Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-08-02
GREAT BRITAIN
ISSUES NOTE ON
" DEBT QUESTION
It Is Not Formally Addressed
to the, United States But
Is Intended for Consump-
ton Here.

London Aug. l (by the Asso-
ciated Press) The British foreign
office tonight issued the text <of
an important note on the question
of interallied debts. Though not
formally addressed to the wash
ington government, having been
ostensibly meant only for. some OF
the allied and associated powers, 1t
evidently is intended primarily Tor
consumption in the United states.
The note places on formal rec
ord, on the eve of the coming con-
ference between Premier PoWcare
and Prime Minister Lloyd George
with representatives of Italy an
Belgium, the British government
views on the question of interaliled
Indebtedness and reparations. =
Briefly the policy advocated is
that it would be unjust to the Brit
ish taxpayers to ask him to forgive
allied war debts while at the same
time he was required to shoulder
the Indebtedness to America.
v plea for Settlement.
The note, which was addressed
by the Earl of Balfour, acting for-
eign secretary, to France, Italy,
Jugoslavia, Rumania. Portugal
and Greece, constituted strong
nlea for international settlement OF
debts and reparations on the basis
of a general cancellation OF inter-
allied Indebtedness and generous
reduction in German reparauohS
and at the same time Is the gov
ernment's reply to these pupile
persons and the newspapers VINO
have frankly advised cancellation
of the French, Italian and otne'
allied debts to England, lrrespec'
tive of whether the UNlted states
was willing to cancel me BRUSH
debt. soa,
/ courtesy and equity of the Amerl
can policy and declaring that th'
government is fully prepared u
meet its obligations, the note con
Etains an expression of profound re
luctance with which Great Brtair
abandons the policy 1t would nave
preferred of a general cancellation
and incidentally express itself al
still willing to forego any further
German Preparations if thereby
general settlement may be broush
| about.
No Discussions.
Outlining the various intera'lleC
debts the note states that no inter
national discussion has yet takei
place ION the uneXampled situa
ton, partially disclosed by these
figures" and says if the British
government hitherto silently ha'
abstained from making any de
mands upon its allies for repay
ments of interest or capital it Il
not because the government under
rates the evils of the present STATE
| Of affairs or because it IS reluctah
to make large sacrifices to prlh'
them to an end. On the contrary
it is prepared as part aoI an III
ternationsll settlement to remit al
iIdebts due Great Britain by the al
lies in respect TO loans or by Ger
many in respect to reparations.
| with the most perfect courtesy
the note states, 'and in the eXer
else Of their undoubted rights TN
American government has required
this country to pay interest ac
crued since 1919 on the Anglo
american debt, to convert 1t IRON
an unfunded to funded debt ant
to repay it by a sinking fund Il
twenty-five years. Such proceed
lure is clearly in accordance VIII
1.-THE original contract. His majesty
government makes no complain
of this. They recognize their CD
LEGATIONS and are prepared to ful
fill them, but evidently they can
not do so without profoundly mod
flying the course they would nave
wished to pursue"
Arguing that the policy Grea
Britain hitherto has pursued in re
Ifusing to make demandss upon 1t
debtors 'fs only tolerabie so lonI
as It is generally accepted tn
note continues that it cannot b.
right that one partner in a common
enterprise" should recover all sh
has lent and that another while re
covering nothing should be re
CURED to pay Fall she has Dor
Irowed," -.
such procedure" says the note
dis contrary to every principle o
natural justice and cannot be ex
pected to commend itself TO TN
4 people of this country" -.