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Mwe T@ Ease Bmiiar
Braim ®m Briimin
U.S. PLAN TO
WAR DEBTS
(Kemsley Newspaper Service)
||EW YORK/ Friday. — important sec
tions . of fhe American business
world are urging that the U.S. should
assume responsibility for .British debts
to Eire, India, Egypt and other coun
tries.
Ma ay Americans are beginning to feel
that is is ironical that Britain should 'be
seriously embarrassed economically by having
to pay war debts to countries she fought to
save.
npHE New York Times and the
x Wall Street Journal yester
day mentioned with approval
the plan to take over the war
debts.
The United States Council
of the International Chamber
of Commerce has also releas-
&
ed a. report advocating some
such move.
The council speaks for prac
tically all American business.'
Among its executive's are
Paul Hoffman, Marshall Aid
Administrator.
William Mitchell, a bank pre
sident and chairman of the
group which prepared the re-,
port, explained its implications.
He said that during the war
Britain incurred debts to many
countries while defending
them.
Part of these debts had to be
paid in dollars.
Payments of capital and
interest at present involved
no less than 300,000,000 dol
lars.
This, he said, was a major
leakage of hard-earned dollars
from Britain.
"Part of E.RP. aid to Bri
tain has, in effect, been used to
liquidate 'war debts," he said.
"It is intolerable that this
should continue."
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