Show I MORGAN CANCELS LOAN TO ALLIES Proposed Sale of 0 British and French Treasury Bills D Withdrawn I New York Dec 1 l.-J l. J. J p P. P Morgan an Co have withdrawn the proposed sale of ot British an and French treasury bills according to instructions received b by them thorn from abroad I Tho The announcement was contained InI in the following statement I We re e have hate been boen Instructed b by the British and r French rench governments to withdraw their treasur treasury bills from sale r We Ye have accor accordingly I expressed to those institutions and Investors tors which had hatI alread already placed place orders for Cor these I securities tics the wish to be released from I the obligations to deliver and the they have been good enough to accede This action is because as explained by tho British chancellor of the exchequer cx- cx ex ex- chequer an and b by the French minister of finance these governments desire desiro to show how or e every regard ard to the federal re resene reserve reserve re- re serve sene board a governmental body of which the secretary of or the tho treasury and the comptroller of currency are ex officio members Wo We 0 ma may add ald that the sales salea In limit limit- e Cd i l. l amount of at these treasury bills pa pay pay- awe in dollars Collars In m New York have never been an essential part of the allied governments governments' financial plans but have for tor some somo time been ben under consIderation tion with a view to furnishing a cre credit it medium that would accommodate the American banking demands for Cor an instrument Instrument In Instrument In- In strument of short maturity and of such limited volume that the government go could always al undertake to lay down gold old In Now New York sufficient to meet the matured bills It waa was believed further that these hill would have havo furnished at the end of the war an excellent measure of or protection to the tho American financial situation inasmuch as these alea steadily maturing obligations of or the tho foreign n gov governments ts would have e tended to prevent Ire Ire- vent ent heavy drafts of or gal gold from this m market ark o t Other plans to finance the tho pressing nt needs 8 of or the British Ush an and French rench gov go O er already are under way ivay it Is understood but the they have not ot yet et reached a n. definite stage The plans und under r contemplation it Is Intimated will Involve ol a 11 largo large amount of or dollar cre credits available n to Great Britain If It not to her chief aljy aly There havo have been no cancellations of ot orders for Cor war supplies pr or an any other material to the countries of tho the entente allies according according- to the bankers banker's acting I for those interests and antI no diminution of or orders order Is expected |