AMERICA APPROVES

New Zealand Times, Volume L, Issue 11436, 5 February 1923, Page 5

AMERICA APPROVES

CONGRESS WILL PASS LAW. POSSIBLY THIS WEEK. Australian and N.Z- Cable Association (Received February 4, 10.30 p.m.) NEW YORK, February 3. According to the “New York Times” Washington correspondent, the opposition to the Administration’s plan for funding the British, debt appears to he weakening in both branches of Congress, and the prediction to-day was made that the necessary law would be passed during tfie present session, before tlie adjournment on March 4th. The American Commission held a session lasting several hours, preparing a report containing the recommendations concerning the form legislation should take, and it is expected President Harding will send a message to Congress early next week, AMERICAN BONDS. The Administration is gratified that the terms appear to meet with popular approval, and are favourable to a great number of Senators. Both parties have expressed their readiness to pass the necessary debt law. The feature of funding which provided that Britain could use American bonds to pay its debt has been considerably commented upon. It is pointed out that Britain could buy bonds selling below par, thus benefiting, and at Hie same time such purchases would bring up the prices of these bonds, benefiting the American holders.

THE SAME TREATMENT FOR ALL THE ALLIES’ DEBTS. Australian and N.Z. Cable Association. PARIS, i February 3. The “Journal” says: “The AngloAmerican agreement provides that no debtor to the United States shall receive more favourable treatment than Britain.” “The Journal” hopes that rumour interprets the clause inaccurately, otherwise it settles the fate of the French debt.