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And it seems to me to be little short of criminal on the part of The Times to endeavour to trick the people of this country into such a settlement. Personally, I do not think that at this juncture there is anything whatever to be done except to grant a moratorium.
Under this moratorium payments were permitted at first of 5 per cent, then 25 per cent. Later depositors were permitted to draw from the banks 40 per cent, and 40 per cent payments became the rule. Then 50 per cent for December, and in January, 1915, full payment to bank-depositors, although legally the moratorium stands to March 1, 1915.
His delight was in houses; the stone-front six-story kind, the serious rent-paying proposition, containing ten or a dozen moderate-priced apartments, and two good stores, from which he derived a comfortable income. Such was the ultimate desire of the little shop-keeper, desire which spurred him on to sell and to economise. Imagine then the predicament of such people under the moratorium.
An amusing incident arising out of the moratorium came to light in the course of a lawsuit. An ingenious tenant, smitten with the passion of greed, not content with occupying his flat without paying rent, sublet it at a high figure to a man who paid him well and in advance, but by mischance set fire to the place and died.
The bank holiday was extended; State notes for 10s. and £1 were issued; a moratorium was declared, legalising the postponement of the due payment of debts, with certain exceptions; the Bank of England under a guarantee from the Government that the latter would meet the loss, began discounting, or buying for cash, approved bills of exchange accepted before war was declared, many of which are hardly likely to be met by the people liable for payment.
Still had Nicky-Nan known it Mr Pamphlett, like many another bank manager, had been caught and thrown in a heap by the sudden swoop of War. Over the telephone wires he had been in agitated converse all day with his superiors, who had at length managed to explain to him the working of the financial Moratorium.
We could scarcely afford to be the only nation that refuses the relief which Austria seeks. The Congress has already granted Austria a long-time moratorium, which it is understood will be waived and immediate payments begun on her debt on the same basis which we have extended to other countries.
We could scarcely afford to be the only nation that refuses the relief which Austria seeks. The Congress has already granted Austria a long-time moratorium, which it is understood will be waived and immediate payments begun on her debt on the same basis which we have extended to other countries.
If England went bankrupt in the completest way to-morrow, and repudiated all its debts both as a nation and as a community of individuals, if it declared, if I may use a self-contradictory phrase, a permanent moratorium, there would be not an acre of ploughed land in the country, not a yard of cloth or a loaf of bread the less for that. There would be nothing material destroyed within the State.
Many Canadian business men at this time advocated a moratorium, but the Government steadfastly resisted such a suggestion until ultimately it was found unnecessary. Financially, the Canadian people from 1915 to 1919 were not unmindful of their national obligations.
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