The New York herald., 1921-09-28
DEBT CANCELLATION
IN DISARM PARLEY
Winston Churchill Anxious
to Be Delegate to Wash
ington Conference.
BRITISH VIEW GIVEN
Americas Philanthropy Is
Doubted While She Insists
on Full Financial Rights.

Special Coole TO The NEW YORK HERALD.
Copyright, 1891, by TIE New York HEaALp.
New York Herald Bureau. l /,
London, Sept. FL. (,
With both Andrew Bonar Law and
Arthur ]. Balfour remaining as pos
sibilities for the British delegation to
the Washington conference for the
limitation Of armaments, a new name
and a new subject for discussion en-
tered the gossip to-day. The new
name is that of Winston Churchill.
Colonial Secretary, and the new sub
ject is the cancellation OF debts.
The Pail Mall Gazette, generally ac-
counted as a Government organ,
breaches the subject of debt cancel
lation. It says that despite the fact
that the agenda limits the conference
TO armaments and the Pacific question,
it will be found that other big ques-
tions will come in If the deliberations
are to have substantial results.
IF there Is TO be surrender OF ma
tional rights and pretensions all around
for the sake OF common peace" the
Pd1l Mall Gazette says "a matter like
the outstanding war debts OF the Allies
must come UP for review. and this more
especially because of the fact that the
principal creditor of the nations Of Eu-
rope has called the conference and has
taken the lead IN proclaiming a doctrine
OF mutual consideration. The other
great civilized Powers incurred sacri-
fices of blood from which America has
been exempted and have spent their
wealth also in defence of common lib
erty.
american appeals to philanthropy
hardly sound convincing II taken as
coming from a nation insisting upon
full financial rights over an exhausted
and impoverished world. Englishmen can
raise this question of debt without
shamefacedness because what they owe
America is less than half what stands
on their ledger to the account of Euro
pean nations. M
THE public on the other side Of the
Atlantic is beginning to realize that
while such obligations are in some cases
a very dubious asset, they are most eff
fectiyely blocking the channels of trade,
particularly the creditor Powers ex-
port
The newspaper praises President
Harding's inclusion Of the Panama Canal
tolls in the agenda, declaring that off
hand violation of such an undertaking
would have dampened the readiness of
the conference to draw up any further
scraps of paper
Allusion to the war debt question was
given particular point, here in view OF
the general concentration on the ques-
tlon of exchanges as the real cause of
British unemployment Though the Gov
ernment seems inclined TO ask the bank
ers further to finance Great Britain's ex-
ports with Government. guarantees, the
bankers reply that their vaults are all
ready crammed with Government guar
snteed paper and no real boom can be
expected in British business until the
exchange disparities of the debtor coun-
tries are remedied
Though official circles are extremely
cnary about discussing the question OF
debt cancellation, 1t is known that they
feel much the way the Pan Mall Gasette
talks.
Even IL Mr. Bonar Law or Mr. Balfour
head the delegation ii is said that Mr..
Churchill may go as one OF the mem
bers not only on account OF his energy
end ability to get things done but be-
cause his office qualities him peculiarly
| to speak for the dominions IL the abb
sence OF their own premiers makes this
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