Show DEBT PlANS RA Agreement Is Is' Is Reached With Mellon Franc Sl Slumps ps to New Low Lowi LowB i B By A. A 1 L. L BRADFORD United Press Staff Correspondent PARIS April 20 Preliminary agreement for tor funding the French debt to the United States Juts has s been heen reached reache by the French ambassador HAnri Berenger and S Secretary of the Treasury Andrew Andrew An An- dr drew w W. W Mellon Premier Briand I told the French cabinet today j An-j The agreement Briand said has not yet been signed d. d The premier r laid the terms term pr proposed posed In the the prelIminary preliminary preliminary pre pre- pre pre- agreement before the cab cab- inet thet and and they were unanimously r ratified While Briand was reporting progress progress progress ress toward debt funding the franc slumped to a new low record recordS for tor all an time on the lo 10 local ai Bourse where 1 would b buy y fr francs compared wi with r yesterdays yesterday's o of 76 1 t t Today was the fifth consecutive business day In which the franc had established a new low record Th The smashing record slump began last Thursday U. U S. S MUST APPROVE The cabinets cabinet's debt discussion n and de decision were not riot made public out of ot deference of or Finance Minister Peret who ho was detained in the sen sen- ate I It was understood that Berenger Berenger Berenger Beren Beren- ger and Mellons Mellon's agreement must be approved by the American debt commission b but t the definite nature lof of the cabinets cabinet's approval indicates that the French government Is positive tive that the preliminary a agreement ement will wUl be bo signed It was understood that the provisional provisional provisional pro pro- visional agreement wa waS nasr substantial substantially ly 11 as was vas reported ten days ago in these dispatches France would pay yearly for tor five years representing an an- Increase an increase of or yearly over the interest payments payments pay pay- ments meats now being made The 20 annually which has been paid to the United States for tor s some me years represents Interest on the worth A. of A A. E E. F. F supplies supplies supplies sup sup- plies purchased by France at the close of the war CONSOLIDATE DEBTS This debt It was understood would be consolidated with the borrowed borrowed bor bor- rowed Towed debt under the new agreement agree agreement agree agree- ment and the annuities annuities' of would be applied ag against the total France was understood to have relinquished the safeguard clause which would have provided that if it at any future date the French ca- ca to pay pa should change there would soul be an appropriate alteration In the French debt payments payments' In effect this w xo io ld have made French payments to the United States de dependent dependent dependent de- de pendent upon German reparations payments to France |