Ar. "Philip Snowden formerly Chancellor of the Exchequer in the Labour Government, declared that he did not regard Mr. Churchill's promise to consider representations from France for a modification of the Agreement as in any way binding on any future British Government. He asserted that Britain's continental debtors owed her £2,000,- 000,000 on which she was paying] £100,000,000 a year in interest, while she was receiving less than £20,000,- 000 a year from her debtors. He declared that the American debt settlement was very unfortunate, But for it the way would have been open for complete cancellation of debts.
'Mr. Snowden declared that Amer-ca, in 18 years' time, would. be getting the whole of the reparations paid by Germany and none of the European Allies would be getting a single penny. That position. could not permanently endure (cheers). He suggested that the countries of Europe would have to assist France they had a Germany, Austria and Hungary by means of the Dawes' plan.
Mr. Churchill, Chancellor of the Exchequer, in the course of a lengthy speech in defence of the debt settlements, said that the British Government inclined to the view that within 20 years there would be a revision ofall the war debts, He emphasized that if, France raised the question of modification of annual payments Greab Britain would be perfectly free to argue to the contrary,
Text read from the printed page and cleaned; old type leaves the occasional error.