The New York herald., 1922-10-26
Creditor Nations Must Assist
Debtors Trade, He Says, or
Bankruptcy Is Certain.
URGES RELEASE OF GOLD
Declares Opinion That Britain
Is Willing to Cancel Allies
Debts.

Sir George Paish, the British eco
banking session Of the American Man
ufacturers Export Association at the
Waldorf, camo out fatty at the end of
his set speech with the declaration
that Great Britain is willing to waive
the debts of the Allies. and that pow
erty o. a degree hitherto unheard OF
will be the price eventually paid by
the United States if she continues to
refuse to go into partnership with
Great Britain on the project of general
cancellation.
In his prepared address Sir George.
who is the opponent of Bonar Law in
the coming general election for Par
lament, said that Europe was being
men and politicians who are devoid of
knowledge of the fundamental princi-
Piles Of economies. He said that Amer
lea Is adding to the confusion by erect
ing tariff barriers that prevent debtor
nations from fulfilling their obliga-
tions.
Britain VIII Forgive.
1t was at the end of his speech, when
questions were being fired at him by
men who evidently were trying to get
his opinion of the feel of British senti-
ment, that Sir George made the ex-
plicit statement of what Great Britain
is willing to do. He said
1--WE are prepared to forgive these
debts. have no authority to speak for
this question the length and breadth OF
England. / know that the people are
ready to forgive. And the banks of
England already have made It known
that they are in favor OF that course.
But the big question Is :. Is America
going to help us? Are you going into
partnership with us to get the world out
OF its present difficulties? II you don't,
the world Is going TO ruin. and in the
end you will experience greater poverty
than you ever dreamed off,
The purpose of his address. he said.
was to bring the people of all nations
to a realization of the disastrous con-
sequences OF the policies being fol-
questions for themselves and demand
those changes necessary to avert "a
worldwide catastrophe.
THE statesmen of all nations" he
said, ARE engaged I'm a common effort 10
prevent the nations from meeting their
obligations to each other and are thus
reducing the whole world to bankruptcy
Already the policy of the statesmen of
Europe IN fast bringing the strongest
nations to ruin, and before long the
statesmen OF the other nations of ths
world, II permitted to do so. will bring
their countries into a similar condl-
ton"
The American people, Sir George de-
clared. have failed to realize the cxtraor-
dinary change tnat has transformed
them from a debtor nation to a creditor
nation and therefore have failed TO con-
slider fully the effects OF n trade barrier
aglins, goods of nations that are anx-
ious 10 pay their debts. Great Britain
has been n creditor nation for so many
years land is now in fact the greatest
creditor nation of the world) that she
has come to regard the stimulation of
trade from debtor nations as a natural
function OF her Government: and II was
TO such a policy that SIR George at
tributed the remarkable growth and ex-
pansion OF her commerce.
The speech came at the snd of a day
devoted to a discussion OF foreign trade
and the international financial situation.
Optimism was the dominant note of the
convention. one OF the experts of the
Department of Commerce reporting
general Improvement In business condl-
tions here and abroad and stating that
some Industries In England and France