DEBT NEGOTIATIONS

Otago Daily Times, Issue 18766, 20 January 1923, Page 9

DEBT NEGOTIATIONS

BRITISH MISSION GOING HOME. Press Association—By Telegraph—Copyright WASHINGTON, January 1)3. The debt negotiations have been suspended, and the entire British Commission left Washington this afternoon. They will sail on Saturday to consult the British Cabinet. Mr Mellon (Secretary of the Treasury) states that, after consultation between Mr Baldwin and his Government, it is expected that an agreement on a tentative plan will be reached early in February for submission to the Congress before its adjournment. —A. and N.Z. Cable. AGREEMENT EXPECTED NEXT MONTH. WASHINGTON, January 18. (Received Jan. 19, at 9.10 p.m.) Announcing the temporary break-up of the Debt Funding Conference, Mr Mellon (Secretary of the Treasury), in a statement said the two commissions had given long and detailed consideration to the questions involved in debt funding, and progress was made towards a mutual understanding of the problems involved. The discussions had reached a point at which the British Government, thought it desirable that the Chancellor of the Exchequer should return for a consultation with the Government. The negotiations had thus come to a temporary impasse, without the tentative agreement which President Harding -was to have submitted to Congress as a basis for tlhe modification of the Debt Refunding Act. The discussions, however, had greatly cleared the atmosphere, and an agreement on the tentative plan w*a expected early in February for submission to Congress before it adjourned on March 4.—A. and N.Z. Cable. PRESS DISAPPOINTED. . NEW YORK, January 18. (Received Jan. 19, at 10.20 p.m.) The American press, uniformly expresses disappointment at the break-up of the British-American Debt Conference, and stresses the paramount importance of reaching a quick settlement without haggling over details. The New York Times says: The hitch came partly, if not" largely, over minor details, such as interest. No effort should ba spared to impress upon the people of this country the immense l importance of a settlement with Britain. The Cleveland Plain Dealer says: The failure of the American and British commissions to agree upon definite recommendations for the amendment, of the American Funding Law is a fair indication that they were far apart in their points of view. The debt issue will probably drag indefinitely until President Harding changes his mind and calls a special session of Congress in the late spring. The Boston Herald remarks: An urgent necessity is an agreement between the United States and Britain concerning the British debt. The conference must not allow a split over the interest rate.—A. and N.Z. Cable.