DEBT TO U.S.

Timaru Herald, Volume XCVIII, Issue 18031, 20 January 1923, Page 9

DEBT TO U.S.

MUCH CONSIDERATION BROKEN OFF. THE BRITISH RETURN. By Cable—Press Association—Copyright. WASHINGTON, Jan. 18. The debt negotiations have been suspended, and the entire British Commission left Washington this afternoon, sailing on Saturday to consult the British Cabinet. Mr A. W. Mellon. Secretary of the Treasury, states that after consultation between Mr Stanley Baldwin and his Government, it is expected that an. agreement will be reached early in February for submission to Congress before its adjournment.—A. and N Z Cable.

ONLY TEMPORARY. By Cable—Pr&ss Association—Copyright. (Received 1 a.m., January 20.) WASHINGTON, Jan. 18. ' Announcing the temporary break up of the Debt Funding Conference, Mr Mellon, in a statement that two commissions had given long and detailed consideration to the questions involved in debt-funding. Progress had been made towards mutual understanding of problems, and involved discussions had reached a point at which the British Government thought-i't desirable that the Chancellor of the Exchequer should return for consultation. Negotiations have thus come to a temporary impasse, without a tentative agreement which President Harding was to have submitted to Congress as a basis of the modification of the Deft Refunding Act. _ Discussions, however, greatly cleared the atmosphere. Agreement on a tentative plan is expected early in February, for submission to Congress before it adjourns on March 4. —A. and N.Z. Cable. * (Received 2 a.m., January 20.) NEW YORK, Jan. 18. The American Press unifopmally expresses disappointment at the break-up of the BritishAmerican debt conference, and stresses the paramount importance of -reaching a quick settlement without . haggling qjer details. . . The ‘‘New York Times”, says that the hitch came partly, if not largely over minor details, such as interest. No effort should he spared -to impress upon the people of America the immense importance of a settlement, with Britain. -

The Cleveland “Plain Dealer” says: “The failure of the Ameri-can-British commissions to agree upon definite even for an amendment of the American .Funding liaw is 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 sprang.” The “Boston Herald” remarks: “A European necessity is an agreement between the United States and Britain concerning the British Debt - Conference. _ We must not allow a split over interest rates.”