The Washington times., 1933-06-16
PAY DAY PASSES
AND LITTLE IS
PAID To US.
7 DetauIters Led by France
As Part-Payment Group
Demands "ReViSion"

LONDON, June 16 0.N.SD.
CzechOslOvakian delegates to
the World Economic Confer
ence today decided to make a
belated partial payment of
S180,00O in silver on the $780,
600 foreign debt instalment due
to the United States yesterday.
Agreement on the payment was
reached in conferences between
CzechOsIOvakian and American
delegates.
Loser by more than $1O0, 200, 900
in the latest debt clash with
Europe, the United States today
found credited in it's accounts
only $11,154,592.5O instead of
the $143, sos, ,295.07 due from the
debtor nations.
Representing less than 8 per
cent of the total amount due,
this sum marked at least one
payment in line with the LauS-
anne plan whereby Europe in
tended to force a dime-on-the
dollar final settlement of its
debts to this nation.
At the same time, the United
States was confronted with a de-
mand from at least five Of the
debtors for a review of the entire
debt situation with a view to
drastic reduction of the total
$11, 600, 100000 dollars owed this
nation on account Of American
loans made abroad during and
shortly after the World War.
Chief DefaulterS
France again had defaulted
and along with her, Poland, Bel
gium, Hungary, Etsonia. Lithu-
ania, and Yugoslavia failed to
pay.
Great Britain, Italy, and
Latvia made small partial pay
ments. Czechoslovakia and Ru-
mania offered still smaller ones,
but they had not been accepted
today.
Only one debtor nation paid in
full, Finland. The payment OF
this little republic, which always
has met its obligations to this
Government, totalled $148,592.50.
All payments, with the excep-
tion of Latvia's. were made in
silver in accordance with the
authorization President RooSe-
velt recently received from Con-
gress to accept up to 5000, ,O00, 900
in silver in payment Of the
debts.
Rumania's $25,OOO
This gave the debtor nations
an additional advantage of ap-
proximately % cents on the dol
lar on the basis of present world
silver prices. Thus Great Britain
actually paid only about $7,2O0.-
900 and Italy approximately
$4,000 in terms Of gold.
Pending replies to the formal
notes received, the State Depart
ment announced the texts would
not be made public. 1t was init
mated the replies might include
some pertinent comments, par
ticularly with regard to those
nations led by France which
have defaulted for a second
time.
Although this Government &C
cepted partial payments which
were around 8 or 10 per cent OF
the amounts due, it baked at Of
fers that were ridiculously low.
Rumania, for example. offered to
pay $4,000 on the $1,O00,000 due
after having formally notified the
State Department Of it's intentions
to default. There were indications
this offer would be rejected.
Pay Day; No Pay
Czechoslovakia offered to pay
$4,000 on the $1,5O0,0OO due
from it. Assistant Secretary of
State Moley held out for 5000, 900.
Pay day passed without any pay
ment from that nation.
The British payment of $l0,-
100000 was made in the form of
20, 10000 ounces of silver ear
marked at Bombay, India, to the
credit of the United States Treas
ury.
Italy'S payment of $1,0O0,0OO on
$13,545, ,437.50 due was made in
the form of 100000 ounces of
silver delivered at the Federal as
say office in New York.
The debtor nations had up to
midnight last night to pay. Latvia
came through late yesterday with
a $4,000 payment on the $188,-
961 so due. This payment was
made in dollars.