Debt

Sir Auckland Geddes, British Ambassador to the United States, and Andrew W. Mellon, Secretary of the U. S. Treasury, signed the Anglo-American Debt Funding Agreement. The period of 62 years granted to Great Britain in which to pay off her debt of $4,600,000,000 was thus begun, although the British began their payments some time ago. One thousand bonds of $4,600,000 each have been issued. These bonds may be taken up by the British semiannually and sums of money may be paid toward retiring them in three year periods at the option of the British Government.