23 MAY 1925, Page 3

America has taken the very important step of demand- .

ing that all those European countries which have not funded their War debts to her should open negotiations. Britain, Poland, Hungary, Finland and Lithuania have all funded their debts to her, but France, Belgium, Italy, Czecho-Slovakia and Rumania have not done so. France owes America £827,000,000. M. Caillaux, as we men- tioned last week, has expressed his intention of beginning to pay as soon as possible.