Evening star., 1921-06-25
HEARING ON REFUND
OF 0FFORE|CN LOANS
Senate Finance Committee
Takes Up Bill introduced by
Senator Penrose.

Plans were being made today by the
Senate finance committee to begin
hearing on the bill introduced by
Senator Penrose for the refundine
o. the loans to foreign nations
Tho hearings are TO begin next
Wednesday. with Secretary Mellon OF
the Treasury as the first witness. The
wide powers proposed to be given the
Secretary are likely to arouse some
opposition. it was said today.
List Of the War Debts.
A letter written by Secretary Mel
lon. sent to Senator Penrose by the
President, contains a table summar-
izing the war debts of foreign nations
to the United States. as follows:
Great Britain, $4,166, ,31S,35S France
$3.350.762,93O: Italy. S1.64S.O34 .050
Belgium. ss7S.2sG,l47; POLAND; saI ;7s siss;: 81
sslSss; c7eeaosiSvaRia; Rnnmsnia sss
12s,4s4: Austria, $24.O55,7os; Greece
$15,000.00O: Esthonia. $13,999, ,l44
Cuba. $s.o25. 500; Armenia. $!1.sSS.sls;
Finland, $S,2S1.926; Letvia, $5.132'2SS
Lithuania. s4:ss1;s27; Hungary d.
Advances under the liberty loan m
cluded: Great Britain, $4.166,31S.S5s;
France, $2,950,762.93S: Italy, $1,64S,
034.050: Belgium. $347 .691 ,o66; Russia
$1S1, 1,729,750; Czechoslovakia, $6l'2oe,-
sss.os.s1s: sss ss1sia Greece. $4,000 900; Cuba
$s,025.5o0; Liberia, $4,000.
Sales of Surplus Materials.
OBLIGATIONS received on account OF
sales of surplus war materials IN
cluded: France. 100000, 900; Poland,
SIS, $50; Belgium, $27 7.5ss.5s
Serbs, Croats and Slovenes, $24.97S,-
o20: Czechoslovakia. $so.621,sS4; Ru-
Nath l.
81: Lthuania. s..1ss.as1: Letvia. ST.
521.8s9; Russia, $406.0S2.
Obligations held by the Grain Cor
poration included: Uoland. $24.353.-
$50; Austria $24.055.7oS; Armenia, So
s3l,so5; Czechoslovakia, $2.s73.23s;
Hungary. $1.6ss,s35.. 49,.
American Relief Administration IN
ciuded: Poland. $5l.671.74s; Finland
$8,2Sl, ,926; Armenia, $S.02S, AZ: Czecno-
slovakia, $6.428,0ss: Letvia, $3.50 Al;
Russia, $4,4s5.465; Esthonia- $1,7S5,-
767, and Lithuania, $S22,136.
Secretary Melons Letter.
Secretary Melons letter said that
obligations In respect to loans from
the proceeds of liberty bonds are all
demand or overdue obligations, while
the other classes referred to mature
at various dates, beginning June ~
1891, and extending to August l. 1873
The obligations mentioned. as held oy
the United States Grain Corporation
were received by that corporation
from foreign governments on account
Of the sale of -four under the act OF
March 80, 1920. As they may at any
time be turned into he~United states
Treasury, and some of them mature
ON June 80. next, they are lncluoeo
here, SO that they may be dealt WIN
along with like obligations.
IT am advised" continued Mr- Mel
Ion. "that, except as to the advances
made out of the proceeds OF lpeItS
loan bonds, this department IS Win
ont authority to consent to any exten-
sion of the time for payment OF tne
principle or OF the interest OF tnese
oblirations or to proceed with the re-
funding thereof. AS to the advances
made out of the proceeds or lloertS
loan bonds. the existing authority con.
tains such diverse provisions as to
interest rates. the maturity ana othei
terms of the refunding bonus ina!
NAV be accepted by the department
as makes it difficult to formulate a
plan whereby the interests OF tnls
Government may be well protecteo
and the bonds to be received be In as
desirable form as would be the case
if the entire debt OF each country
could be dealt with as whole ano
free from such restrictions.
.Tn some cases the debtor nations
owe large amounts to other countries
as well as to the United States. and IT
may be advisable, and in some cases
indeed necessary, to consider com
m.ahansiveIv the entire debt of such