AMERICAN ITEMS.

Hokitika Guardian, 30 January 1923, Page 2

AMERICAN ITEMS.

AUSTRALIAN AND N.Z. CABLE ASSOCIATION

U.S. AND BRITISH DEBTS. NEW YORK. Jan. 27

Tin New York “Times” Washington foi l-, sp,ondent. states the Treasury Department has announced the terms the American Debt Commission proposed to the British. The terms include a retroactive interest rate of 4‘ per cent, from the date lb: obligations were contracted to the date of oomph lien of the funding arrangements. I iic rate now l .fu.-, charged i. live per ceil. The American Comm issi: n iurtherm.nv suggest 'd an interest ral e of three pm < gin. for the first i-en years after tin.* Minding arrangements were cn-ntrk led. tlm rate being iociva-td to t !iret and a Irnll per mat. iin red ter. Tlic total ikiht to he liquidated in .six-ty-two yens. The amortization provisions arc yearly payments- of principal. ami also would he established amount in ihc lii-t t*'ii years being npproximat'dv half pc.‘r cent, of the entire principal, (.omminiiug on an in ten i-'V.. Ml Baldwin g null d n.: arrival at London. 1 i'oasiirv ollicials -aio the i—-ms as la- stated them, according ■ .... dc- oatclie- rev - I ved here, are |l(,t lie t IIC Igal'CSL- a;) j. I'tiil t ! l t'i ('i,. aiarng- eo.-i'i. arrived at. although , is.,-1 II! .-’.-me ;>a 1 licdais. I r is understood the Biati-h (-mu mission first -o'.ig'ii an ins : t -.etc of per li.uh ik' dai ' :hv d"l.t v. as cout raid ed ti;il j| amnunl an.l three p;r c 111. ther.- ' ft Cl-. The \m.-,i an ('.otin.i-'s'h.ii b.iiivid Congress ii cl.| not a, i ei.-t such tin arrangement

in ' 1 poitii.il out that-the rate tiny proji i ,>d wool ' mi an a g' u wal avciag ' ~.j apuiVNini'.it. !v less ;!,a.n four i>< ' yvbi.-b i • lb- rate l»nii"d Slav -,:,ys till-, Ic'ldcl. 11l lile-l'ty bonds alt", other long lime loans arising out "! Vv, ;,r. and the Tree miy Depart-ir.-.mi pkt lined !•» use the mods derived fi- -,u ti. ■ Iki .i h Debt to pay c'l ihe-e Amri'i-ii obligations.

GENERAL RE 118111 NG'S VI EWS. WASHINGTON, Jaii. 28. General Pershing, writing in the “Aeronautic; 1 Digest” magazine, declares that recent bombing experiments have proved conclusively that aircrait h.-jmhs. which can he dropped with surprising a; curacy, would sink any naval vessel designed or built at the present time. The air forces ol the future will, he says, he most ofleetito against an attacking licet and hostile

transports. lie pointed out that tl c Army and Navy Departments were within the limits ~f their appropriations in concentrating on the development of the air forces, hut the American Air Force must lie one adequate to he concentrated within easy reach of any point threatened hv an enemy, and superior to that which could accompany any battle fleet which would he likely to a uproach this oomt. He also stressed the great ro“d to assure the existence of industrial establishments ready for an enormous increase in the building of aircraft in war time. Therefore, he ti reed the encouragement of commercial developments in aircraft.