BRITAIN AS CREDITOR

Evening Star, Issue 18533, 16 January 1924, Page 6

BRITAIN AS CREDITOR

FRENCH AND ITALIAN DEBTS. Press Association— By Telegraph—Copyright. LONDON, January 14. The Association of British Chambers of Commerce, in a letter to Mr Baldwin, Lord Curzon, and Mr Neville Chamberlain. drew attention to the fact fTiat France and Italy at present owe £1.530,000.000 to Britain, tho interest on which at 5 per cent, would bo equal to over a shilling in the £ of_ the income tax at present paid in Britain. Tho repayment of the American loan to Britain of £856,000,000 cost £36,000,000 a year, equal to B,ld in the £1 of the income tax. Tho council of the association expressed tho opinion that in view of the adverse effect of high taxation on the trade of the country, the Government should consider whether steps should not be taken to approach the -French and Italian Governments with a view to securing a payment on account, pending a settlement of the debts on a fair basis with the object of relieving tho British taxpayer.—Reuter.