Salt Lake Telegram | 1932-04-16 | Page 11 | U. S. Importer Would Discount War Debts

US U.S. 1 IMPORTER WOULD DISCOUNT WAR DEBTS By y FRANK II I. I Associated Press Financial Financil Writer Wrier NEW YORK April Apri 16 A 16 A movement move move- move ment meat has been st started here to align the American Importers and Exporters Export Export- ers association in support of a war debt discount plan similar to the one proposed by Alfred Alred E E. Smith in his Jeferson Jefferson day daj speech Rafael Rafel Del Castillo Castio Jr for 25 years in III 1 the export and nd import business isto is isto to address addres the association of which II he is a director on April Apri 27 He plans to ask the membership to get behind I Ithe the plan as the one feasible means o of stirring up international business I Mr Del Castillo Castio has been working on a plan similar in principle to Mr Smiths Smith's and nd has communicated his suggestion to President Hoover Sec of the Treasury O Ogden den L L. Mills Mis John J J. Raskob S S. Parker Gilbert Gibert Bernard Berard M. M Baruch Albert H H. H H Wiggin Wig gin and others other While Mr Del Castillo Castio says we cannot afford to forgive the debt we can afford to grant these nations a breathing spell We Ve can do this he says bj by granting them not a year one moratorium mora but a year five moratorium with the proviso that during those five years they purchase from us as of old old and that if they buy from us we will wi grant them an allowance against their debt on a basis that will wi be satisfactory Mr Del Castillo Castio has prepared figures figures fig fig- fg ures ure on average annual purchases of ol American Amerian goods by foreign debtor nations from 1928 inclusive These show that on a 10 per cent basis Belgium would receive a discount discount dis dis- dis count of each year France Great Britain and Italy Itly Belgium owes this country France Great Greal Britain and Italy Ialy