Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1922-08-04
BRITAIN WILL PAY
WAR DEBT IN I'LL
POLICY OF NO REPUTATION is
ANNOUNCED TO FOREIGN
DEBT COMMISSION.
REFUNDING CAN NOW GO ON
Financial Experts Believe England's
Stand Will Do Much to Restore
confidefce and General Stability in
the European Countries.
By JAMES p. HoRNADAY

BY JAMES p. HORNADAY
Washington.-The British empire
will not repudiate any part of the debt
1t 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
its informative communication to the
debt commission is that international
credit is one of the material founda-
tons of present-day civilization and
that this credit could not be main
tanned in the future If any first class
nation should repudiate its war debt.
Che decision of Great Britain-it
should probably be referred to as
policy-was not surprise to the for
eign debt commission, but it has, Of
course, given the members of the com
mission genuine satisfaction.
Great Britain has not up to this
time, it is understood, made any def
mite promise to pay at 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
VIZ h 0I ho - 11a
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
ish financial situation, the principal,
which amounts to $4,166,319, 1858, can
not be paid now unless Great Britain
can borrow the money with which to
pay it, 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,
it is believed by persons who are com
petent to discuss the subject, have a
far-reaching influence on the financial
and economic situation throughout
the world. 1t is assumed here in the
absence of any authoritative informa-
ton from England, that the British
government, having decided to pay up
in full as soon as possible, will ex-
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
lions by Great Britain These nations,
it 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 $3,350, 762, 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.
It is believed here that the stand of
| Great Britain in favor of no repudia-
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
| Y. Parmentier, who is here for pre-
lilninary 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
| ly 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 I'm.
doubtedly be stimulated by the adop-
ton of a 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
bilities have not known what ito ex
pect in the future. They have heard
much talk during the last two years
about the cancellation or Reputation
of all war debts, and this sort of talk
has not served to stabilize conditions
No one should get the impression
that, because Great Britain has let il
be known that she intends to pay
the United States every dollar she
owes this government, the worlds
enormous war debt is to be paid with
in the next few years. 1t is barely
possible that Great Britain might be
able to make a considerable payment
on the principal during the present ifs
cal year, but the debt commission
would be surprised if that should bt
done. AS for the other nations tina
owe the United States, there is no eX
pectation here whatever Of getting
anything on account in the near flu
ture. What the new turn of affair:
SHARK ENJOYED SCRATCHING