1931-02-28 — Page 11

THE HONGKONG. TELEGRAPH, SATURDAY, FEBRUARY 28, 1931.

US. TRADER AND ·

WAR DEBTS.

CONGRESS STILL HOSTILE.

Washington, Jan. 29.

Lo-

MOTOR LORRIES

FOR RUSSIA.

TSARIST MONEY IN LONDON.

The attitude of Congress

Baring Gaston and Company v wards war debt rovisions and in-Brothers, ternational financial co-operation

is clearly shown by the inquiry This Was a case which, Sir K.C., said. now boing held by the sub-com-Patrick Hastings, mittee of the Senate Committee on might decide what should be done Banking and Currency. into the with very large sums of money appointment of Mr. Eugene Meyer now in the hands of Meaars. But- Bruthers and Company, A8 Governor of the Federal Re-ing serve Board.

bankers, of Bishopsgate, London; The main churkca brought the money originally belonged to against Mr. Meyer, which is held the Taurist Government of Rusain. to render him unfit for the past, Is his Interest in "international Gnance.

The

nction was brought by

and despite the over Messrs. Gaston and Company, Ine whelming opinion of banking of Broadway, New York, who circles that some form of dent claimed £39,462 for motor vehicles revision would aid the nation's supplied to the order of the Rus- They economic welfare, public opinion sian Government in 1915. As a whole remaine hostile to any

chango.

said that the money was assigned

to them by the Russian Govern-

For this reason the suggestions ment in October, 1917, out of funds in the bands of Mezers, made

by Mr. Edward Hurley, then President of the American Manu-Haring. facturara' Association, this after-

Messrs. Baring denied that the. noon will make no more impr 4- alon on Congress than those of assignment was given, or esald Mr. Albert Wiggins, Chairman of be given, authorising the payment, the Chase National Bank, and and they contended that after a others. Mr. Hurley points out date near the end

1916, no pay-

that at the time the War debt ments could be made unless sane-

negotiated the toned by the British Treasury.

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principle of capacity to pay and not the actual amount due was considered.

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were

The case for Messrs. Gaston If the negotiations took placa to- day on the rumo principle much was that motor lorries ordered by lower Ogures would be adopted. the Russian Government Therefore he suggests progressive slipped from New York in 1916. reduction. To forestall the argu-The ship never reached Russia, ba inent that Europe would use the ing either mined or torpedoed, on the way. The goods had been: money on armaments, he suggests accepted" by the Russian Govern-

between the an understanding United States and the 16 debtor incnt's representative in New York nations for a progressive reduction and their value-the sum claimed

budgets.

He also became due. of armament proposes an immediate two-year

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It was the practice of the R) sian Government to pay through| The Administration position 18 Messrs. Baring for goods ordered that the European dobt burden in America, and Messrs. Gaston exaggerated, that AAY

change asserted that in October, 1917, a would place an increased burdenolonel Schmidt, who was in the on the American taxpayer, and Russian War Office, gave to plain- that no Intimation has been retire ceived officially abroad that lelter

in Russia

them the heki by

moratorium was desired or that amount due from funds the payinents were considered toe Messrs. Baring. That assignment was confirmed by a Mr. Axelrod,

heavy.

As for a reduction of armameuon behalf of the Soviet Govern- budgets, the Administration con-ment, in 1918. sider that the military force of

the United States has already been Sir Patrick Hastings contend.j arinimum. There that under Russian law the as-

reduced to

are fewer soldiers than polie in-ignment was perfectly legal, and the country. Naval

armaments was absolute. were definitely settled at the 1m- don conferenec.

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of the alleged assignment the average American is convinced that debt revision is good busi- there was an embargo upon meet-Russlan Government and Baringa' Russian or English law, and the bank were justified in refusing to ness. The first essential will be ing Russia's American liabilities Bank.

Mr. Justice Swift, giving judgpay in the absence of proper in- out of British credits. The plain- ON the restoration of confidener Wall Street. At present, however, tiffs had to establish that Russian ment, said that Messrs. Gaston's structions from the Russian Gov- unjustly, Wall Street is in disgrace law was applicable to the rights case failed, because they had been ernment.

He gave judgment for Messrs. owing to the general depression obtaining as between the Russian unable to satisfy him that there

Barings Bank, was any assignment, or any in. Baring Bros. and Company, with and its suggestions are ipaa nctol Government and

under costs. suspect.

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