Debts

Following the uproar that was caused by the tentative French inquiries in Washington concerning the terms upon which their War debt to the U. S. could be funded (TIME, Dec. 15), it was made known that France would make no further advance in that direction until the success of the Experts' Plan was more definitely assured.

Simultaneously came the news that the French Government intended to seek an early opportunity to effect a settlement of its debt to Britain. It was evident, however, that there was no intention of operating the settlement until after similar negotiations had been concluded with the U. S. Government. The mooted overtures to the British Government were undoubtedly designed to fix the total* that Britain would demand of France in order that the latter might know definitely the total of her Anglo- American obligations.

--The French debt to Britain is, in round figures, $3,000,000,000. Britain has intimated her intention of collecting from Germany and her debtor Allies only a sum sufficient to cover her War debt of more than $4,000,000,000 to the U. S. This would have the effect of cutting the French debt to Britain by about two-thirds--provided that Germany pays up. The French are anxious to ascertain, if possible, the definite limit of her obligation to Britain.