FUNDING WAR DEBTS

Otago Daily Times, Issue 18760, 13 January 1923, Page 9

FUNDING WAR DEBTS

GREATER PUBLICITY WANTED. Press Association—By Telegraph—Copyright WASHINGTON, January 11. Senator M'Kellar (Tennessee), in a speech in the Senate demanding that fu’l publicity be given, to the war debt negotiations, declared that Congress never would sanction a change in the present funding law until it knew what proposals had been made by the British Government. “We should have daily bulletin concerning the developments of the negotiations. It is essential that the people should know what is proposed to be done. Negotiations behind closed doors materially hinder any successful conclusion.” — A.’ and N.Z. Cable. BRITAIN'S POSITION. A HEAVILY BURDENED NATION. NEW YORK, January 11. (Received Jan. 12, at 7.35 p.ni.) The New York Times’s Washington correspondent says: Upon the heels of Senator M'Kellar’s speech, the American Debt Commission announced that the British Commission had submitted _ a detailed statement of Britain’s financial position, showing the tax measures to which the British nation resorted in an effort to balance its national Budget. The British people were more heavily taxed than the American, and additional, severe tax burdens to meet the heavy interest and principal payments on their debt at this time would inflict great hardships on the British working man's family. The Commission pointed out that, in order to balance the 1922-23 Budget, the British Government probably would be forced to suspend payments into the National Sinking Fund for the reduction of the Public Debt.—A. and N.Z. Cable. EARLY AGREEMENT PREDICTED. NEW YORK, January 11. (Received Jan. 12, at 8.5 p.m.) The Commissions to-day gave particular attention to interest payments and the amortization provisions which might be included in the tentative nroposal which will be submitted to Congress. Mr Mellon (Secretary of the Treasury) expressed the belief that an agreement would probably be reached within less than a week. The agreement will probably provide low interest rates for the present, and the abandonment of the proposals for amortization, through the establishment of a sinking fund, until some time later.—A. and N.Z. Cable.