War Debts Pay-day

Manawatu Times, Volume LVI, Issue 7185, 17 June 1933, Page 7

War Debts Pay-day

Uncle Sam Gets 8 Per Cent Of Total SEVEN COUNTRIES DEFAULT United Pross Association —By Eloctrlc Telegraph—Coovright Received Friday, 8.45 pun. WASHINGTON, June 16. The war debt payments to-day totalled less than eight per cent, of the total of 143,606,000 dollars due imder the existing agreement, 11,154,592 doUars being the sum announced by the State Department representing the token payments of Britain and Italy and payment in full by Finland, All advances accepted are in silver at the rate of 50 cents, an ounce. Italy owed 13,545,00 dollars and paid 1,000,000 dollars, Finland owed and paid 148,692 dollars. Offers to pay 180,000 dollars by Czecho-Slovakia and 250,000 dollars by Rumania have also been received, but no reply has yet been made to these nations. Seven countries, Belgium, Esthonia, France, Hungary, Lithuania, Poland and Tugo-Slavia made neither payments nor offers, Italy and Czecho-Slovakia asked for a debt review, Latvia paid 6000 dollars on her instalment of 119,609 dollars due. GERMAN PRESS BACKING. BERLIN, Juno 15. The German Press is so preoccupied with the Austrian tension that it devotes little attention to the Conference. The Press considers that England has adopted the right method with respect to the War debts. Will Silver Rise ? SPECULATION MAY INCREASE Received Friday, 9.50 p.m. LONDON, June 17. The Daily Telegraph’s financial editor says tho silver lining for Britain’s debt payment will bo transferred from tho Indian Government’s reserve to the United States in order to increase tho supply of silver coinage there. As the Indian Government will not replaco the silver it has sold no benefit accrues to silver producers. The prominence given to silver by tho British method of payment may iucrchso speculation and raise tac price, but unless the United States embarks on an extensive use of silver for coinage purposes the position will remain as before. Brief and to the Point FRANCE'S REASON FOR DEFAT) uT Received Friday, 9.50 p.m. PARIS, Juno 16. The French Government’s' Note to America is brief. It recalls the previous Note giving reasons for deferring the debt payment and says these have been unaltered and Cabinet is bound by tli9 resolution of the Chamber of Deputies in December. Final Adjustment May Take Some Time (British Official Wireless.) RUGBY, Juno 15,

Discussions with tho object of furthering the plans for the ultimate settlement of the war debts between tho United Kingdom and the United States will bo continued by Sir Ronald Lindsay, the British Ambassador in Washington, upon whom has mainly fallen the conduct of negotiations which culminated in tho Chancellor of tho Exchequer's announcement last night. In London political circles it is considered that the final adjustment largely depends upon tho course of events during the World Economic Conference, and that not for some weeks at least, and possibly not until September is it likely that the British War Debt Mission would proceed to Washington. If such a mission crossed tho Atlantic, it would probably bo headed by Mr. Nevilo Chamberlain. Any final settlement would, of course, need to bo ratified both by tho United States Congress' and the British Parliament.