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The New Zealand Railways Magazine, Volume 7, Issue 1 (May 1, 1932.)

Some Delicate Surgery

Some Delicate Surgery.

Concessions in capital and/or interest cause no disturbance when they originate with the creditor, in the manner willed by Americans like Messrs. Smith (Democrat) and Mellon (Republican). When they come as demands of the debtor, the whole moral position is altered. Coercion of creditors has occurred on innumerable occasions in the world's history (the list of defaulting Governments in itself is a considerable one), yet as a general thing the obligations of debtors have been respected and are the foundation of finance and of the confidence on which finance relies. This very delicate structure of credit is now being examined by almost every Government in the world to see what alterations can be made without impairing the machine. Experimentation of that kind will be one of the page 50 features by which this era will be remembered in history.