ALLIED DEBTS TO U.S.

New Zealand Herald, Volume LX, Issue 18295, 11 January 1923, Page 7

ALLIED DEBTS TO U.S.

FUNDING NEGOTIATIONS. CONGRESS TERMS TOO HIGH. MODIFICATION TO BE SOUGHT ' j- ' By Telegraph—Press Association— Copyright. (Received 4.5 p.m.) A. and N.Z. WASHINGTON, Jan. 9. The spokesman of White House has officially, announced that none of the j nations owing war debts to the United States can fund its obligations within the limitations imposed by Congress. The American Debt Funding Commission will obtain the best possible terms for funding the British debt and then report to the President, who "will submit recommendations to Congress for modification of the law. Congress will be informed what steps are necessary if the United States is to receive payments in the near future. Pending such a recommendation and Congressional consideration the British Debt Funding j Mission will return to England and will come to Washington again when and if Congress agrees to the suggested terms., such as extension of the maturing period and modification of the. interest. The terms, as approved, will extend to all other debtor nations entering into funding negotiations with the United States.