News of the Week
War Debts WE thankfully record in the words of the President of the United States that the "proposal for a one year's postponement of all inter-Governmental debts and reparations has now been accepted in principle by all of the important creditor Governments." Late on Monday evening, Mr. Mellon, Secretary to the United States Treasury, and Mr. Edge, the Ambassador in Paris, reached an agreement with the French Government. On behalf of France the negotiators were the Ministers of Foreign Affairs and Finance with the Premier, M. Laval, who seems to have taken a prominent part and to have left less control to M. Briand than his predecessors have lately left in international negotiations. Under the Agreement Germany will continue to pay into the Bank for International Settlements the " unconditional " annuities as defined by the Young Plan and agreed to at the Hague Conference : these payments will not be trans- ferred to _France or ,other creditors, but invested by the Bank in German railway bonds.: The suspended pay- ments will bear interest and be repayable in ten annuities from July 1st, 1933. . .
