The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1921-02-13
Daily Financial Gossip
By HOLLAND

New York. February 12.--(Special)--
When in the early winter there came
fSorn London an official statement
which contained the Information tnat
Lord Chalmers was to visit the Oniteu
States for the purpose OF beginning
negotiations for the adjustment OF the
debt of a little under $4,000, 000Voo,
which Great Britain owes this country
and which is represented by nothing
but demand notes in the federal
treasury. it was reported in this col
umn that this news was regarded oy
Influential bankers as the most I'M
portant information made pubic IN
many months.
| Lord Chalmers visit was postponed,
however, a few hours before he ex-
pected to sail, probably so that ne
might await the arrival in London Oh
Sir Auckland Geddes, ambassador
from Great Britain to the United
States, who hastily departed from
washington, having been summoned
| by the British authorities to London
! for reasons not yet fully understood.
AS it is now reported that Lord Chal-
mers, who is permanent secretary oil
the British treasury, and AMBASSADOR
Geddes are to sail from England py
| the steamship Aquitania next week,
| the surmise is probably correct thai
Lord Chalmers postponed visit was
| due to the summoning of the ambassa-
I dor to London with intent to secure
| from him information respecting con-
ditions in Washington, and especially
! the attitude which the American peo-
pie would take towards funding propo-
sitions.
The opinion expressed early in De-
cember by some of those who are OF
authority in our financial and bank
70 lmnOr-
3 lance to learn that Great Britain is to
send the chief executive of her treas
ury department to Washington SO that
he might begin negotiations for the
permanent adjustment of Great Brit
aims debt to us, proves to have been a
surmise well justified by the event
The proposed cancellation by our
selves and our allies of the various
national debts created by borrowing
while the war was in progress. Is re-
garded here as in the nature of pro-
paganda, behind which is the hope that
/. the United States will make gift of
$40, 900. 600, 900 now owed to her by our
allies. The conditions upon which this
proposed gift is to be based are prom
Uses to be made by Great Britain that
if we will hand receipted bill for the
debt and destroy the demand notes.
Great Britain will do likewise, wiping
off the debt some of the allies owe her
for advances.
A DEFINITE PROPOSITION
There really was no need of aston
ishment either here or among the ma
. tons across the sea based upon the re-
cent statement of Austin Chambe-lai in
that one of the allies had actually
asked the United States to cancel the
Indebtedness created by borrowing by
that ally in the United States while
IL NO q VIC N NV n '
treasury department had peremptorily
turned the proposition down. For il
has been for some time the under
J standing in financial circles that !
} lrequest of this 'kind was made, an,
that it was deemed so preposterous BY
: the treasury department that it was
: instantly denied. OF course, the Sec
rotary of the Treasury maintaips con
fidence. SO far as the name of the ally
which made this request is concerned
But various incidental circumstance,
seem to justify the suspicion that Thu
: ally was not Great Britain nor one o
;, the smaller nations.
Speaking this morning of the agita
: ton, which is now very strong anon,
some of our allies for the cancellation
of this debt. man of finance who ha
$ had long experience, although not nov
lengaged actively in banking, said tina
; in his opinion a good deal of sophistr.
is contained in some of the argument
4 land appeals in favor of wholesale can
2 lcellation of all the national debt
(which are represented by deman,
= notes. He called attention to the fac
that for 80 years Great Britain an
! France stood idly by protesting not Z
y be greatly concerned over the stead
and remarkable development by Ger
lmany of her military power. Not eve
the urgent appeals of Lord Roberts t
= the people and to the government 0
! Great Britain. in which he pleade
: with them to be prepared to meet Ger
!. many were of any avail Lord Rob