Word: debts
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Dates: during 1930-1939
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Everyone agreed, said he, that the rail equipment industry had a great field for expansion and that that expansion would go far toward reviving all heavy industries. Trouble was, though, that railroads were so burdened with debt that they were unable to pay even their fixed charges, much less to buy new equipment. Some people urged Government loans but that, declared the President, did not seem feasible. Some way, he suggested, would have to be found to readjust the railroads' capital structures, lighten their interest burdens. But he did not plan to do anything about it at this session...
With these increased taxes the British budget balanced, with a minuscule surplus left over. But, as has been his fiscal custom, Chancellor Chamberlain had made no provision for paying anything on Britain's debt...
...Chancellor of the Exchequer not mention our War debt to the United States?" snapped William Mabane, M.P. "This is the first time it has been ignored in a budget speech...
...gold standard is dead and has been relegated for a long period to purgatory. We have no sinking fund except the balance of last year's surplus. We have gradually increased our taxation, and we have dealt with the American debt liability in a manner which no one would have tolerated in the years for which I was responsible. I was the last orthodox Chancellor of the Victorian epoch. . . . I feel I am entitled to ask the House to regard me as the last of the Mohicans...
...that startled France most was that of Edouard Herriot. For the first time in his political career he failed to win his seat on the first election. Apparently the voters of Lyon felt not so guilty as he had hoped over France's failure to pay its War debt to the U. S. Piqued, M. Herriot cried loudly that he would retire forever from politics, a statement that required a soothing long-distance call from Premier Sarraut before M. Herriot would consent to participate in a run-off that should be a walkover...