DEBT PAYMENTS

New Zealand Herald, Volume LXX, Issue 21520, 17 June 1933, Page 11

DEBT PAYMENTS

JUNE INSTALMENTS RECEIPTS BY AMERICA LESS THAN 1! I'ER CENT * ■ . -- SEVEN NATIONS DEFAULT OTHERS SEEK A REVIEW By Telegraph—Press Associnlion—Copyright (Received June 10. 8.15 p.m.) "WASHINGTON, .Tune 15 J he Juno war debt instalments paid to the T nited States Government today totalled less than S per cent of the total of 14-3,606,000 dollars duo under tho existing agreement. The State Department announces that 11,154,502 dollars represented token payments by Britain and Italy and payment in full by Finland. All were accepted in silver at a rate of 50 cents per fine ounce. Italy owed 1 .'J,545,000 dollars and paid 1,000,000 dollars, Finland owed and paid 118,592 dollars. An offer to pay 180,000 dollars by Czecho-Slovakia and an offer of a payment of 25,000 dollars by Rumania were also received, but no reply has been made yet to those nations. Seven countries, namely, Belgium, Estonia, France, Hungary, Lithuania, Poland and Yugoslavia, made neither payments nor oilers. Italy and Czecho-Slovakia asked for a review of their debts. Latvia paid 6000 dollars on the instalment of 119,(301) dollars due. FRENCH ATTITUDE DEFAULT NOTIFIED WHAT RUMANIA PROPOSES (Received .Tunc 10. 5.5 p.m.) LONDON. June 15 A message from Paris states that France has notified Washington that she will not pay her debt instalment. The Government's Note to America is brief. It recalls the previous Note giving the reasons for deferring the December debt payment and says these have not been altered. It points out that the Cabinet is bound by the resolution carried by the Chamber of Deputies in December. From Bucharest it is reported that Rumania proposes to pay America less than 10 per cent of the instalment due. SILVER FROM INDIA • BRITAIN'S PURCHASE SOME PROBABLE EFFECTS (ueccived June IG, G. 5 p.m.) LONDON. June lfi The Daily Telegraph's financial editor says the silver for Britain's debt payment will be transferred from the Indian Government's reserve to the United States. As tho Indian Government will not replace the silver it has sold no benefit will accrue to silver producers. Tho prominence given to silver by the British method of payment may increase speculation and raise the price, but unless tho United States embarks upon an extensive use of silver for coinage purposes the position will remain as before. PENDING DISCUSSIONS BRITAIN AND AMERICA SOME DELAY EXPECTED LONDON. June 15 The discussions with a view to furthering the plans for the ultimate settlement of'war debts are to be continued by Sir Ronald Lindsay, British Ambassador at "Washington. London political circles consider that a final adjustment largely depends on the course of events at the Economic Conference, and not for some weeks, possibly not until September, is it likely that the British mission will proceed to Washington. The mission probably will be headed by Mr. Neville Chamberlain. Any final settlement would be subject to ratification. A message from Berlin says the German press is so preoccupied with the Austrian tension that it has devoted little attention to the Economic Conference. It considers Britain adopted the right method respecting war debts. , i —— . I