The Birmingham age-herald., 1923-02-08

logue entitled "Lc oking Ahead" she travestes the fair feminine of 30 years from now and 1t Is worth while, reports say. Turner Brothers will offer a comedy acrobat num- Der and Kurt and Edith Kuehn prom ise a comedy classic with melody and pantomimicalism.
 installments will increase with due regularity during the life of the bonds until, in the sixty-secoad year the amount of the installment will be s175, 900, the aggregate install- ment being equal to the total prin- cipal of the debt.
 "'The British government shall have the right to pay off additional amounts of the principal of the bonds on any interest date upon 90 days previous notice.
 Believes Statement Just
 "Interest is to be payable upon the unpaid balances at the following rates, on December 15, and June l5 of each year: 3 per cent semi-an- nually; June 15. 1923, to December 15. 1892, inclusive; 3l2 per cent semi annually, June IS, 1893, until final payment.
 "'For the first five years one half the interest may be deferred and added to the principal, bonds to be issued therefor similar to those of the original issue.
 ".Any payment of interest or of principal may be made in any United States government bonds issued since April 6. 1917. such bonds to be taken at par and accrued interest
 The commission believes that a of tba British dalat tn a United States on this basis is fair and just to both governments and that it's prompt adoption will make a most important contribution to inter- national stability. The extension of payment both of the principal and interest over a long period will make for stability in exchange and promo tion of commerce between the two countries. The payment of principal has been established on basis If positive installments of increasing volume. firmly establishing the prin- clple of repayment of the entire cap ital sum. The payment of interest has been established at the approx Imately normal rates payable by strong governments over long terms of years.
 Encourage Recuperation
 It has not been the thought of the commission that it would be just to demand over long period the high rate of interest naturally main- tained during the war and recon struction, and that such an attempt would defeat our effort at settle ment. Beyond this the commi ssion has felt that the present difficulties of unemployment and high taxation in the United Kingdom should be met with suitable consideration during the early years. and, therefore the commission considers it equitable and desirable that payments during the next few years should be made on such basis and with such fleXibility as will encourage economic recuper- ation. not only in the countries im- mediately concerned, but throughout the world.
 This settlement between the British government and the United States has the utmost significance. 1t is a business settlement fully pre- serving the integrity of the obliga- tions and it represents the first great step in the readjustment of the inter governmental obligations growing out of the war. Respectfully sub mitted,
 GA W. MELLON, Chairman,
 "'CHARLES E. HUGHES.
 'HERBERT HOOVER,
 REED SHOOT,
 THEODORE E. BURTON.
 Tn it's comments upon the arrange ments negotiated the commission it. self has said essentially everything necessary to commend the agreement to your sanction. Note that the com mission urged that the settlement is on a basis which is fair and just to both governments, and will make most important contribution to in- ternational stability" More impor- tant still is the closing observation that it is business settle4lent, fully preserving the integrity of the obliga- tions, and it represents the first great step in the readjustment of the in- ter-g governmental obligations grow ing out of the war" In these observa- tions l most heartily approve. The call of the world today is for integ- rity of agreements, the sanctity of covenants. the validity of contracts Here is the first clearing of the war clouded skies in a debt-burdened world, and the sincere commitment of one great nation to validate it's financial pledges and discharge it's ob- legations in the highest sense of financial honor.
 Terms Were Too Hard. There is no purpose to report that your commission has driven a hard bargain with Great Britain, or to do a less seemly thing in proclaiming a rare generosity in settlement. Amid widespread clamor for the cancella- tion of world war debts, as fanced but fallacious contribution toward peace--a clamor not limited to the lands of debtor nations, but insistent among many of our own people--the British commission came to make ac- Acknowledgement of the debt, to put fresh stamp of approval upon it's validity and agree upon terms tor it's repayment.
 Tt was manifest from. the begin- ming that Great Britain .uld not un- dertake any program of payment which would conform t the limita- tions of time and interest rates which the commission had been authorized to grant But here was a great na- ton acknowledging it's obligations and seeking terms in which it might repay. So your commission proceeded to negotiate in business way for fair and just settlement. Such set clement had to take into considera- ton the approximately normal in- terest rates payable, a tie commis- sion suggests, by strong govern p,apfu nver lOpO taryp of