Britain's post-War financial record, declared Mr. Snowden, honorable one. "We set the example both as to meeting obligations and helping reconstruction, and if we: have failed it is because the undertaking was too heavy. Tt does not seem that other countries can' port ing and im= challenge our endeavours. We ex-
mediately after the War, actual gold to the value of £322,000,000 to dis charge our obligations, "We funded our War debts to the United States and, under the settlement, we have paid £280,000,000, representing near-30 per cent. of the debt at the date of funding. Although the British debt to the United States represented only 41 per cent. of the total War debts owing to the United States, our payments represent §3 percent, of the total payments they ave received.
With regard to France, the War Loan made by the British Government to France, after deducting offsets, amounted at the date of funding to £600,000,000 on which.
ish taxpayer has been pay-proximately £30,000,000 a year in interest. France, and the United States, he added, had acquired three quarters of the entire gold in the world, but this supply was largely sterilized and useless: for the purpose of promoting inter-rational trade.
'To make an_historical statement was not, Ar. Snowden, insisted, to overlook' the help recently received by Britain from France and. the United States, and he went on to pay a warm tribute to those countries, and particularly to the French bankers, who hed maintained their London balances practically intact.
The temporary suspension of the gold standard was necessitated, the Chancellor explained, not, because fof any disorder in internal finance, but solely by reason of the pressure Jon exchange.
Mr, Snowden concluded with, an appeal for unity. He "we must get together as a nation and set to work to build up out position anew. The question of, an adverse trade balance will have to be deal with, In the process of re-building we may have to adept, many expedient in connection with the Budget which, in other' cireumstances, Would be. repugnant. If tre keep calm the country's inherent strength will pall i through.
Referring to the apprehensions expressed by. foreign holders of: the five per cent, War Loan of 1026-7 that their holdings might be com-pultonly converted,-"Mke. Snowden Said. such fears "were" entirely groundless.—Wireless Through Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.