DEBT FUNDING

Otago Witness, Issue 3593, 23 January 1923, Page 25

DEBT FUNDING

BRITISH CONSULTING LONDON. WASHINGTON, January 15. The British have held up the debt funding meetings in order to consult the Home Government, and will report again to the American commission to-morrow. The American Commission informed the Britisli that they opposed interest as low as 3 per cent., but were prepared to ac.cept 50 to 60 year maturities. The British declare that they are willing to make arrangements for simultaneous payments of principal with interest. SENATOR TWITS BRITAIN. WASHINGTON, January 16. Senator M ‘Kellar in a speech said that Britain was maintaining the most expensive Army' in the world, and was financing purchases of oil land in various parts of the world by lending money to foreign countries. She was well able to pay her war debt to the United States, in every transaction they had with Britain during the war she put the matter on a business basis. “She charged us for everything, and we have paid fully. Now Britain should pay us.” WEST INDIES PURCHASE. WASHINGTON, January 16. White House has intimated that it does not favour the suggestion to settle the British debt bv the purchase of her W est Indian possessions. The Administration does not care to be burdened with any additional possessions at this time, feeling that it has sufficient to do in attending to' the administration of the Phillippines and l’orto Rico. AN AMERICAN FORECAST. NEW YORK, January 16. The New York Tribune’s Washington correspondent learns from excellent authorities that the British Commission proposes to make as annual payment of interest and n incipal of the debt the sum • of C37.0C0 GOT Complete repayment w r ill be made in 40 years. PAYMENTS AWAIT SETTLEMENT. WASHINGTON, January 17. It is stated definitely that the British contemplate the immediate commencement of debt repayments as soon as an agreement has been reached and ratified. The payments will probably be by means of bonds, which wi ! l be deposited in the United States Treasury, and part of which will be redeemable yearly, in addition to interest. The American Government may hold the bonds in the Treasury or place them On the American market. The hitch in the debt funding negotiations is reflected in the sterling exchange rates, which fell to 4.64, but later improved to 4.65. BRITISH MISSION GOING HOME. WASHINGTON. January 18. 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 earlv in February for submission to the Congress before its adjournment. AGREEMENT EXPECTED NEXT MONTH. WASHINGTON, January 18. Announcing the temporary break-up of the Debt Funding Conference, Mr Mellon (Secretary of the Treasury), in a statement saii 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 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 the modification of the Debt Refunding Act. The discussions, however, had greatly cleared the atmosphere, and an agreement on the tentative plan was expected early in February for submission to Congress before it adjourned in March. AMERICAN SENATOR’S OPTIMISM. WASHINGTON, January 19. Representative Burton, a member of the Debt Funding Commission, in a statement, said : “The temporary termination of the negotiations does not forecast any failure of the two Governments to reach an amicable agreement. Those who think the outlook dark are misinformed.” He declared that the disputed points would be settled, and definite proposals submitted to Congress. BRITISH MISSION SAILS. NEW YORK, January 20. The British Debt Commission sailed in the Olympic. Mr Baldwin, in a statement, remarked : “I cannot sav anything at this time regarding the Commission and its results, because the situation is too delicate. One thing I can say is that the extraordinarily cordial treatment we received in Washington was far beyond our exoectations. We were very much impressed with the fair treatment, moderation, and straightforwardness with which affairs were conducted. We wish also particularly to acknowledge the American press’s personal References to us, and the manner in which it has handled the debt question. Any wild talk at this time on either side would have tended to make a settlement impossible.”

Most of us have heard of the mythical goose that lays ‘‘the golden eggs.” Mr J. Strachan, of Balfour, has quite another story to tell (remarks the Mataura Ensign). The other day he killed a goose, and among the contents of its gizzard was

a quantity of gold. This (says the Ensign) is not unique in the experience of p ople thereabouts, gold being often taken from the “inurds” of geese whose feeding-ground is in the vicinity of the Wainiea Stream. Mr F. Gluyas is the possessor of a red

diamond secured in like fashion. An accident that might have been at tended with tragic consequences occurred at the Patea wharf on Monday last (states the Patea Press). A child of about seven named Gordon was fishily oil' the wharf

when a sudden gust of wind blow him into the river. Being unable to swim lie would have been drowned but for the prompt action of another lad who pluckilv jumjied off Ike wharf fully dressed and singlehanded brought the drowning buy ashore.