26 MARCH 1927, Page 2

Mr. :Mellon, the Secretary to the American Treasury, has produced

some puzzling figures about the inter. national War debts. He argues that there is no particular need for sympathy with the debtors to America as most of them are receiving more than enough from Germany to enable them to discharge the whole of their debt. On Tuesday in the Commons Mr. Churchill pointed out that on the assumption that reparations from Germany would reach the expected amount throughout sixty years, and that the French payment of six millions yearly would actually be made, our net outgoings in respect of foreign debt would be £9,750,000 this year, £4,750,000 next year, and nothing in subsequent years. Our receipts from Europe, however, would never overtake the debit balances of the past. . Even if they did, the Balfour declaration would require any surplus to be cancelled by remissions to our debtors. It is something, however, to have the admission, . which is implicit in Mr. Mellon's curious calculation, that what Great Britain receives she really passes on to America.

* * *