The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-11-07
ANNOUNCE FAILURE
TO REACH PACT ON
BRITISH WAR DEBT
Token Payment Of $500, ooo
Will Be Accepted in Decem-
Der BY Government

Der 6y government
Washington, Nov. 7--(P)-President
Roosevelt Tuesday announced the
end of British war debt negotiations
without an agreement but with the
payment Of $500, 900 by Great Bril-
tain on its December 18th INSTALL
ment.
This token payment will be paid in
American currency in lieu Of the
SIT yO00, 900 due from the British in
mid December under the existing
agreement.
The president announced that In
view of the part payment, he would
not regard the British government as
In default.
This was the attitude taken last
June, at which time the British paid
about 10 per cent Of the amount due
, and that in silver at the rate Of SOC
an ounce to the amount Of $ll 900 600
In his statement Tuesday, Roose-
welt said the debt negotiations were
concluded without prejudice until
certain factors in the world Situa-
ton commercial and monetary-be-
come more clarified"
Obligation Acknowledged
He revealed he had been assured
by the British government that it
continues to acknowledge the debt
without, Of course, prejudicing its
right again to present the matter Of
its readjustment, and that on Dec
ember Is, 1888, It will give tangible
expression Of this acknowledgment by
the payment Of $7,500,000 In United
States currency"
This would mean that the British
treasury would have the advantage
to that extent Of the depreciation OF
the dollar, which at Tuesdays Lon
don market reached a level of 44.0ON
to the pound.
Coincident with the presidents
statement Neville Chamberlain, cham
cellor Of the British exchequer. an
nOunced the debt situation to the
House Of Commons.
He said his government Is ready to
resume negotiations for revision
whenever after consultation with the
president it may appear that this can
usefully be DONE"
The presidents text:
Text OF Statement
For some weeks representatives Of
the British government have been
comforting with representatives Of this
government on the subject Of the
British debt to this country growing
out Of the World war. The CONVERSE
tons were requested by the British
government in its notes Of last June
and December, request to which ]
gladly acceded in view Of the policy
which announced in November, 1882,
that q debtor may at any time ap-
proach q creditor with representa-
tions concerning the debt and ask for
readjustment Of the debt or its terms
Of payment.
1.-THE conversations. now concluded,
have In no sense prejudiced the posi-
ton which either government has TAX
en- In the past or may take In any SUBJ
Scquent discussion Of the entire debt
question. They have, however. given
an opportunity for full and frank
discussion Of the Representations
which the British government has
made.
Difficulties Made Clear
"These discussions have made clear
the great difficulty. II not impossible
ity, Of reaching sound conclusions up
on the amounts OF international pay
ments practicable over any consider
able period Of time in the face Of the
unprecedented state Of world economic
and financial conditions.
1T has. therefore. been concluded
to adjourn the discussions until GER
tain factors In the world situation
commercial and monetary-become
more clarified. In the meantime ]
have as executive, noted the represent
atoms Of the British government. ]
also nm assured BY that government
that It continues to acknowledge thu
debt without, Of course, prejudicina
its right again to present the matter
Of its REIMBURSEMENT. and that on De.
cember IS. 1883, It will give tangible
expression Of this acknowledgement By
the payment Of seven and one-hAl1
million dollars IN United States cur
|rency.
I'm view Of these Representations
Of the payment. and Of the impossi'
tbility. Ct this time. Of passing finall,
and Justly upon the request for . re'
adjustment Of the debt, have no per
sonal hesitation IN saying that shal
not regard the British government =