BRITAIN AND AMERICA

Waimate Daily Advertiser, Volume XXIII, 3 February 1923, Page 2

BRITAIN AND AMERICA

WAR DEBT FUNDING. Pei Press Association—Copyright NEW YORK, Feb. 2. The New York “Times” Washington correspondent says that the American Debt Commission will meet Sir Eric Geddes again to-morrow, to consider further minor details of debt-funding; and it is expected that conclusions will be immediately submitted to President Harding, and a Bill drafted for Congressional consideration before the end of the week. Senator Borah has issued a statement declaring himself dissatisfied with the debt terms. He would rather see all the Allied debt cancelled, than the present economic condition of Europe continue. Funding of debts would not resurrect Europe economically, and American commerce would continue to lose a total greater than the debts. Representative Fordney stated that President Harding favours the application of interest from the British debt to soldiers’ bonuses, and there is the possibility of an amendment, providing that soldiers’ bonuses may be attached to the new debt funding law. Although he opposes the conjunction of the two measures, the President feels that nothing should be done regarding the bonus until the interest, in sufficient amounts, has been received.—-A. and N.Z. Cable. LONDON, Feb. 2. Sir W. H. Goschen, presiding over the National Provincial Bank meeting, said that yesterday’s Cabinet decision regarding the American debt stood out as a landmark of our financial progress. Some might think the rate of interest more onerous than might have been expected when the purposes for which the money required were considered, but the Government deserved sincere congratulation for its courage in facing the situation. —A. and N.Z. Cable. WASHINGTON, Feb. 2. The Senate was in uproar this evening when the discussion of the Britisn Debt terms was started by Senators Lodge, Heflin, McKellar, Robinson, and others. Senator Heflin intimated that Mr Taft, when in England last summer, may have been one who promised low interest rates, and insinuated that Mr Taft represented Wall Street. Senator Glass, bittered ana angered spoke to Heflin for attacks on England, and Heflin was called to a point of order by Senator Wadsworth. Several Senators nearly came to blows. The debate was bitterly partisan.—A. and N.Z. Cable. • LONDON, Jan. 31. The decision regarding the British debt to America was discussed at Tuesday’s Cabinet, but the night was allowed to pass in order that some members of the Cabinet who were doubtful of the wisdom of encumbering posterity with an annual burden of £30,000,000 might sleep on it. As a result the Cabinet unanimously accepted the view that immediate acceptance was desirable in order that the present Congress, which will terminate on March 4, may deal with the matter. It only needed ten minutes to clinch the matter, so the meeting of the Cabinet was one of the shortest on record. A factor which helped members of the Cabinet to make up their minds was the strong opinion in financial and commercial circles in favour of an immediate solution.—A. and N.Z Cable.