Evening star., 1923-01-12
LOOKING TO TRADE
TO PAY i. S. DEBT
British FinanCierS Cast
About for Way of Using Bills
of Exchange in Cancellation.

With the shipment of both gold and
goods to this country from Great
| Britain in payment of her four-bil-
lion dollar debt surrounded with diff
ficulties, if not impossibilities, the
commissioners from these two gov
ernments gathered about the confer
ence table at the Treasury again to-
day to consider among other plans
how and where Great Britain, in the
operation of her world wide interna-
tional trade, could obtain and use as
a medium of payment to the United
States bills OF exchange.
Gold has been admitted by representa-
tives of both countries as practically
out of the question 10 pay the whole
amount due on account of the restricted
supply available. There is in the whole
world today total of only about $1,000
10000 in gold. of which Great Britain.
according TO the latest 1921 estimates.
had about 1855, 100000. exclusive of her
colonies, while the United States holds
more than a third OF the entire world
supply, or about s3,36O, 100000.
Trade balance Rejected.
To ship goods from the British en-
pire to Americ3 sufficient to establish
q huge trade balance favorable to Great
bIItdlIl anu uuIdNOTdDle TO the lIlleu
states has been considered an imprac-
ticable procedure, with the British COM
planning of the high protective tariff
wall and Americans objecting to a rood
or British goods in competition with the
American market.
So, II has been learned. the commits
stoners are exploring the possibilities OF
world trade" to which the British
chancellor. Stanley Baldwin, referred
significantly in his opening address to
the debt conference.
The exact state of British finances
has been taken into serious consid-
Grafton by the debt conference with a
view to determining what Great
Britain would be able to pay. In this
connection, attention was called in a
summary of the British financial con
dition made public by the commits
sions, that in order to balance its
budget for this year Great Britain
had to give up It's sinking-fund pay
ment for the ultimate retirement OF
its public debt
is f35.0O0,000 sterling annually. In
the budget for this year was in
cluded approximately 100000, 600
sterling, which already has been paid
to this country on account of interest
on the debt.
Total Debt, f7,7OO. 100000.
The total British debt was stated
10 De f,dUUrUOU,UUU pOuHuS SleEIlnB.
The percentage of the total expendi-
ture this year on account of interest
on that debt was placed at 37S. EX-
penditures for this year for the fight
ing forces, army, navy and air serv-
ice, was placed at 1917 per cent of the
whole, as compared to "a per cent for
Americas fighting forces. Admins
tration of the British government, in
cluding the collection of revenue. was
estimated at 11.5 per cent. or about
the same percentage as obtaining for
the United States.
Source OF Revenues.
OF the total British revenues it was
stated that 36.1 came from income
and super taxes, IT'S per cent from
duties on consumption of beverages
and liquors. so per cent from tobacco.
5.5 per cent from duties on food, 81
per cent from death duties and the
same amount from excess profits and
corporation profits duties.