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The New Zealand Railways Magazine, Volume 6, Issue 3 (August 1, 1931)

Deferred Writing-down

Deferred Writing-down.

The first effect of the moratorium is found in the Treasuries. Budgets all over the world are lightened. New Zealand gains a respite to some degree, and so does Australia, whose Budgetry outlook—apart from New South Wales—is much less stormy than it was three months ago. If the immediate benefit in the Treasuries of Governments is paralleled by corresponding benefit in trade all over the world, then the case will be strengthened for a reduction of war debts. Thus the moratorium, or “year's holiday,” may be extended into a much bigger cooperative measure of mutual relief. Note that, in post-conference articles on 23rd July the Morning Post and The Times express the opinion that “a reduction in war-debt burdens is necessary. Public opinion in America is not yet ripe, but the issue must be faced sooner or later.”