Greene County herald. (Leakesville, Miss.) 1898-current, 1922-08-04
BRITAIN WILL PAY
WAR DEBT IN. FULL
POLICY OF NO REPUTATION IS
ANNOUNCED TO FOREIGN
pE5T COMMISSION. ga
Financial Experts Believe England's
Stand Win Do Much to Restore
Confidence and General Stability 10
the European Countries.
BY JAMES p. HoRNApAY

BY JAMES p. HoRNADAY
Washington.-The British empire
will not repudiate any part of the debt
It incurred during the World war.
Notice that this policy will be adhered
to has been received by the World
war foreign debt commission, created.
by the congress last February. The at
titude of Great Britain as set forth in
It's Informative communication to the
debt commission Is that international
credit is one of the material founda-
lions Of present-day civilization and
that this credit could not be main
tained in the future If any first class
nation should repudiate its war debt;
The decision Of Great Britafn4it
should probably be referred to as a
policy-was not a surprise to the for.
eign debt commission, but 1t has, Of
course, given the members of the com
mission genuine satisfaction.
Great Britain has not up to this
time. II Is understood, made any def
mite promise to pay at a certain time.
The debt commission has unofficial In.
formation to the effect that an inter
est payment will be made. during the
present summer or fall and that 1t Is
altogether likely that the interest on
the British debt will be paid In full.
Recently dispatches from London
have indicated that the financiers In
England are working out plan under
which the principal of the war debt
would be paid some time during the
present fiscal year, that is to say, be-
fore June 30, 1923. The authorities
here who are dealing with the subject
are not inclined to credit this infor-
nation. If they understand the Brit
fish financial situation, the principal,
which amounts to S4166,31S,35S, can
not be paid now unless Great Britain
can borrow the money with which to
pay 1t, and they have no knowledge Of
sources from which Great Britain
could borrow such an enormous sum.
EngIand's Decision Most important.
The authoritative announcement
that Great Britain intends to pay will,
1t Is believed by persons who are COM
potent to discuss the subject, have
far-reaching influence on the financial
and economic situation throughout
the world. 1t Is assumed here In the
absence of any authoritative AinforIna-
ton from England, that the British
government, having decided to pay up
a wi
pect the European nations that owe
her also to pay. A considerable part
of the money which the United States
advanced to Great Britain during the
war was lent to smaller European ma
fions by Great Britain. These nations,
1T is assumed here, Will be called on
by Great Britain to settle up when
they are able to do So France, whose
war debt to the United States
amounts to $3,35O, 1872, 1888, not count
ing unpaid interest. would hardly pro-
pose reputation of any part of that
debt after Great Britain had come out
for a paid-in-full policy.
II is believed here that the stand Of
Great Britain In favor of no repudla-
ton Of war debts will expedite the
work Of the foreign debt commission.
There would seem to be no real OBJ
stacle now In the way of going ahead
with the development of plans for re-
funding war debts. The director Of
finance of the French treasury. Jean
v. Parmentier, who Is here for pre-
ilminary conferences with the debt
commission. has not voiced any de
sire on the part of France to have her
debt to this government scaled down.
A little later Great Britain will take
up the refunding question with the
debt commission, and the expectation
now Is that general refunding plan
will be agreed on.
Fixed Policy VIII Help Europe.
American bankers who have recent
1y spent a good deal of time In Europe
are saying to members of the foreign
debt commission that the financial stu
alton throughout Europe will un
doubtedly be stimulated by the adop
zion Of fixed policy for dealing with
the war debts. According to these
bankers, lack of confidence Is largely
responsible for the unsatisfactory
financial condition existing Throughout,
Europe Up to this time persons and
concerns with large financial RESPONSE
billties have not known what to ex
pect In the future. They have heard
much talk during the last two year.
about the cancellation or Reputation
OF all war debts, and this sort of tall
has not served to stabilize conditions
No one should get the impression
that, because Great Britain has let Il
no knoWwn That oho i.,Ao..<Ie A.. -.