10 FEBRUARY 1933, Page 6

I can see no reason for the agitation in the

United States over the Chancellor of the Exchequer's address to the American correspondents in London the other day. I happened to be present myself as a guest, and I thought the speech, in most respects, admirable. The only real mistake was to harp once more (in answer to a question) on the old protestation that debt-reduction was as much in the interest of the creditor as of the debtor. Prospects will be a great deal brighter if the repetition of that particular declaration is banned once for all till the whole thing is settled one way or the other. It may be quite true, but it is not the debtor whom it becomes to proclaim the truth. If I were an American the assurance that " it will do you good not to be paid," would decide me finally to stand out for the

last farthing. * * * *