The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1922-10-04
GREAT BRITAIN
IS DETERMINED
TO PAY IN FULL
Former Chancellor Of Exehequer
Makes Significant Address DC.
fore Bankers-urges Post
ponement for Others.
PREPARATIONS BILL TOO
BIG FOR GERMANY TO PAY
Declares Attempts 10 Collect VIII
Wreck Trade--Enoland Alone
Has Resources Ample to
Meet All Obligations.
by HERBERT WALKER.

United Press Staff Correspondent.
New York. Oct i.-Grcat Britain
Is determined to pay In full her wal
debt OF more than $4,000. 100000 I,
the United States. Reginald Me
kenna. former British chancellor o
tie exchequer. and leading author
ity on International finance, declared
In n speech here today TO the con
vcntlon OF the American Bankers
association other Europein nations
however. will be able to pay only q
small portion of their debts, which
with the British obligation now totals
approximately sil.0OO.OOO.OOO. the
rritisher said. For these countries
he urged definite postponement OF
any debt payments.
Germany, he predicted, never will
be able to pay the huge reparations
assessment of $4,000. 100000. At.
tempts Of any Allied powers TO force
Germany to pay this amount would
wreck international trade, he argued.
II can unhesltatingly assert Eng.
lands determination TO honor her
bond In full" McKenna said. Il be-
lieve | am justified In asking you to
treat England's debt to the United
States as certain to be provided for."
McKenna's statements, although he
said he was speaking personally. are
regarded as significant In view of the
fact that negotiations to refund the
British debt to the United States
are to be started soon with the Amer
ican debt refunaing commission.
"The inevitable conclusion he as
serted, "is that these international
debts are far too great FOR the ca
pacity of any Of the debtor countries
except England. She alone In her ac-
eumulated foreign investments mas
adequate resources with which to dis
charge her liabilities to the United
States. OF the others, France has
the greatest resources. but they are,
believe, quite insufficient to meet
her obligations.
"The whole subject requires a ra'
tional consideration by the creditors,
who must keep steadily in view the
immediate effect of the payment Of
these debts on the general trade of
the world"
McKenna's statement in this re-
gard was in general accord with that
Of American speakers before the con-
vention, and with the views OF many
OF the delegates.
Two Ways Open.
The Britisher argued that Germany
could pay her reparations and the
other Allied nations their debts only
by two means. These were.
1. Sale of the investments Of ma
tionals of the respective debtor ma
tions III other countries.
2. Exporting large quantities of
raw and manufactured products.
"The indispensable condition for a
rapid repayment of a nations for
eign debt is that there should be
extraordinary demand for its gooGs,
O. demand which is a neutral ac-
compartment of war but does not
exist in peace" McKenna added.
He argued that if Germany were
allowed to build up huge export
trade and thus provide the means
for paying her reparations the for
elgn trade of all the other nations
of the would would be wrecked. He
estimated that Germany could obtain
ST 900 100000 by inducing her ma
tionals to sell foreign securities they
hold and accepting marks for them,
but stated that such action could not
be compulsory.
Immediate action by the United
States looking toward readjust-
ment of the critical European eco
nomc situation is strongly favored
by the financial interests Of the
country, interviews with scores of
bankers here for the American
Bankers association convention
show.
Sentiment among the bankers
seems almost universal that set
tlement of the Old Worlds economic
and financial problems is a precedent
to real, permanent American prosper
ity.
Many believe that a reduction or
of the 100000 Al
led war debt to the United States
should be made. Others favor hold
ing the debt as club over the Euro
pean nations to force them to put