Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-04-27

two or three weeks by the issue of
blocks of certificates, officials believe
would be preferable TO a sudden call
! for proceeds of a $4,000, 100000 bond is
sue. Thus should 81. 900, 600, 900 in GER
! titicateS be issued prior to June 80, half
! of a 2.000.000,000 bond issue would
virtually be withdrawn from the
money market, prior otis issue as the
certificates carry the conversion priv
! ilegc and doubtless would be eX-
I, changed for bonds
In this manner it is thought. the
| banks of the country will be in a
strong position to meet the strain Of
war financing and a minimum disturb
/ ancc of financial conditions would re-
suit
| Numerous other conferences with
! foreign government representatives
appear to be in prospect during the
| next few days before the details of the
financial program can be formulated.
1t is believed, however that program
will be in shape for President Wilson's
consideration not later. than May l.
/ At today's conferences with French
and Italian representatives. the needs
Of those nations were discussed in de-
| tail.
France, it was reported is spending
from s20O, 900, 900 to S220,000,000 abroad
! at the present time, onchalf or more
of which is being paid out in the
| United States for foodstuffs, munitions
and other supplies Approximately
| one quarter OF the French foKelSn
spendings go to Great Britain, her
| chief source of coal and other supplies.
Virtually all of her foreign purchases
are made on credit, against bond is
sues.
1t is understood that representations
were made to the United States gov
eminent that heavy burden would
be lifted from French shoulders If
way could be found to furnish France
with from 5000, 900 to 100000, 900
monthly designed to cover her OK
penses not only in the United States,
! but portion of those in other coun-
f, tries.
| The credit Of Great Britain, it was
pointed out, would be further cnhanc-
cd # the American government could
relieve the British government OF the
necessity of furnishing credit to
France for supplies purchased in Great
| Britain. And British credit, il was
pointed out is needed now as never
before. for carrying the war TO sue
cessful termination.
| Italy's Problems
i I.aly's chief concern is with her food
| stuffs and coal supplies. The situation
| there IS said to demand relief as soon
as it can be furnished, as the supply
! of, coal-obtained from Great Britain
| normally--has fallen to Il point where
! it probably will have to be replenished
| from America. Credits would have to
| be established here for Italy, were this
! program followed, and ships provided
to carry the coal,
Russia's immediate need for credits
is to furnish her with foodstuffS and
railway equipment as we'll as other sup
plies, a study of conditions in detail
being contemplated by the American
commission of which Elihu Root will
he chairman. soon to visit that coun-
try. 1t is represented that Russia needs
railway cquipn ent primarily to make
effective her military transportation
systems and thus enable her to bring
her full strength to bear against the
common foe and that this equipment
if it comes at all. will necessarily have
to come from the United States.
For tho puroh Of this equipment
country. The amount has been discuss
ed only generally but it is understood
that the Russian government is pre-
pared to spend mp to 500. coo 900 month
Is in this country