Norwich bulletin., 1922-08-02

| British government cannot treat the re- payment of the Anglo-American loan as if it were an isolated incident in which only the United States and Great Brit ain had any concern. says note; ad- dressed today by the Earl of Balfour. acting foreign secretary, to France. ] Italy, Jugo-Slavia, Rumania, Portugal and Greece. % 1 This transaction, continues the note. is but one of connecteS series in which. Great Britain appears sometimes as a debtor and sometimes as creditor. | If, it says, Great Britain's undoubted obligations as 9 debtor are to be en- forced. her not, less undoubted rights as a creditor cannot be left wholly in abey- ance.
 Declaring it Is regretfully constrained | to request the French government to i make, arrangements for dealing to the best of its ability with the Anglo French loans, the British government ! says it desires to explain that the amount of interest and repayment for which it asks depends less on what France and the other allies owe Great
 Britain than on what Great Britain has to pay to the United States.
 The policy favored bS his majesty. the l note states is that of surrendering Great
 Britain's share of German reparations
 and writing off through one great trans ', action. the whole body of inter~allied in debtedness.
 But if this is found to be impossible of accomplishment" the note says. I've wish it to be understood that we do not
 in any event desire to make profit out of any less satisfactory arrangement In T no circumstances do we propose to ask ! more from our debtors than Is neces- sary to pay our creditors"
 :. And while we do not ask more" il
 continues. -"all will admit that we car hardly be content with less: for il Eshould not be forgotten, though it some e times is, that our liabilities were in curved for others not for ourselves
 Pointing out in conclusion that it i -slfnot merely a question between the al ,- Flies, because former enemy countries al $ so are involved. and the Ereate-t debt e or is-Germany, the note declares that tn a government does not suggest. either as
 matter of justice or expediency tha Germany should be relieved of her oh 7 ligations to the other allied states i. But Great Britain would be prepared IA subject to the just claims of other part
 of the empire. to abandon all furthe
 rights to German reparations and al a claims to repayment by the allies. pro i'd vided this renunciation should form
 part of a general plan whereby thi = great problem could be dealt with as
 whole and satisfactory solutio
 found
 , A general settlement. In the view C oe the British government, the note say = would be of more value to mankind tha any gains that could accrue even froI ~ the most successful enforcement of l'
 gal obligations.
 The note, which was Addressed to si -t European powers. by the Earl of Ba E four, acting foreign secretary. advocate
 international settlement of debts an ii reparations on the basis of a gener; eu cancellation.
 The note in its preamble explain
 that there has been no formal discussio V, between the French and British govern ne ments rad that the British governmeI "a is not anxious to raise the discussion
 but. that recent events leaves lit choice in the matter
 The note proceeds to state that no il ternational discussion has yet occur, & on the unexamp,ed situation partial ,h- disclosed by these figures" and says Dy the British government hitherto silent has abstained from making any pa, -Ia nents upon its allies for repayment
 interest or capital, it is not because il
 government undertakes the evils of Il re- present state of affairs or because it reluctant to make large sacrifices Ike bring them to an end. On the eontrar an it is prepared as a part of an intern m- tional settlement to remit all debts d
 Great Britain by the allies in respect
 loans or by Germany in respect to re at arations.
 CIV Stating that recent events make su ay a policy difficult of accomplishmel ted the note proceeds:
 700 With the most perfect courtesy al
 in -the exercise of their undoubted rigI
 the American government have requir lily this country to pay interest acrued sin ing 1919. on the Anglo-American debt. lch convert it from an unfunder debt and ace reply it by a sinking fund in twenty-fi of years. Such procedure Is clearly in 2 nd cordance with the original contract F Va majesty's government makes no col St. plaint of this They recognize thu
 obligations and are prepared to full
 them, but evidently they cannot do CTS without profoundly modifying the coul err they would have wished to pursue" rec Stating that the government does I TO- conceal the fact that 1t abandons in policy of general cancellation of
 debtedness with the greatest reIuctan
 the note explains that the British ire; of ury would be large gainer If all del hen were paid, because Great Britain is ow ety more than she owes
 Iin- But can the present world situation ,m- the note continues. be looked at ol
 from this narrow financial standpoint
 The note then proceeds toargue Il ta- the allied and associated powers W, to partners in the greatest international ted fort ever made in the cause of fir at- dom and that they are still partners ldi-i dealing with some at least. of its at suits.
 ITO generous minds" says the nc
 ''it can never be agreeable, although ar- reasons; of state 1t may perhaps be n nile essary to regard the monetary aspect ned this great event as thing apart, to hey torn from its historical setting on-1 be. treated as no more than an ordin; of commercial dealing between traders V
 borrow and capitalists who lend"
 Then referring to the economic ort. from which the world Is suffering. incl Au- ing the weight, of international indebt En- ness with all its happy effects uI ma credit and exchange" the note asks: rid How can normality be reached wi and conditions so abnormal are permitted