TO SAVE EUROPE.

Taranaki Daily News, 19 March 1920, Page 5

TO SAVE EUROPE.

NEED OF £7,000,000,000. New York, Jan. 11. Following the official denials in Was ington and London of the story tri Lord Grey had been discussing in Aral ica a £3,000,000,000 loan for Euro] Sir George Paish gives his own eatl' ate of tho amount. This is £7,000,000,000. After expressly disclaiming that * represented the British or any otl Government, and emphasising the fl that he was merely speaking hi» pi sonal views, Sir George yesterday v folded his plan. This is for an international bond sue, guaranteed as to principal and i teres? by members of the League of S tions, tax free in every country, B bearing 4 per cent, interest with 1 J cent, sinking fund; making the whi redeemable in 40 years. Oi the total, Britain (he thougl would be willing to guarantee, ai 1 share, £1,000,000,000. What the United States and otl countries might take would have to decided by negotiation. Bonds would Toe American dot bonds, payable in all countries in An ican dollars regardless of tho conditl of exchange when they mature. Two thousand million pounds of j loan could be used to restock and » vide F.uropc with raw materials; al amount to rebuild the devastated ap of the Allied nations. The remaining £3,000,000 should 1 uied for refunding axiitlnr fori idrtti. ,"