1938-11-02 — Page 33

THE HONGKONG TELEGRAPH, WEDNESDAY, NOVEMBER 2, 1988,

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PALACE PHOTO. OF THE PRIME MINISTER AND THE KING AND QUEEN

The Queen, the Premier, Mrs. Chamberlain and the King on the balcony when they acknowledged the cheers of the crowd at Buckingham Palace after Mr. Chamberlain's return from Munich.

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LETTERS TO THE:

EDITOR

THE WAR DEBTS

To the Editor,

Hongkong Telegraph.

Six-Imagine any embarrassment upon learning from "Antonio's" letter in Tuesday's issue that Great Britain had forgiven the greater part of the debts owed her by her Allies and wiped the shile clean in some in- stances, and yet I had not heard of this action at all. Perhaps he will provide a reference,

B. B. C.'s Part In Europe's Ether Warfare

London, Nov, I.

The practice of broadcasting news, bulletins in French, German 'and' Italian, which was instituted' during the recent international crisis, is to he continued, said the Postmuster- General, during question time in the House of Commons to-day.

He added that news had been: broadcast for some months in Spanish and Portuguese for South America, and also in Arable.

It was, at present, not intended to ali other languages, but the Post- master-General andertook to present to the B.B.C., points raised that the broadcast to Italy and Ger- may was too sparse and scrappy. and also that although broadcasts to

In consulting my Britannica, I find that as late as December 1024 Mr. Winston Churchill made an offeint latement to the effect that Great Britain would expect any country making a funding agreement with the rod, ny, were doing a great ideal of good, they were not on a wavelength States to come to terms, pari | suitable for the poorer people with passu, with his country. Itending cheaper sets.--Reuter. further I find that Great Britain made funding agreements with her Allles in the amount of £2,137,747,000 for original

adraners

ap- proximately £1,400,000,000, it is in- teresting to note in comparison that the Americas funding totalled $11,- 872,500,524 against original advances of $10,338,343,507, # consiticrably smaller mark up than Great Britain's Both comparisons include the Rus alan debt, not funded.

totalling

The American agreement with Great Britalu called for Interest at

35% (rising to 31%) which was less than the United States was then paying to her own nationals from whom she had borrowed the

mone So soon us the agreement was made

at this onerous rate of interest", Bri- tain rushed post haste to Wall Street and borrowed $300,000,000 gold at a higher rate. Such private loans were in addition to the $400,000,000 which America had lent from the Armistien up

1920.

The cash value of the British settlement in 1923 was a little more than $3,250,000,000. From then until 1020 Britain's new capital issues for foreign countries on the London market amounted to $4,600,000,000 (Milond Bank Lid. figures).

"Antonio" makes a point of muni tions used in the common cause. should be remembered that to save shipping, America bought a quantity of munitions in Europe and paid cash

Stock Market Jumpy

London, Nov. 1. After a quietly easier trend during, most of the session, the London Stock Exchange rallied under a lead- from Kaffis, for which local support

forthcoming followed WDS

by Johannesburg demand.

Internationals steadier, but gill-edged holdings, nl- though recovering finished fraction- ally easier.

and

oils were

Wall Street was irregularly higher, -Reuter Special.

to enable Great Britain to build up her export trade,

And it should not be forgotten that when American money bolstered the pound it cost America Just that much more for her cash purchases in Europe.

ritnin in the past or new is still The value of Protection for Great

debatable, but I can't see any mat- erial connection with War Debts. I'll admit readily that the Rolls Royce is

well car,

a

But as regnets my advantages in the British Empire, I cannot find that

in pounds and francs for them. Or I have any more privileges than the the 13 odd billion of American money

lins In America, probably by the reported as expenditures uy

There, the Briton gets fat Allies who borrowed it, less than lecture fees for criticising us. I try 20% was for munitions. Some was

Was to

to keep out of sight as much as used to pay Morgan & Co. (always possible, to pay my bills, to pay my keep your credit got to keep quiet life in a beautiful spot, well of civic duties and to enjoy n up the exchange value of the pound, governed.

much was used

your

sotho was for silver for India, sold by Shylock at a third of the ruling price, much of it was for supplies sold to her population and abroad, and mil- Hons were used after hostilities ceased

Yet I shall continue to resent cri- ticism of my country's acts when based on falso statements and dubious conclusions.

SKYLOCK.

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