The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-01-09
SQUARE DEAL.
ALL ENGLISH.
ARE SEEKING
First Steps Taken by British
Government in Plan to Pay
Its War Debts Baldwin
Does Not Ask Any
FaVorS
BY Associated Pres.

tiations between the American and
British debt funding commissions
opened today with a declaration by
Stanley Baldwin, British chancellor
of the exechequer, that all his gov
eminent wanted was a Square
deal' in the settlement of it's war
debt to the United States, aggre-
eating more than $4,000, 100000.
Asserting that the mission which
he heads was not here "to ask for
favors or to impose on generosity"
the chancellor said what was wanted
was fair business settlement"
that would secure America the re-
payment to the last cent of the
credits which the United States gov
ernment established in America
for the use of her associates dur
ing the war.
Must Act With Care
Mr.. Baldwin warned that the
British government having regard
for the present heavy burden Of
taxation of its people, its commit
ments In costly mandates and other
circumstances, had to consider very
carefully the terms of the liquidation
of the debt lest an annual obliga-
tion be assumed which it might be
impossible to meet in years of bad
trade and falling revenue.
The chancellor's outline of the
British position was in reply to for
NAL welcome from Secretary Mellon,
chairman Of the American commits =
sion, who explained the Limitations OF
the law under which that commission
was created, law requiring re-
payment of the principal OF the debts
in 25 years and minimum interest
rate of Il per cent.
Little Accomplished
Beyond this formal exchange of
views little was accomplished at to-
days brief session which was ad-
journed until Wednesday At that
time a general discussion of the
whole situation will be begun and
the treasury is expected to present
additional data.
President Harding was advised to-
day of the progress OF the negotia-
lions, members of the commission
spending half an hour with him.
unuer the law all commission settle
ments are subject to executive APP
prevail and it is said that President
Harding plans to keep in close touch
with the conference.
Before the session, the American
commission held a session which
lasted half an hour beyond the hour
fixed for the opening of the joint
meeting. After the British mission
had presented its views the Amer
leans again continued their consid-
GRAFTON of the general situation.
Spokesman for both missions de-
scribed the meeting as very
friendly one. but it was stated that
neither commission would present
any concrete proposal for the basis
OF settlement. Such concrete pro-
posals were expected to come
W ednesday with the expectation that
the American commission would
await an offer from the British.
While the discussions of terms may
embrace propositions more favorable
than the terms of the American COM
mission, American delegates said a
would be made within
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