22 JULY 1922, Page 3

Sir Robert Home went on to state that our indebtedness

to America, at the present rate of exchange, was £938,000,000. More than two-thirds of that sum was borrowed on behalf of our Allies, whose loans we guaranteed. He repeated the assurance that our American debt would be paid. Since then, the Prime Minister has made it known that British delegates will go to Washington in. September to arrange for the funding of the loan. The Budget provides £25,000,000 to begin payment of the interest, and there should be little difficulty in arranging the terms now that British credit stands high.