BRITISH FINANCES.

Taranaki Herald, Volume LXVIII, Issue 16688, 10 March 1920, Page 3

BRITISH FINANCES.

PAYMENTS TO AMERICA.

By Telegraph—Press Assn.—Copyright, LONDON, March 8.

Replying to Mr. Asquith, Mr. Austen Chamberlain (Chancellor of tne Exchequer), stated in the House of Commons that the Government did not intend to feffibrrow outside the United Kingdom any part of the 250,000,000 dollars to repay, the British, half of the Anglo-French loan of 500,000,000 dollars from the United States, so that when. the loan was repaid the British external debt would he reduced by over £50,000,000. The Government would employ . m this connection its available resources in the United States, supplemented by a shipment of gold. They had already began to buy Anglo-French bonds at considerably below par.—lmperial Service.

Of the British Government’s new loan at 3J per cent, only c^e-third has heen subscribed.

The Daily Mail attributes the failure partly to the public’s determination to force the Government To stop waste, and fears of a capital levy. A White Paper publishing financial correspondence reveals that the Governors of the Bank of England urged the Government to restrict future borrowings from the bank.—United SerTi«e.