3 MARCH 1923, Page 9

The funding of the British Debt to America has, as

the Spectator anticipated, received very favourable comment in the American weeklies and reviews. The following extract from the New York Nation, a journal which can by no means lie termed pro-British, is significant :- " We are not sure that this rich harvest of British gold will be an unmitigated gain to American industry—it may prove a real injury—but it should at least remove one source of Anglo-American friction and it will undoubtedly be a powerful bolster to British credit. Old England has proved once more that she is still a financial rock, and there is no longer any real reason for sterling to remain below par."