FUNDING THE DEBT

New Zealand Times, Volume L, Issue 11412, 8 January 1923, Page 7

FUNDING THE DEBT

AMERICA ANID BRITAIN. QUESTION OF PERIOD AND INTEREST. (Received January 6, 5.5 p.m.) WASHINGTON, January 5. Hie British Debt Commission having made 'known that the breakdown of the Paris Conference will necessarily reflect on the debt negotiations, Colonel Harvey and Senator Smoot, a member of the American Funding Commission, conferred on the situation. Senator Smoot is preparing an amendment to the Debt Funding Act, providing for the extension of the powers of the American Commission, but will not present it to Congress until the British Commission leaves. WEST INDIES AS PAYMTNT. (Reoeived January 6, 5.5 p.m.) y WASHINGTON, January 5. Senator Reed introduced a resolution into the Senate authorising the President to communicate with Britain and France regarding the transfer of their West Indian Islands in the payment of war debts to the United States. The resolution mentions Trinidad, Bermudas, Martinique, Lesser Antilles, Grandeterre, Gaudeloupe, and. Marini allente. > A NEW PLAN, ! (Reoeived January 7,. 6.5 p.m:) WASHINGTON, January 6. The British Debt Commission visited President Harding and ■ Mr Mellon (Secretary of the Treasury). It is understood that the Commission is prepared to ! submit a plan calling for the funding of the debt for fifty years, with interest at the rate of 3j per cent. The acceptance of this plan would require Congressional action, since funding legislation has been already passed providing that the interest he not less than 41 per cent., and, the funding period twenty-five years. ' The American and British, Commissions will hold negotiations, at which suggestions will be received, and after the British representatives depart the American Commission will make a report to President Harding, who will submit it to Congress. The British representatives confer with Mr C. E. Hughes to-morrow. : (Received January 7, 5.5 p.m.) . WASHINGTON, January 6. The first business meeting of the British and) Amerioan Debt Funding Commissions will be held on Monday. MODIFICATION OF TERMS P (Received January 7, H. 6 p.m.) WASHINGTON, January 6. Senator Smoot, a member of the American Debt Commission, stated that he believed the sentiment of the country favoured a modification of the terms of the debt which were fixed by Congressional legislation, but sentiment among members of Congress shows considerable opposition to a modification of the terms. It is understood that representatives of the American'Chamber of Commerce, who will attend the convention of' the International Chamber of Commerce in Rome in March, will take steps in the direction of an adjustment of the reparations problem through an international fact-finding commission of business men.