Show j I What foreign s owed t the hl United States on account of ot the war was asked on Saturday Saturday Saturday Sat Sat- and a partial answer was I given There Is a World orld war foreign foreign foreign for for- eign debt commission sion composed of ot Secretary Andrew W W. Mellon of I the treasury department who isI is Is is- I chairman former Secretary of Slate State Charles E E. Hughes Hughea Secretary Secretary Secre Secre- tary tan of Commerce J Herbert Hoover United States Senator Reed Smoot of Utah Representatives Theodore E. E Burton and Charles K R. Crisp Richard Olney and Edward X N. Hurley Assistant Secretary of qt the he Treasury Eliot Wadsworth secre cre- cre tary This Thill commission was created on February 9 9 1922 at Which time Ume the United States State held obligations of oC foreign n governments which which- represented represented rep rep- r resented indebtedness Incurred in connection with the World orld war Inthe in inthe inthe the sum of OO The I commission has negotiated d agreements agreements agree agree- I ments for foa the funding ot of the le principal principal prin prin- cipal of of such indebtedness s' s amounting amount amount- mo jing ing to 42 64 01 or more than 42 per cent of the total tota indebtedness indebtedness in to the United States State at I that time REFUNDING NOTES on February 28 1923 approved ed an agreement and nd terms of settlement with Groat Great Britain which provided principal of notes to be refunded 14 plus accrued Interest to December 15 15 1922 at 44 per ner er cent which amounted to 99 a n. total of On this nm amount Great Britain made payments h m h. h 1924 with interest 4 at 4 per cent amounting to and also paid in cash 74 so that the total principal o of of indebtedness indebtedness edness on February 28 1923 amounted to The principal of the bonds are to be paid in annual instalments on a fixed schedule subject to the right of the British government to make these payments In year three-year periods pe pe- I nods The amount of the first years year's Instalment is iR and the annual payments payment will in increase increase in in- crease with regularity during the life liCe of the bonds until In the sixty-second sixty year the amou amount t of the Instalment will be the aggregate instalments instalments' being equal to the to total 1 principal of the debt the British government having having haying hav hay ing the right t to pay off oft additional bonds on any Interest date upon ninety days' days notice INTEREST RATE j The interest rate rale on the unpaid balance Is payable semiannually i June and December at li-at 3 per percent percent percent cent until 1932 then at the rate of 3 per cent semiannually until all an are paid and for the first five I years one-half one of the Interest may be deferred deterred and added to tho prin- prin prini i cipal and any payment of principal pal or Interest may be made 1 In United States bonds Issued since I April 6 1917 the same to be taken at par and accrued interest The Indebtedness of Finland to I tile the United States was settled May lay 1 1923 and approved by congress on March 12 12 1924 when the go gO I of Finland sent bonds to the United States which aggregated aggregated aggregated I gated and thus thus wiped out obligations amounting to 8 plus the il interest terest ac accrued accrued accrued ac- ac the payment of the bonds to extend over aver a of sixty sixty- two years with interest at 3 p pr cent until December 15 1932 then the rate to be 4 per cent I Formal agreements were made with Hungary and approved by congress under which Hungary Issued is issued issued is- is sued bonds for Lithuania Lithuania Lithuania ania paid in bonds the sum of while Poland gave the United States her bonds for plus interest |