The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1915-09-15
SEEK i. S. CREDIT
BRITISH AND FRENCH FINAN=
CIERS ARRIVED FRIDAY
MAY BORROW MILLIONS
Anglo-French Financial Commission,
Consisting of Six Members, Come
to America-Are Expected to Act
for Russia as Well as Their Own
Nations.

for Russia as Well as Their Own
Nations.
The Anglo-French financial COM
mission of six members, deputed by
Great Britain and France to adjust
the foreign exchange situation in the
United States, reached New York Fri
day aboard the steamship Lapland
from Liverpool.
They were met at quarantine oy
J. P. Morgan, of the Morgan firm,
who escorted them to their head
quarters. The commission will meet
committee of New York bankers in
the library of Mr.. Morgan's home and
enter upon the first of series of
negotiations looking toward the es-
tablishment Of big foreign credit
loan. The Lapland was conveyed by
two British torpedo boat destroyers
through the war zone.
A formal statement issued on the
commission's behalf, was the only
expression made by any member Of
the party for publication. This state
ment issued at quarantine reads:
"This joint Anglo-French mission
under the craftsmanship of Lord
Reading, which has been sent to the
United States in connection with the
question of exchanges between New
York, London and Paris, arrived this
morning by the Red Star steamer
Lapland. The British delegates are
the Right Honorable The Lord Read
ing Of Erliegh, G. C. B., K. C. V. O..
(the lord chief justice of England) I,
Sir Edward Holden, Bart, Sir Henry
Darlington, Smith, x. c. B. B., c. S.
l., and Mr.. Basil P. Blackett, G. B., Of
the British treasury. The French
delegates are Mons. Octave Homberg,
representing the French Treasury,
and Mons. Ernest Mallet, director OF
the Banque de France.
1.-The object of the mission is to
consult with the American bankers
and others as to the best means to be
adopted for regulating the excanges
between New York, London and Par
is, in order that the commerce and
industry of the three countries may
suffer as little as possible during the
course of the war. Mr.. Blackett will
act as secretary of the mission.
Members Of the commission declin-
ed to confirm or deny the report that
the commission would act for Russia
as well as Great Britain and France.
It was understood, however, that the
report was well founded and that the
result of negotiations looking toward
this end already are believed to be in
progress in London among the fin
ance ministers of France and Russia
and the British chancellor of the ex-
chequer, would be communicated by
cable to the delegates here.
It bcame known Friday that Can
ada, probably for the first time in
the history of the dominion, is to be
consulted in negotiations for the con-
templated flotation of foreign cred
it loan. W. T. White, Canadian min
lister Of finance, according to an Of
tawa dispatch, has left the dominion
capital to join the commission in
New York.
The increased recognition thus
given Canada int he affairs of the
British empire is part of the new i'm
perial policy Of knitting closer the
bonds between the mother country
and her colonies because of their sac
rifces and loyalty in sending troops
and supplies to Great Britair's aie
in the war.
The first thing, apparently, con-
fronting the commission is the max
ing Of program for meeting ,Ameri-
can bankers and discussing the sit
uation. Much preliminary work, it is
believed, will have to be disposed OF
before actual terms are discussed.
The commissioners reached New
York, it was said, unfamiliar with the
situation and not knowing the Amer
lean viewpoint, when they are in
formed on these points they will
take up the details of the proposed
loan.
This, it is believed, will be joint
affair, with Great Britain, France
and Russia participating. 1t has been
reported that it would approximate
five hundred million dollars. The
interest rate, it has been said, would
be at least five per cent. The size OF
the contemplated loan. the interest
rate and other details, however, were
matters which the commission de-
clined to discuss.
In leaving England the commits
sion sailed without placing their
names on the Lapland's passenger
list. They boarded the vessel only
a few minutes before she left Liver
pool, on September l. Customary
precautions were observed aboard
during the passage through the war
zone, lights being darkened and port
holes covered at night, while the life
boats were swung outward at all
times. Long after leaving the war
zone the lights were kept darkened
till Thursday night, when the Lap
land was almost within sight OF
Sandy Hook.
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