1929-06-18 — Page 1

Page

MASON'S

DELICIOUS

O.K.

SAUCE.

Hongkong Daily Press, Nb,

Hongkong Daily Press.

No. 22,126 號陸廿百昼仟弍萬弍第 日式拾伍年巳己

WHAT IS A

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(Sundays Excepted

2.00 SUI AN "

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ESTABLISHED 1957.

HONG KONG, TUESDAY, JUNE 18, 1929.

Begistered as a Newspaper at the General Post Office in the United Kingdom,

弍拜禮 日捌拾月年九廿百九仟登英”

CANCELLATION OF WAR DEBTS.

MR. SNOWDEN DEFENDS HIS POLICY.

REFERENCE TO THE REPARATIONS PROBLEM.

BRITAIN'S UNFAIR BURDEN OF RESPONSIBILITY.

Mr. Philip Snowden, Chancellor of the Exchequer, just before the general election contributed to the Manchester Guardian the following article advocating cancellation" of war-debts--

The deliberations of the Repara tion Conference in Paris show once more the inherent difficulties of settling this problem on terma walch will be mutually satisfactory to all parties, and which at the same time will prove in operation to be a workable scheme. All the subsequent trouble about repara- tions and inter-Allied debts has been due to the failure of the Peace Conference of 1910 to face this ques- tion in the spirit of rreonciliation, und with an understanding of the serious economic consequences which would result from any attempt to transfer huge sums across economic Cad financial frontiers,

selves abandoned at claims of German reparations, America de clñed to do so. She has secured from Great Britain a funding of the British debt to her which will exact a total payment spread over sixty-two years of £2,200,000,000 on the original debt of £900,000,000. America

Agreements

has

to

The British Burden.

The settlementa which Great Britain has made favourable to her. In making these

are very

חזן

settlements Britain has been ham- pered by the obligation of the Balfour Note This Note was a beau geste offered in the hope that with

ita generosity would appeal to the France, and Italy, the former not

of the American having been ratified, which will magnanimity

It failed: but the ultimately require about 554,000,000 Government. of annuities. America has claims obligation remained. und Britain on her allies in the war for which has had to make the sacrifices and

· she is demanding annuities which her debtors have reaped the benefit. The British debt to America was will ultimately vise about

in incurred solely for her allies. £4,000,000 a year.

addition to the sum she borrowed America's Share of Reparations.

iro. British nationals a further It follows, therefore, that if thousand million pounds, and this German reparations continue to be is part of her internal war debt, on paid the great bulk of the proceeds which she is paying £30,000,000 n will go to America. It is a strange year in interest. The amount untcome of the "professions with which Britain has to pay which America entered the wur-- | Amorien reaches £35,000,000 a year, No indemnities and no repara-Under Britain's agrevinents with If the statesmanlike policy" of tions "that she should now be her debtors they have to pay about wiping off all debts and all claims maintaining a position which gives £20,000,000 a year, so that if all the debt agreements stand Britain will to reparations had been adopted her the first and largest claim on ia 1019 Europe would have been Germant-reparations. The Balfour be burdened for sixty years with saved from the economic chaos in Note suggested an all-round LQ- 40 excess payment on her internal which she was involved for years collation of debts, but, failing a debt of £30,000,000 a year, after the end of the war. But that general acceptance of that pro- But the first proposal of the policy was not adopted, and this posal, it declared that in no cir Balfour Note-namely, all-round problem of reparations and debts cumstances would Britain accept cancellation of debts-till stands, has ever.. since poisoned thefrom her debtors more than was and Britain will accept it whem all conomic life of Europe and needed to pay her debt to America, the other debtor and creditar coun Bittered the relations between all Acting on the latter declaration, tries are ready to do the sa the countries, both debtor and Britain has made debt agreements The British nation would be will creditor alike.

with France, Italy, Rumania, Foring to make that sacrifice for the re-tugal, and one or two other of her good of the world, but there is a

widespread. fecting

Great

What Might Have Been.

|

111

Lo

The two questions-German parations and inter-Allied debt debtors by which she has pro write that it is not fair that she are inseparably connected. Though to scale down their debts to a com it was announced when the present paratively small amount. Great should make all the sacrifices for Expert Committee was set up that Britain is to receive from her the benefit of others. it was not to consider the two debtors under these agreements on Some remarks I made resently in ́ questions, but to confine itself to the original loans of £1,300,000,000 | the House of Commons on this assessing Germany's capacity to total sum spread over sixty-two question have attracted consider. pay reparations, it was soon found years which is far less than half able international notice and, of that the two problems could not be of the amount of the debt. Con course, the usual amount of mis separated.

The European countrast this with the terms of the representation. I beld by that tries who are large debtors to Anglo-American Debt Agreement, part of the Balfour Note which

all-round America and Great Britain look which, as has been mentioned al- suggests

cancellation, to German reparations to get the ready, exacts from Britain the money to pay their creditors. It whole of the sum originally borrow is true that they have not expressed and £1,300,000,000 of interest in el any willingness to limit their addition. claims on German reparations to There is an understood but not the sums they owe their British explicit condition in the debt set and American creditors under the tlements which Britain has made debt agreements which have boon with her debtors--that if they con pose that they night agree to acreditors on terms more generous paration question is not likely to pari-passu reduction of their claims than with Britain, then their pay-be settled by the experts now sit on German reparations in the event ments to us may be proportionately ting in Paris. They may patch up f a further reduction of the claims raised. There is not, however, any a temporary agreement, but this of their creditors. It would indeed likelihood of this understanding problem will be insistent until it is be an indefensible attitude for coming into effect, although the permanently settled by wiping off France, Italy, and Bélgium to French and Italian agreements all claims and counter-claims, for. share in German reparations if with America require larger repay it is inconceivable that two genera- Britain and America had forgiven ments of the original debt when tions more will submit "to this them their debts and had them, è spread, over the whole period, burdensome legacy of the war.

but, failing that being done, I pro- tested against the alternative part of that Note-namely, that Britain alone should abandon all claims. upon her debtors beyond what she needed to pay America. France has not ratified any of her debt agreements, and they remain open

THE STANDARD LIFE ASSURANCE CO., made, but it is reasonable to sup-cinde agreements with thair other for further consideration. The re-

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AGENTS,

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P. & O. S. N. Co.'

PASSAGES TO TSINGTAU AND WEI HAI

S.S." KHIVA”.

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Will leave HONG KONG on or about

FRIDAY, JUNE 21.

and Proceed via SHANGHAI to the sbore Ports.

1ST BALDON 2ND SALOON

$100

115

$70

85

FARES Tsingtan.. Wel-bai-wel

Children under 12 years Half Fare. Infants under 3 years Free.

Early application is requested.

Diary of Coming Events.

To-day.

(June 18.)

Queen's Theatre: "The Adven turer."

World Theatre: "Exchange of Wives."

Star Theatre: "The Smart Set." Sports Club: Dinner to Mr. W. D. Fiddes Wilson, 8 p.m.

Tea Dances: H.K. Hotel and Peninsula Hotel, 4.30 p.m.

Dinner Dance: Peninsula Hotel, 5.30 p

0.p.m..

European Mails:Inward: Europe vid Siberia (Angers). Outward:" Europe vis Marsellies (Angers), 2.30 p.m.; Europe vid Siberie (An- dre Lebon), 1.30 p.m.

Wednesday.

(June 19.) Indo-China Navigation Co., Ltado, 18th ordinary general mecting, Jardine, Matheson's Board Room 11-oon.

Tennis:-Mixed Doubles League: Craigengower v. University, Recreio . Chinese B.C., Kowloon 0.0. v. Kowloon Bowling Green.

Queen's Theatre The Adren- turer."

World Theatre: “

Exchange of Wives,"

Star Theatre: "The Smart Set." Tea Dances: H.K. Hotel and Peninsula Hotel, 4.30 p.m.

Dinner Dance: Peninsula Hotel,

5.30 p.m.

European

Mails:-In word:,

ward: Europe vid Siberia (Shan. tung), 3.30 p.m.

+

Tennis:"A" Division: Univer- sity M.B.K, Craigengower v. Indian R.C., Kowloon O.C. v. Chi- nese R. C., Recreio v. South China.. "B" Division: Y.M.O.A. . Kow- loon C.C., E.L.C.C. v. University; Recreio v. South China, R. E. and RS. . M.B.K., Nippon R.C.". Chinese R.C. "O" Division: In- dian B.C. 9. R.A.O.C., Recreio r. R.E. and R.8., Chinese R.C. v. K.K.O.C., South China. Civil Service.

Thursday,

N.T. Concessions, Ltd. In Vol- (June 20.)

untary Liquidation) Anal genera! Queen's Theatre: The Waltz meeting, Mesars Jardine, lathe

son's Board Room, noon. 31 Dream.

World Theatre: Hangman's House "

Star Theatre: "The Way of All Flesh,

Tes Dances: HK. Hotel and Peninsula Hotel, 4.30 p.m

Dianer Dance: Peninsula Hotel, 120 p.m.

European Mails:-Inward: Europe vid Suez (Khiva).

Friday. (June 21.) Christian Fellowship meeting, Helens May Instituté, 10.30 0.

Lawn Bowls:-Division I.. Hong Kong Iron Mining Co., Craigongower . Taiboo, Kowloon Ltd., 22nd ordinary general mest 10.09. Civil Service, Kowloon ing, Messrs. Jardine, Maibesen's Docks u. Police, Kowloon Bowling board room, noon, Followed by ex- Green . Recreio. Division II:

Taikoo v. Craigengower, Civil Ser traordinary meeting,

Emergency Committee vice v. Kowloon-C.C., Recreio Meeting, Council Chamber, 4 p.z.

Kowloon Bowling Green, Yacht Club . H. K. Electric. "The Waltz Queen's Theatre: Dream."

Water

Open Air Concert E.Q.S.B. World. Theatre: Hangman's Band, Kowloon CC. ground, s

House."

Star Theatre: "The Way of AU Flesh."

Tea Dorcas H.K. Hotel and Peninsula Hotel, 4.20 p.m.

Dinner Dance: Peatusula Hotel, 5.30 p.m.

European Mails: Outward: Europe, vid Siberia (Khiva), 2.30

Theatre The Waltz

p.m.

Queen's Dream,"

World Theatre: The Battle of Verdun "

Star Theatre: "The Way of All Flesh" i Tes Dances: HK Hotel and

Peninsula Hotel, 4.30 p.m.

Dinner Dance: Peninsula Hotel, 8.30 p.m. (June 19.)

European Haikus Coronation of H.M. King George Europe 574 Marseilles

putana), 10.30 am

p.m.

Saturday,

الله

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