The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-06-01
NOT AN ALTOGETHER
UNSELFISH ACT ON
:, PART OF ENGLAND

BUENOS AIRES. May 3.-Although
the agreement on the part of the Brit
ish government to pay on the 10000
900 owed by Argentina to United States
bankers. payable May Is, has been hall
ed here as IAN act OF friendship" off,
cal publicity has not yet been given 10
the understanding in banking circles
that the agreement was only con-
ditional part OF an ingenious financial
arrangement which enables Great Brit
ain . pay her own hundred million dol
lar iebt to Argentina without sending
to this country single cent
Not only is this $50,O0O.0OO to be
credited Jby Argentina against Great
Britain'S obligation. but the remaining
$50 100000 after being renewed. Is 10 be
gradually eXtinguished through an ar
rangement whereby Great Britain for a
certain period pays in London the inter
est on the principal part Of ArSent'na's
external debt, bankers have learned.
Thus far the Argentine Government.
which was unable to gee renewal OF
the loan IN the United States. has made
public only the fact that Great Britain
has agreed TO take care OF the ohhEa-
tion in behalf Of Argentina and "a
Epoca. the government organ. has prals-
ed the transaction as an evidence Of
Great Britain's friendship 10 Argentina
and of great promise for the future re-
latioHS of the two countries.
Bankers say there is no doubt but that
the payment by Great Britain OF Argen-
tina's debt has greatly increased the
prestige of the British in this country
and has been correspondingly detrimsn-
tai to that of the United states bur call
attention 10 the fact that the trans
action - not without its advantage 10
Great Britain also.
II regret II very much said one Ar
gcntine banker to The Associated Press
correspondent, but ! fear the failure or
the American bankers to renew our loan
and the fact that Great Britain has step
ped into the breach and paid II. mean
a loss Of economic good yah toward the
United States While the omplcte
transaction is a good business deaf, Tor
Great Britain the fact stanoS out in
public opinion that the British did what
the Americans would not We in imam
cial circles understand that money is
badly needed for domestic purposes IN
the United States. Nevertheless. Brit
ain and America are represented AZ waG-
ing commercial contest for trad" in
Argentina. Tho eConoml" erreCt OF the
tran saction in favor OF British prestige
is obvious.
As told In local banking circles. the
best terms that Finance Minister Saia-
berry could get from the American
bankers on his recent trip 10 the INT
ted States was renewal OF the San,-
900 900 for tiVe years al percent the
bankers ASKING uPliN'IS VI 'he H'"
bonds at o. which would have been
equivalent to an interest Of 80 percent.
The maturing loan was Al six percent.
Turning to the British government
through prominent Neutrality-suspicious.
banker, tho Minister was able 10 get a
loan OF $50. 0OO. ONO at Ave percent 10 pay
of the Americans. This he was able
10 do II is pointed out. because Cf con-
ditioas which enable Great Britain to
pay her own obligation to Argentina, a
81 90 400. 600 credit for cereals. on favor
able terms.
mind,