In circumstances of such complete harmony as exists in this House to-night it would become me ill to say any word of discord, although my experience in this House has always taught me that the occasions when this House is most unanimous are the occasions when one should be examining the proposals most closely. I do not propose to enter into that examination now. I assume that opportunity will be provided at some subsequent stage, when the documents are in front of us and we have had time to read them in cold print, for the House, if it so desires, going into the whole matter, but I think it is only right and proper that I should try to get for my own benefit, if not for the benefit of the House, the announcement that has been made to-night just precisely in its proper perspective.

If I am to understand the speeches of congratulation that have been made to the Chancellor of the Exchequer, an assumption is being made that the American Debt problem has now been settled for ever. [HON. MEMBERS: "No."] I am glad that that is appreciated, at least. Then am I wrong also in assuming that the House is congratulating the American President and the Chancellor of Britain on having discovered some new device for meeting this situation? If I understand the device correctly, it is the ordinary device by which the debtor who cannot pay goes to his creditor and says, "I am unable to pay my debt, but I am giving you something on account." [HON. MEMBERS: "No."] I find now that while I do not get more assent for that, the dissent is not quite so strong over that point as over the original proposition. What, I take it from the Chancellor's statement, Great Britain has obtained by these conversations is six months' time during which the question of this debt can be more fully discussed. While I do not know whether these six months are going to produce circumstances and opportunities which the last 15 or 16 years have not produced, I hope and trust that a settlement will be found in that period, but let me say this one last word.

It is my humble opinion, and I give it with all deliberation, that this whole question has been put in its wrong position in relation to world unemployment and world trade depression. The War Debt has only assumed the proportions that it has assumed to the problem because the world is depressed, because the trade of the world is depressed. The War Debt problem is not the cause of trade depression. If the nations of the world were prosperous, if the industries of the world were active, the debts that were incurred during the War would be insignificant, and the nations that owe the money today would either pay and think nothing of it or the nations that are owed the money could wipe out the debt and think nothing of it. I do not want to do less than to say that the Chancellor has gained for the nation six months more time to deal with this question, but I do not want to admit for one moment, or to make myself believe for one moment, that he has done more than gain those six more months.