Show vu D Sn n C UIT J To I f IV America Takes Place of England as ai s' s Fi Financier of War for Countries I Fighting the G Germans mans I By fly United Press WASHINGTON April 24 W vy Revolutionary changes change in inthe inthe inthe the financing of t the e world war yar will S soon Oll occur A 4 re rearrange rearrangement rr r ment of allied credits credit wh which ch will eliminate the handl handling n of r J loans s' s by England to r. r tI the allies lias' lias ti tr i The I U n d State T t ha h exten extended d I credi credit of t to the allied I Ig g governments ei rits more more than half of which I have gone to England Contemplated changes would discontinue dis dIs- continue credit extensions to England and In turn would supply the other allies with funds for which they have been depending upon Great Britain Great Britain plans to raise her war funds through taxes leaving none of the cost to posterity In practically suspending loans to Tier her allies Great Britain has forced immediate action on the part of the other governments which have been looking to her for tor help England had built up a monster purchasing purchasing purchasing pur pur- chasing machine before the United States entered the war wat Through loans from the United States the British and nd a all 1 of their allies had advantage of this machine The problem confronting the allied governments now Is how to retain the use of the English buying organization through a different system of credits The British government has said Jt it t stands ready to aid in any way but until Assistant Secretary of ot the Treasury Treasury Treasury Treas Treas- ury Crosby reaches Washington officials orrl here would not discuss the ar ar- ar nt Crosby Croby has been this country's financial representative Inthe in inthe inthe the war c council which is isto isto isto to give up direction of loans under the new plan France and Italy heretofore have used t taxes largely in obtaining money with which to 10 run the war Neither have gone so so far as ag Britain in floating float float- in ing bonds so according to the view held by some officials the propose proposed rearrangements of or credits will be in a measure a result of oC a plan to distribute the burden for those countries I It was was not known here whether self s-ov s governed rn d colonies and dominions of Great Britain are affected Italy has Issued bonds bond for tor w war purposes put pur poses to the extent of ot only Frances France's loans used in the pr prose prose- s c cution tiO the war ar now aggregate gate approximately approximately ap ap- ap- ap proximately Each country's coun coun- try's debt i much indicating that the the internal tax assessment has las been heavy since aLne e both nations have small national wealth from which from which to tp draw revenue nue i Compared to the policy of taxing taxing heavily hea heily iy according to data gat gathered ered by the f federal deral rest rye board has bas pra borne her war expense l by bond bonds This it wa was was be believed be- be accounts account for or optimistic German statements statements' that her er war tax taxes s were surprisingly light |