Pine Bluff daily graphic., 1914-10-30
England Willing to Accept More Than $50,0 100000 in
 Settlement.
WOULD AID U. S.
 IN SOUTH AMERICA
Cotton Pool Certificates Will Be Ac. cepted by Treasury Department as Basis for Emergency
 Currency.

" OCl. Io anxious to aid the United States in wining the trade of South America.
 This commerce, formerly enjoyed by Germany, has been broken up by the war and is now too much for Eng land to handle.
 Thesaid England is willing to give the United States to acquire it and, | factor in the South American field embraces liberal terms in the settle ment of this country's international obligation.
 This scheme in it's entirety has been under discussion by Sir George Basil and B. Blackwood, representing the Britt chancellor of the exchequer and officials of the treasury depart ment and federal reserve board. Tomorrow the conferences will be resumed. The English representative 1 will meet with committee of the federal reserve board and a con- mittee of bankers ot definitely work out their plans for international ex- change.
 For one thing England is willing to take a large amount of cotton, more even than the $5O,000,000 suggested by Sir George Paish as likely limit. It is agreed that the debt of the Unit led States to England is between $250,OO0,OOO and $3O0,O00,000. The administration is making ef- forts to gain as generous terms as possible from England. The advent of the war and the sudden emphasis 1 it placed on the balance of trade has revealed peculiarity in the operation of the new tariff bill that has caused the administration to think hard. l It showed, for instance, that from the first of January to the last of July the United States imported from Europe goods worth $2O3,O0O,O00 more than during the corresponding period of last year, and exported to Europe $114,OO0,000 less. These figures show a difference on the books of about $317 100000 which $ regarded as not a particularly good showing for the administration.
 The plan which the British repre- sentatives are working over with the treasury department and federal re- serve board provides for settlemen of this country's debt to England by four avenues:
 First, the employment of such O the $15O,000,00O gold pool as is neces sary for present obligations.
 Second, cotton orders against tht debt as far as will be acceptable.
 Third, Extra imports such as horses, grain, and other articles as are needed for war use.
 Fourth, the balance to be taken uI by short term notes.
 The general outline of the plan has been agreed upon. The adjust ment now to be worked out means lt employ as little gold and as much cotton as possible.
 The creation of the $135,0OO, ,O0' cotton loan fund is proceeding at pace. This will have an important bearing on the international situa' ton by establishing the price.
 Announcement was made today a the treasury department that classe' A and B certificates, which were given to the banks in return for sub scriptions to the fund will be accept ed as securities" as a basis for tho issuance of emergency currency Under this arrangement the bank will be able to take down the se- curities they have already put up fo emergency currency, which are ne gotiable for other purposes, and re place them with the certificates.
 Secretary McAdoo wrote a letts today to the chairmen of the clear ing house associations of the leading financial centers urging banks T their cities to subscribe to the fund