OCR Text |
Show If MP THE UNITED STATES WITH THE CASH Great Britain. France and Russia , Threaten to Pay Their Enormous Obligations Obliga-tions Here in Gold. NEW YORK, Sept. S. The six j English and French financiers on their way to this city to borrow a huge sum of money, popularly estimated at half a billion dollars or more, ,with which to pay for American supplies for the allied armies and other imports from this country, were believed to be within a few hours' sail of New York harbor at 10 o'clock tonight. The date of their sailing from England and the name of the ship they took have been withheld by the British censor, hence the time of their arrival will not be definitely known until the vessel bringing them is met off quarantine by the customs and health officers. On the eve of their anticipated arrival ar-rival here it was learned from unofficial unoffi-cial sources tonight that not only would they represent their own countries in negotiations here, but in all probability would act for Russia as well. Unable to Confer. On good authority it was reported that their power of attorney for Russia probably would have been given them before, they sailed from England but for the unexpected inabilit3' of Pierre L. Bark, the Bussian minister of finance, to confer in London with the finance minister of France and the British chancellor of the exchequer prior to their departure. Passengers reaching here today aboard the steamer Ryndani told of reports of the imminence immi-nence of the commission 's departure from England when they left .Rotterdam, .Rotter-dam, and in addition brought to this country word of their preparations and plans which tie British censor had apparently ap-parently barred on the cables. Meeting Arranged. According to this information, a meeting meet-ing had been arranged in London for the latter part of August among the financial heads of the principal allied governments. Great Britain, France and Russia. This meeting was to have been attended by Reginald McKenna, British chancellor of the exchequer; Alexander Felix Ribot French minister of finance, and Pierre L. Bark, Russian minister of finance. The subject of the conference, it was reported, was joint action by the three governments in obtaining a nlammoth credit loan in the l'nited States. This matter had been discussed a short time previously at Boulogne-snr-Mer, France, at a meeting between Chancellor1 McKenna and M. Ribot. at which it was agreed to invite the Russian Rus-sian minister of finance tJo another conference con-ference in London. Meantime, in accord ac-cord with the understanding .believed to have been reached between France and England at this conference, the two commissions were organized to visit America on behalf of their governments gov-ernments and the banks in France and England and act in conjunction, but not joint t.y, with a view to establish-iug establish-iug a crodit here, the Uke of which the western world, has never seen before, be-fore, which would solve joi- months to come the vexing question of paying for supplies shippea abroad. Original Plan Modified. At a meeting ai Bo.ilogne-sur-Mer the time was sei tor tne a-parture ol the i?'rench commission, anu it was agreed according to word brougnt here today, to mouuy the ongiuai plan to tne extent of Having tne rrench. ana British eommi&sjon act ' jointly. it was aiso a green, ltwas reponea here today, to-day, to present die plan uetorc tne Kus-sian Kus-sian minister of liuanee when he should join his colleagues in Lonuon and ask lor his approval of joint action . by the Angio-ieurrj commission on behalf ol Kuiisia, too. M. Bark s visit to Londuu, according to reports, was deferred because 01 pressing duties at Petrograd. When tbe iiyndam sailed it was understood that he would me.et He&srs. McKenna and Kibot in London early this month and would then be asked to accede to the plan of having tne commiesion act for His country in their negotiations with American rinanciers. tjhould his anticipated antici-pated endorsement of the plan be given, it waa understood the commission would be so advised by cable, upon their arrival in New York. Pooling of Interests. Russia, France and England at various vari-ous times since the war started have turned to New Yrk to borrow money with which to meet their pressing obligations obli-gations heye, but heretofore- there has oeen no joint action. For months, it was said tonight, there has been, bow-ever, bow-ever, in the minds of the financial heads of the three countries the idea ol pooling their money interests in the L'nited States and of establishing a mammoth credit loan here as a commou fund out of which would be paid the bills for all supplies pent them from America. Whether M. Bark has held bis anticipated antici-pated conference with Messrs. McKenna arflj Ribot on this subject and what the outcome of the conference was if held, has not been disclosed by dispak-hes from England. This, it is believed, is doubtless due to the rigid censorship. With England, France and Russia acting in concert in the American money market, it was thought tonight that the matter of floating a large credit cred-it loan here would be correspondingly simplified. Best of Security. It was pointed out that the three governments would probably lend tbeir names, jointly and individually, to the J loan, and that, in addition to the notes I of these three nations, the American lenders would be fortified by tho further I security of approved collateral. This ! collateral, if it taken the form of Amer-I Amer-I ican stocks and bonds, as popularly predicted, pre-dicted, would make it possible for banks in everv big city in the United j States to participate. Their help would j be needed, financiers here thought, for j the swelling flood of American exports j ib pouring out with such a sweep that I already Europe is debtor to tbe extent I of a billion dollars or more, and a method meth-od must be found soon of paying the bill. The minimum sum which the three governments must borrow here, to re-' re-' store tho value of their moneys from I present depreciation to normal, was 'estimated at half a billion dollars. New York financiers believe this mammoth I loan cannot be floated without the un grudging aid of scores of banks all over ! the country. Should Great Britain, France and Russia find it impracticable through the J terms imposed or other Conditions bo 1 borrow this great sum here, it wa i learned tonight on excellent authority 1 that the three nations contemplate pay ing the bill in gold. Already sixty million mil-lion dollars in gold has bflen sent to i America by London Within a few weeks. ThiF is but. tbe start of the yellow stream that will flow across th Atlantic Atlan-tic it was said, if America ig unprepared unpre-pared to lfnd. |