COMMONWEALTH DEBT.

Press, Volume LVII, Issue 17062, 5 February 1921, Page 9

COMMONWEALTH DEBT.

fr— THE FUNDING SCHEME. (By Cable—Press Association—Copyright.) (Australian, and N.Z. Cable Association.) LONDON, Feb. 3. Senator Millen states that Great Britain's share of the indemnity includes the Dominions' shares, but the Dominions' proportions have not yet been determined. He thinks that the reported Canadian indemnity must include British payments for Canadian services rendered. Senator Millen and Mr Chamberlain have signed the financial agreement. It is officially explained that it provides for the funding of £92,000,000, including £49,000,000 cf advances by the Imperial Government to the- Commonwealth for W&r expenditure, £35,000,000 paid by the Imperial Government for the maintenance of Australians on service, and £8,000,C00 to the Ministry of Shipping and the Admiralty for transport charges and other services. Th.e Commonwealth, has contracted to provide annual payments, including interest and sinking fund, averaging 6 per cet; of the whole indebtedness. I NEW ZEALAND INDEBTEDNESS. (SPSCTAL TO ''TSB PRICS3.") i WELLINGTON, February 4. i A statement that Senator Millen had completed an agreement with the Bri- ' tish Chancellor of t)he Exchequer for ■ funding ninetv millions of the Commonwealth's indebtedness, including war loans and military debts, was cabled from London this week. The debt that is being handled in this way is part of the liability . incurred during the war, when tlhe British Government made substantial advances to Australia and the> other Dominions to cover war expenditure. New Zealand shared in these advances, but thd funding of this country's indebtedness to the Mother Country is not proposed.