EUROPE'S DEBTS

Evening Post, Volume CI, Issue 150, 25 June 1921, Page 5

EUROPE'S DEBTS

UNPAYABLE INTEREST BURDEN

AMERICA'S ATTITUDE AS CREDITOR

FIXING THE TERMS OF PAYMENT.

(DKiTB» FRISS ISSOOMTI»S,-~C«JMiaHT.) (AUSTRALIAN • NBW ZEALAND. OAIUS ASSOCIATI«N.) (Received June 25, 10 a.m.) WASHINGTON, 24th June. President Harding has transmitted to Congress a letter from the Secretary of the Treasury (Mr. Andrew Mellon), saying that it is impossible for many countries to pay interest on their debts to America just now, and insistence on payment might be disastrous to those countries. He asked for authority to determine the form of the terms of settlement, rates of interest, dates of maturity, and the right to extend payment. Mi. Mellon summarised the foreign debts growing out of the war at 10,140,000,000 dollars, ' of whiqh 9,500,000,000- dollars wero advanced to foreign Governments—to Brit-1 aur 4,000,000,020, to France 3,000,000,000, to Italy 1,600,000,000, and to Belgium 347,000,000. (Received. June 25, 10.30 a.m.) WASHINGTON, 24th June. _ Senator Penrose has introduced a Bill giving the Secretary of the Treasury f larger authority in funding foreign war debts. The Bill follows' the announcement that Mr. Mellon has undertaken to put the debts on a permanent basis as soon as he is given the necessary authority.