Evening star., 1924-11-15
POLAND T0PAY US.
within G. YEARS
Fifth Debt-Funding Agree
ment by World Commission
Covers S178,565,O25.

The fifth funding agreement con-
cluded by the World War Foreign
DEBT Commission was signed yester-
day afternoon at the Treasury when
signatures were ofIlxed to the agree
ment for payment by Poland Of the
debt Of Si78.5S5.025 within So years.
The basis of the settlement is sub
stantially the same as that of the set
tlement made by the United States
with Great Britain, II was explained
In an official statement, except for a
provision under which Poland shall
have the option "to liquidate amounts
oue under the agreement prior to
1880 in part by certain semi annual
payments aggregating $I0.000.o00, the
balance in bonds Of Poland similar in
terms to those originally issued"
Signatures Attached.
The agreement was signed on be
half Of the Republic Of Poland by
DR.. 1-adisas Wroblewski, Minister.
and on behalf Of the United State
by Secretary Mellon as chairman of
the World War Foreign Debt Com
mission. The agreement was ap-
proved by President Coolidge
An odd sum, s5,025.ss, was paid IN
total Indebtedness to be funded into
bonds to the round sum Of s17s.56o,-
600. This latter amount will be re
funded into bonds maturing seTiallv
over period of 62 years. to bear in
terest at the rate of per cent up TO
December 10, 1892, and at the rate OF
81. per cent thereafter.
To become finally effective, how
ever, the agreement must be ap-
proved by Congress and by the Presf-
dent and council OF ministers OF Pc
land
Other National Debts Funded
Other nations which have funded
their debt to this country are Great
Britain. Finland and Hungary. An
agreement drawn up with Lithuania
along with the new Polish agreement
TO Congress.
In connection with the refundir z
program agreed to yesterday. Min
ister Wroblewski issued a statement
In which he pointed out that Poland
had refunded its American debt az
the earliest practicable moment
"Of course, the basically strong and
healthy organism which Poland IS"
said the Minister. deserves credit ror.
its pace OF recovery. which has
broken all records. 1t was left a. the
end of 1913 without one ounce Of gold
swamped with Russian rubles. Ger
man marks and Austrian C7oy rs.
Poland was not permitted 10 rest
like other countries involved in the
great war until two years later. when
1t finally repelled in the Fall os 1890
tho holshevist menace from Poland
and Europe.
Wrestied With Economic Problems.
During the next three years it had
TO wrestle with domestic and eco
nomic troubles of all kinds From
these Poland has emerged in 1924
with budget balanced by taxes
with state railways operating on 2
paying basis and with a new cur
rency which from the beginning has
maintained its gold parity without a
trace of weakening. Poland's new
currency, the zioty, is quoted at par
in the worlds markets because it is
covered UP TO so per cent by gold and
gold assets, chiefly American dollars
THE public debt of Poland, OF
which it's American constitutes
large part, when viewed IN conpari-
son with the public debts OF other
European states. is small The total
state debt amounts to the equivalent
OF but SIS per capita, md the total
sum is but slightly in excess OF the
Polish governments revenues for
1926"