A GREAT CHANCELLOR

Daily Telegraph (Napier), Volume 58, Issue 179, 30 August 1929, Page 4

A GREAT CHANCELLOR

l The "Young Plan," fundament- , ally emanating from Washington, • , and designed to upset the repara- : tions agreement arrived at by the international conference at Spa, planned to take from Britain approximately five millions to be divided among Italy and Trance and Belgium. It 'is to the perpetual credit of Belgium that, as soon as Mr Snowden registered his peremptory negation to the Young Plan, that country began to show sympathy with his claims, and in the end placed all its influence on the side of justice. Italy was from the first antagonistic to the British claims, and when it gave way in the end did so ungraciously But Italy did not originate the attempt tothrow justice to the winds in order to exploit the British faxpayer, neither did France, although it at first eagerly joined with Italy. The blame lies v/ith the United States, which already, through pitiable wealmess on the part of the then British Chancellor, was able to bind Britain in financial ohains for a period of sixty years. By the arrangement then forced upon Britain by the United States the • war debt due by the former to tbe latter was more than doubled, tbis by the harsh interest terms insisted upon. Mr Snowden at once attacked the hurtful blundering of the then Chancellor, and since then has announced his intention of seeking to get the agreement reviewed. It is a thousand pities that Mr Snowden was not Chancellor then. Had that been the case Britain would have been saved enormous money loss, and, in addition, the world would not have seen Washington, the" real author of the Young attempt to further exploit Britain, seeking to upset the Spa international agreement now. We are not hopeful in regard to Mr Snowden's expressed desire to have renewed the AngloAmeriean agreement. To oppose ratification of a proposed unjust ag:reement is one thing, to break one ah'eady ratified and in operation is another. The first Mr Snowden has dojie, the second we do not think he can do. Mr Young tried to do this, with the approval of France and Italy and Germany, and but for the determination of Mr Snowden he would have sueceeded, and Washington 's failure indieates that Mr Snowden must fail if he tries to .influence the United States in any but the most friendly way. The United States would start with the initial advantage that the harsh terms she demanded have been already agreed to . aild confifmed, that the agreement is in operation, and that several instalments under it have been paid. And yet all these conditions applied to the Spa agreement which Washington — otherwise the "Young Plan — sought to nullify. But it may be accepted as a comprehensive generalisation that Washing,ton failed largely because it attacked a solemn agreement already •in operation, although, of course, Mr Snowden 's determined attitude and Belgium 's sense of justice were ' in the endu the dominating factors. The Hague decision is virtually a cutting censure upon and a condemnation of the Young Plan. The Hague decision is practically a declaration that the Spa agreement was just, and should not have been attacked. The Hague decision does not get back entirely to the Spa agreement, but it gets back to within 20 per cent. of it. The Hostile attitude of France in the early stages of the Hague conference was not, it is considered, dictated so much by monetary considerations as by the fact that Britain sought to shorten the period during which international troops occupy Germany. We are now told that if a settle- ■ ment had not been arrived at "political and financial chaos would have followed." As to this we cannot I say, beyond a declaration that it j is highiy probable ihe generalisa1 tion is accurate. Mr Snowden in his I final speech at the Hague made an | announcement which will be long a remembered. It was; I desire only just and equitable treatment I for Britain, which the Young Plan l omitted." This is courteously expressed, yet as an indictment it is 3 a scorching one, the more scorching I because, while it is so true, it reI frains from suggesting motives. 1 This mav be regarded as unmerited I flattery to the Young Plan so ema phatically censured and condemn- ® ed, but in view of the crisis involved at one time it may he regarded as justifiable flattery. The important thing is now not,to worry over the motives prompting the Young Plan, but to rejoice that, owing to „Mi Snowden 's determination and per- | sistency, coupled with Belgium 's j sense of justice, the perpetration '> of a very evil happening has been prevented. M. Jaspar shares with klr Snowden the honours of the final deoision.