THE WAR DEBTS.

Poverty Bay Herald, Volume XLIX, Issue 16042, 1 February 1923, Page 6

THE WAR DEBTS.

BRITISH ACCEPTANCE PLEASES

AMERICA

EFFECT ON WORLD SITUATION

BRITAIN’S CONCESSION TO CHINA

Elec- Tel. Copyright—United fress Assn.i Australian and N.Z Cable Association.-

(Received! Feb. .1, 1.40 p.m.) WASHINGTON. Jan. 31

While there are no official comments pending Sir Auckland 1 ' Goddes’ notification of the British debt acceptance, the Administration is highly .pleased with the news. The Treasury states that Mr Mellon believes the action will have an incalculably good effect on the critical world economic situation.

President Harding intends to take immediate action to place the matter before Congress.- It is believed 1 he will.ask for an alteration in the Debt Funding Act to make it conform' with the -British arrangement-, instead oL asking for specific authority to consumate a single agreement. Early- Congressional comment indicates the speedy approval of the terms. It is learned that a Bill providing Congressional approval of the debt funding will ho introducer in the (Senate not later than Monday.

The Department of Commerce has learned 1 from Chinese sources that the British Government has decidedl to remit the balance of the Boxer indemnity of approximately sixty million dollars for mutually beneficial-mirposes. NEW YORK, Jan. 31.

Stirling rose a. point to 4.64 within fifteen minutes of tlie receipt _of the news of the- British acceptance of the debt terms. The French franc is steadily declining and to-day is quoted at 588.