16 DECEMBER 1932, Page 15

PAYMENT OF THE DEBT

[To the Editor of the SPECTATOR.] Stu,—If the Government of the United States continues to insist on payment of the debt we shall be faced with two distinct problems ; first, how to obtain the extra revenue and secondly, how to obtain the required amount of dollars.

The only course of action that would produce both results would be the imposition of a special tax on imports from Aineriea, payable in dollars in New York, or other port of shipment. Such a tax would present no administrative difficulties as the importer would be required to produce to the British Customs authorities, with the usual invoice, a receipt from the British Consulate for the amount of tax so paid. Such a tax would no doubt have a serious effect on the American export trade, but the Government of the United States could not reasonably object to a levy, the proceeds of which would be paid over to them.—I am, Sir, H. B. Tutul.

Pinners Hall, Austin Friars; London, E.C. 2.