New-York tribune., 1920-03-11
covs France Will
paw Its Share of
ysoo,oOO,OOO Loan
r.auon,ic Envoy Says Meet
.rg Debts Is Tradition;
Exchanges Rise ON Report
:, Cold I'm port 8

srxsrre will meet her financial OBJ
,:u.,;ons next October ip connection
";.h 10 the Anglo-French loan as she has
~. them in the past" Maurice Casen-
M .h;ef economic envoy of the French
psnublic in the United States. yester-
=. told The Tribune. with US to
~. ~ our debts is a tradition. There can
:. no doubt on this point
ur. Casenave, who is director gen.
-, Of the French High Commission
= this city, made the foregoing state
~. when asked to comment on the
Msn Az. that Great Britain would supply
isfg ~ she funds to pay off the joint $780,
a.. saa l,o0 maturity and would give Francs
y;t;onal time to repay its share.
In authoritative banking circles.
~a;.h have been identified with the
arte,ing "a,i Of the Anglo-French loan,
!. wss said that Great Britain and
rrsnre would probably each pay off
sssa Gao O0o of the debt This express
co. 60, was deemed significant. because
~ ~ o.HciaI announcement has ever been
sv ~.sa as 70 the distribution of the
IDS raised through the f1otation OF
,.,, ID French bonds between France
I'd Great Britain, Although the pro-
..eds were equally divided, each gov
.,nment has obligated itself for the
full amount
Until Mr.. Casenave gave reassurances
% Frances creditors yesterday, the
statements regarding paying off the
maturity had come exclusively from
british sources However. J. Austen
chamberlain, Chancellor of the Ex-
eheouer OF Great Britain, in announc-
inc last Friday that France and Great
Britain would pay off the loan and not
renew il. seemed to be speaking for
the two countries.
when asked whether France could
snare gold, leading international
banker said that as France was not a
cold producer it was entirely prob
able that il would buy gold in outside
markets for shipment. In this connec-
ton j. was pointed out that about
100000 pounds a week of gold is be-
inc shipped to London from South
African mines. 1t is expected that gold
shipped to this country will be used
to purchase the bonds in the open
market in a discount, instead of merely
TO redeem them at par on October IS
Wall Street has heard that the British
have already bought back 500, 900 900
Of the bonds.
Regarding Frances part in connec-
ton with the Anglo French maturity,
those close TO the French government
predicted tha- $50, 900 600 Of the new
French internal bonds redeemable a,
$50 now beng offered would be sold
in tnis country, and that the proceeds
would be used in connection with the
retirement Of Anglo-French bonds. At
The French High Commission. il was
ssid that the French Ministry Of Fl
ance expects to sell 10000 900 900
francs Of the new loan within the
borders Of France.
In connection with reports that gold
from overseas was already on It's way
to America, the exchange market was
especially active. Some of the leading
banks were heavy buyers, and sterling
, exchange yesterday reached the high-
esq level attained since the recovery
after the smash early in February
Cables on London yesterday ct the end
o. The day were quoted at s3.7650. COM
pared with s3.6475 the previous day,
and high for LAST week Of Ss.rO. Bel
g1lan and French francs also rose
sharply and lire moved forward to a
lesser. extent. There was heavy buy
ing o. marks and they Jumped up to
10! cents mark for cables, compared
with l;27 the previous day.
At the Offices of Kuhn. Loeb &: Co. it
was learned that another S1,100,000 Of
sod mad been purchased in the London
open market for shipment to New York.
II was said that this movement had no
feiatlon to the plans Of the British
and French governments in connection
WIN the Anglo-French loan. 1t had
oeen announced earlier in the week
mat q 10000 of gold had been con-
signed 10 KuhN. Loeb & Co.