May 20. note for £47,800,000 presented yesterday by America to Great Britain, the Saturday Review" has made a most amazing statement which, if correct, juts the whole debt question in a vow light.
It says that a Mr. Arthur Rogers [address given) employed a well~ Known chartered accountant, Mr. C. 'T. Hallinan, to make a careful analysis of all the American budgets dur-ug the years in which the debt wa accumulating. With the following discovery.
As is well-known, no. American money actually crossed the Atlantic. The American manufacturers supplied floods and services for which they barged the highest prices they ould, The American Government hereupon put a special heavy tax pon them—as the analysis shows half the total bill.
This bill presented to Great Bri-with the goods amounted to £1,440,000,000 for what had actually cost the American Government only £720,000,000. Deducting the pay ments we have already made to the American Government and the £720, }000,000 which it had recovered from the manufacturers, Great Britain's actual dest to the U. S. A. amounts to only £100,000,000.
The "Saturday Review" says that Mr, Neville Chamberlain has been fully acquainted with these facts ever since he became Chancellor, and that the token poyments he has been making represent roughly, the interest on what we really owe at 3% per cent.
T have never seen this statement of the case before, and it is set out so carefully and categorically that it certainly deserves: notice.
President Roosevelt's "silver Russian Bogey Deflating charter," so called, caused not the faintest ruffle in the London market, '5, of course, you know already. Indeed the frst" tendency of silver after the news of his message to Congress was downwards. But Jater inthe morning "the unknown buyer (otherwise, as generally believed, the U.S.A. Treasury itself) came in' to counteract selling from India and China.
Nevertheless there are many who believe that President Roosevelt has something at the back of this something more than just to capture the Since, in most countries, the futility of Communist propaganda has become fairly apparent the Russian bogey has been growing decidedly defated. Now, with Russias sudden desire to fenter the League, prefably to be gratified before this reaches you, she has become quite the white-haired boy of Europe.
It is strange to read the comments of the Russian official press to-day, 's discovery that the League might ly be "a rallying point for all Powers which, independently of their motives, wish to postpone bloody Western vote in "the coming Con-solutions" ("Pravda") and contrast gressional elections. And certainly them with the derisive tone adopted President Roosevelt seems to move In a sphere above the petty tricks by Moscow towards the League for many years. of party politicians.
But France wants Russia in the The obvious solution Is that he "aims at bimetallism for the world, League, and, although Poland has misgivings and Switzerland, scenting hhenee his approach to Canada and Red propaganda, is decidedly scared, Mexico, the two greatest producers. in_she will come.
T have asked London bankers their The motive all round is so obvious opinion of bimetallism. Their that one need hardly name it. Wheanswer generally is that it is or should be wholly unnecessary, if ther Russia is really as afraid of gold were more evenly distributed, Japan as generally represented, no one can say. You do not need to be and, particularly if more scientific banking were introduced, with a told of the tremendous military forees central international bank, which she has concentrated in the Far East. eae cent ten Gri Her fear of Germany is beyond doubt, agricultural country to export gold the more so since Germany rejected pay for ils purchases in the in- her proposal for a pact to. guarantee terval between seed-time and harvest /the Baltic's security, with characteris-Mr. S. E. Shahmoon came into the tie Prussian rudeness. silver correspondence in "The Times"!
So there we are back again to the this week. He tells Sir Henri conditions of Pre-war years, with profits greater.
Text read from the printed page and cleaned; old type leaves the occasional error.