Jones for Presid L \ I K M;ws

.man said, “without beiny |eni

flash in ' that dark clouds are hoverip

the pan, hut the beginning of a permanent advance.” Montagu Norman, head of the Bank of England, was less cheerful. He agreed there were some hopeful prospects on the economic and political horizons, but asserted that “depends on much that comes and goes overseas.”

head” He added that any impi would he piecemeal an unifttil

“HERE’S HOW”

i A DILI \' . Mi iB!'.--i How,” toast I Howe y| was Mi- Dorothy Tow, frimi

“We cannot look to the east.” Nor-1 merit to II w, . Inil.

proundy^ and pure

"First Ladies” of Philippines

a/A

A-

i X

"As

!? I

WITH il\l< TOBACCOS

An interesting picture ofthe “First lady” of the Philipp,nr Inland!, ilham leanan, sister and official hostess of Governor Generil Ml

ninir-i nmi omciai nosiess or liovernor Gcnpr*! r •n

Murphy, and Mias Rngracia Fiaconico (rijrht), Philippine beauty. Ml 4-acomco recently was selected as “Miss Philippines” U) preside

carnival in Manila.

that's why Luckies draw so easily

Poised for Flight to Rome

You've noticed it and you’ve appreciated tjie smooth, evenburning quality that is so much a part of Luckies’ character . . . Round and pure— fully packed with the world’s choicest 1 urkish and Domestic tobaccos—and no loose ends. T hat s why Luckies draw so easily, burn so uniformly.

it*s toasted FOR THKOA1 I’ROTLCNON — FOR BETTER TASTE

Awaiting favorable weather for a non-stop flight from Vf -(Jill Qome, Italy, Commander George W. Pond (in piano) » n “ ;i L „. r f i!W ^'h^lli, noted Italian flug. aro pietured a' P ' , r 'dk

iiaiy, . ommanner i.eorge w. 1’onrt (in 9 aheili, noted Italian fl'V. are pictured •'J2*d made a test flight from New York to cur They are poised to hop when t|ie weather nuui'U