Hand-Out

THE CABINET

Premier Raymond Poincare cabled Secretary of the Treasury Andrew W. Mellon that France would like to pay the U. S. $10,000,000 on its War debt account. Mr. Mellon cabled back that the U. S. would be pleased to accept the handout. The payment will be made on June 15, without prejudice to the ratification of the Berenger-Mellon debt-funding agreement which neither the French Parliament nor the U. S. Senate has yet approved.

The $10,000,000 will be France's first payment on the War borrowings, although she is paying the U. S. $20,000,000 annually for the purchase of surplus War materials. The total amount of the French funded debt to the U. S. is $4,025,000,000.