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

Indirect Compensation

Indirect Compensation.

Is it to be taken for granted that every leap year a world-question like debts (with the spectre of bankruptcy behind it) is to be shunned for many moons while the American parties are manceuvring for the four-yearly Presidential dicethrow, and is to be postponed for additional months until the successful dicer page 10 has picked up the stake? On that assumption, a year could be easily wasted. If other Powers were similarly ruled, an international decision might become impossible. The American practice monopolises every leap year for a domestic fight within a circumscribed ring, into which the oversea debtors may not enter, even though America has become “the world's landlord.” Critics have complained that America had no interest save in interest. Yet Mr. Hoover's statements—since his defeat—are quite otherwise. He now speaks of “compensation in other forms than direct payment.”