16 APRIL 1932, Page 32


In the very early years following the War Great Britain proclaimed the desirability of a general cancellation of War debts and gave a lead by promising, under such conditions, to forgive far more than she asked to be forgiven. The appeal, however, was made in vain, in spite of which fact this country, under the lead of successive Governments and the Bank of England, played it foremost, and on the whole an altruistic, part in endeavour- ing to bring about the financial rehabilitation of the countries most smitten by the War. Unfortunately, however, almost every country failed to perceive the inevitable and long-enduring effects, both politically and financially, of the four years of the War conflagration, and largely because of that fact and because of the distrust which apparently exists between so many nations, it has been impossible so far to bring about the measure of inter- national co-operation which is essential for the upholding of the international credit system.