BRITAIN'S DEBT

Dominion, Volume 13, Issue 141, 10 March 1920, Page 7

BRITAIN'S DEBT

SITUATION IMPROVING NO FURTHER BORROWING : : FROM ABROAD (By Telegraph-Press Association-Copyright London, March 4. Viscount Peel (Under-Secretary of tho ; War Ministrv) announced in Hie Houso of Lords that tho Government intended '■ to reduce tlie foreiKii and external debt, and to contract no further debt abroad. He deprecated gloomy prophecies,' and > Baid the situation was improving, and could not be described as unsatisfactory. The House of Lords accepted a motion bv Lord Buckniaster that expenditure should be brought within the year's rev-enue.—Aus.-N.Z. Cablo Assn. ONLY THIRD OF NEW LOAN SUBSCHIBED. (Rec. March 9, 5.5 p.m.) j London, March i. i The British Government's new loan at | 3? nor cent, has been only one-third' sub- , scribed. The "Daily Mail" attributes the failure partly to the public determination tn '■force the Government to stop I waste, and the fears of a capital levy.-' i United Service. ■ BORROWINGS FROM BANK OF ENGLAND. . , • ; (Rec. March 9, 5.5 p.m.) K London, March 4. A White Paper publishing financial correspondence reveals that the Govern- i ore of the Bank 'of England l urged the Government to restrict future borrowings from the Bank—United Service. REPAYMENT OfIjNITED STATES LOAN ! (Rec. March 10, 0.10 a.m.) London, March 8. Replying to Mr. Asquith, Mr. Austen _ \ Chamberlain (Chancellor of the Exchequer) stated that tho Government did | not intend to reborrow outside the United Kingdom any . part of the 250,000,000 dollars requirgl to repay the j British half of the Anglo-French loan j of 500,000,000 dollars from the United ! States. So that when the loan was re- j paid the British external debt would be • reduced by over fifty millions sterling. i The Government would employ in this I connection the available resources in tho ! United.States, supplemented by the ship- I ment of gold. They had already begun ' to buy Anglo-French bonds at considerably below par.—lmperial News Sen-ice. ! .ADYANCESTO ALLIES ,| .London, March i. \ Mr. Austen Chamberlain announced in ' tha Houseof Commons that Britain's cash j advances to the Allies since the arhlis- I tice. totalled ,£109,500,000, Hhe greater j part being'for war commitments'—Aus.- j N.Z. Cable Assn. v i