WORLD’S FINANCE.

Hokitika Guardian, 7 December 1921, Page 3

WORLD’S FINANCE.

REPAYMENT of loans. AM ERICAN-15 RITISII DIFFICULTY. AUSTRAMAN AND N.Z. CABLE ASSOCIATION. (Received This Day at 10.15 a.m.) WASHINGTON, Dec 5. Tlie session of Congress opened today, is likely to have a hearing oil the Conference. To begin with ther'Refuading Bill of Allied debts will be eotisumeih The plwilioii is this. The Allies borrowed mtniey bn note, of hand of hand through their plenipotentiaries and now the time lias come to put the business on a', hotter footing. The interest alone amounts to millions daily, so that. Congress has its work cut out to nrrange a thorny on paper,, by which the money may lie collected. AVlieilior It will lie converted into practice is,another matter. Americans themselves are frankly puzzled ari to what method can ho employeiT. Not long ago th» Governor of the Bank of England met ii gathering of the biggest Americans bankers to discuss the problem. All right said tlie Englishman, iyi> will ship you the hundred million iu gold. Tt is very inconvenient, Hut. we can do it.

For heaven’s sake don’t the Americans replied, we lire cliblviflff wit It gold. . . Well, wo will sen<l \'ou over one nun-. <lrod millions worth of manufactured art ides.

■But the reply of the Americans was, well then we will go and buy four hundred million mi the American Exchange, and it will depress the pound sterling to two dollars, hut will do it to satisfy you.

Again tlie Amfcricnti fimmccl's bogged tlie Englishman t<> <lo no such thiifg, or they would lie rushed. No way could he found to pay the debts.

Oil top of this situation Mr Harding is proposing in .January to suggest that (\mgress of Knited States grant an cnonnouM subsidy to the American mercliant marine to enable it to compete chiefly with British shipping. As for a hundred years the groat part of British debts have been paid through her carrying trade, even by this, the Americans will he cutting their own throats.