This threat might work in two Ways. America might encourage Latin-American debtors to remain in default and enable them to obtain new money in spite of unliquidated former debts. That is what happened in the case of the Brazilian agreement where the United States Government furnished new money re-gardies of Brazil's total default on her old debts; and while a vague promise was exacted from the Brazilians to. come to some settlement with regard to the Brazilian Dollar bonds, the Sterling bonds have been completely forgotten. Small wonder that both Peru and Chile have greeted this a&reement as a precedent Which will work in their favour as soon as they need new money. Even more dangerous might be the second possibility—which has already become reality in Mexico.
The United States, bent upon unifying the western hemisphere, might find it necessary to condone Latin-American expropriations of foreign capital in order to escape the favourite South American reproach of "Dollar Imperialism." There is, anyway, little sympathy with the foreign investor to be found in the present Administration or among the American people. In addition, there is the not quite unjustified conviction that much of the American investments in South America, especially the Utilities bought at the peak of the 1829 boom, are hardly worth anything at all, so that their sacrifice for the sake of "South American appeasement" would be fully justified. And if the United States encourages the expropriation of her nationals, who can stop the South American countries—protected not only by the Monroe Doctrine but also by Uncle Sam's willingness to lend them new money—to expropriate the far more important holdings of other nationals as well? That this is not just a theoretical speculation is shown by reports from Chile, Venezuela and Guba, where the question of "nationalization" of foreign-owned properties on the Mexican model is being seriously discussed, General Gamelin; To See Aldershot Tattoo London, June Coming for parleys with British military leaders, General Marie Gustave Gamelin, French Chief of Staff, arrived at Victoria Station at 3.40 pin, today.
He was greeted by General Viscount Gort, Sir Cyril Newall and Sir Roger Backhouse, respectively Chiefs of the Imperial, Air and Navy General Staffs.
Several thousands of people cheered him as he drove out of the station yard.
He dined this evening at the French Embassy, where many prominent British politicians and military leaders were invited. Among those present were the War Secretary, Mr.
Leslie Here Belisha, and the former Foreign Secretary, Mr. Anthony Eden.
General Gamelin is to attend the Aldershot Tattoo tomorrow, when some 70000 British school children will also gather to watch the colourful military exercises.
And on Thursday, he will be guest to dinner of 100 M.P.'s. The reception will be held in the House of Commons.
General Gamelin was only today given the new rank of Commander-in-Chief of the Army in addition to his title as Chief of Staff.
The French Government issued a special decree for the occasion, wishing to give French military leaders ranks of equality with foreign military chiefs.—Havas,
Text read from the printed page and cleaned; old type leaves the occasional error.