Evening star., 1927-05-05

could meet from their own resources
without too serious a burden on their
economic life. We have alwayl
claimed and claim now that the debit
due us are in no way connected with
German reparations. | then went on
to point out that 1t now appears that
all of our principal debtors are al
ready receiving from Germany more
than enough to pay their debts to
the United States. There was no
intention to include Great Britain IN
the statement that enough was re-
ceived from Germany alone.
THE British situation ! covered
separately later. That sentence az
originally drafted contained the
words except Great Britain hut
these words in the final copy Were
inadvertently omitted. The error
was an obvious one and was cor
rected by the text Immediately fol-
lowing. 1t is not believed that any
injustice to Great Britain has re-
suited or that the British govern
ment could have been misled IN
view of the fact that on the page
next following Great Britain's posi-
ton is segregated and treated sepa-
rately from that OF other debtors
and in the case of Great Britain we
enumerated specifically the pay
they will be received not only from
Germany but from France and Italy
as well. 1 said:
Britain. Under the agreements with
France, Great Britain will receive
from France approximately $1,000
900 this year; from Italy, approx
mately $19,000,000; from Germany
approximately $T2,000,000, and will
pay us $160,0O0.OO0'
Surprised at Attitude.
'In the light of this very clear and
definite statement, 1t is rather sur
prising that the British government
should lay stress on what the con-
text showed to be a typographical
error. Immediately corrected, and go
to such lengths to disprove a state
ment which was already completely
covered.
THE British government also
questions certain figures given as to
payments received by Great Britain
from France, Germany and Italy.
These figures were taken from the
attached table showing the estimated
payments and receipts of Great
Britain during a 12-year period. The
figures are inclusive figures and are
derived from the best sources avail
able to the Treasury.
Il do not understand that the
British government challenges the
accuracy of these inclusive figures In
so far as they represent amounts
paid and to be paid by the peoples
OF Germany. Italy and France to
Great Britain, but that it contends
that all of these sums will not inure
to the benefit of the British treas
ury and therefore cannot be held to
relieve the British taxpayer directly.
though they unquestionably add ma
terially to British economic re-
sources. Even so. it is not under
stood why the British government
apparently fails to include in it's fig
ures the payments made by the
French on the debt incurred in re-
spect of war stocks sold From our
standpoint the amount paid this year
by the French government on account
of the $400,000,000 of supplies sold
the French government after the war
constitutes a payment on account of
war debts beneficial to the Ameri-
can Treasury.
Statement Is Questioned.
'Tn so far as the payments from
the Bank of France to the Bank of
England We're concerned they were
included in the figures set out in the
table. because in the report presented
by NJ. Clementel, the French finance
minister in 1924. known as the In
ventaire de la situation financiere de
Ia France au debut de la treizieme
legislature the statement is made
that the Bank of France was simply
acting as an intermediary and that
the loan was made to the Bank of
France for the benefit of the French
government. Moreover. the published
report of the Finance Commission of
the French Chamber of Deputies in
dicates that the 1927 budget of the
French government includes an item
of 1,200,0 100000 francs to be paid to
the Bank of England under the head
of reimbursements of foreign COM
mercial debts which the Treasury
must meet in 1927.
I'm this connection. carrying as II
Continued on Eleventh Page)