The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1922-05-04
AMERICA READY
To DUN ALLIES
Commission Prepares to Go
After War Debts.
AMOUNT is S11,50O,0O0,o0O
Secretaries Hughes, Mellon and HooV-
err, and Senator Smoot and Repre-
sentative Burton Constitute
Body Planning Action.

Washington, May 1.-The United
States government, after prolonged
delay, is ready to sit around n table
with the representatives, of foreign
nations which owe it $11,500,0 100000
in principal and interest, to discuss
the funding Of this tremendous war
debt
Up to this time this great obliga-
ton has merely been acknowledged by
the debtor nations 1t has never been
placed in the form of obligations or
securities
Now the government is going to
get down to the task Of whipping the
debt into shape for proper handling.
The task is variously referred to as
the funding" or the "refunding" Of
the debts. It has been placed by
congress in the hands of a commits
sion which is known as the World war
foreign debt commission.
Members of Commission.
This commission has just been or
ganized, following confirmation by the
Reed Smoot (Utah) and Representa-
tive Theodore Burton (O.) as mem
bers, who with Secretary of the Treas
ury Mellon, Secretary of State Hughes
and Secretary of Commerce Hoover
constitute the commission.
Negotiations already have been in
stituted with Great Britain, the larg-
est debtor. As rapidly as possible
negotiations with the other debtor ma
lions will be opened.
Preliminary steps in each case will
be negotiated by the commission with
each of the big debtor governments
through regular diplomatic channels,
but eventually the larger nations eX-
pect to send commissions Of fiscal eX-
perts and government officials to
Washington to complete the funding
operations.
How Loans Were Made.
The obligations of the foreign gov
ernments are of four sources-those
held for advances made under the
various Liberty bond acts, Sc, 434774,-
S29.24; those received from the sec
rotary Of war and the secretary Of
the navy on account of sales of sur
plus war material, Sj74,673, 1924;
those received from the American re-
lief administration $S4093, $685.
and those held by the United States
Grain corporation, $56,S5S, SO2.49,
total of S1O,15O4O1, 305.49
The interest accrued and unpaid
mp and including the last interest
period upon these obligations amount
ed to S117S,S79,S25.SS, and with the
added interest since become due prob
ably would total nearly 81, 5OO,0OO,OOO
The obligations of foreign countries
held for advances made under the
Liberty bond acts are those of II
countries, in round numbers as fol
lows: Belgium, S3470OOOOO; Cuba,
SS,575,OOO; Czechoslovakia, SCI ,25O,-
900: France. S2950, 100000; Great
Britain S4,16G,30OOOO; Greece, S15,-
100000; Italy, $1G4S,OOOOOO; Liberia,
$4,000; Roumania, 100000; Rus
STA, $1S77OO,OOO; Serbia, 2G,175,OOO.
Eighteen Debtor Nations.
With regard to the obligations held
for the sale of surplus war materials,
some Of the same nations are debtors,
and also Esthonia, Latvia, Lithuania
and Poland. The obligations received
from the American relief admlnistra-
ton and those held by the United
States Grain corporation add still
other nations to the list of debtors.
as follows: Armenia, Austria and
Hungary
The debt commission will have to
deal with a total of IS countries.