New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-04
British Financial Expert
Tells Canada Situation
Is Most Hopeful.
AMERICA MUST SHARE
IN FINANCING WORLD
Exchange Settlement May
Come This Week, Sir
George Expects.


Ottawa. Nov. S.-Sir George Paish,
who. with Basil Blsckett, as financial
advisers of the British government
has been holding conferences at WASH
incton with The United States Treasury
Department officials, was for what are
considered here diplomatic reasons
Obliged 10 decline an invitation 20
visit Ottawa. But Sir George has gwen
ont fo~ publication in Canada a state
ment in which he says;
81 think there may be considerable
revival in trade next year There is
nromise tina. the embarrassment IN
connection with the marketing Of the
cotton crop of the United States
which is one of the underlying fac
tors Of the present conditions, will be
removed.
AS the bottom appeared to fall OUT
Of ;hc cotton situation, prospective
BUYERS were naturally apprehensiye'
and they will be reluctant 20 make
commitments until they are assured
fha. Improvement is IN sight l thlnk
there is a good deal in the contention
that India will begin TO buy cotton
once II is evident that the price mas
reached its low level
Will BE Few Defaulters.
when / came 10 America / was
rather optimistic over the prospects 10!
favorable turn TO the lnternauonal
situation. because of the ethcacY OF 'he
measures which had already been taken
bv Great Britain. Al the outset OF Ihe
war every means was employed 20 pr
serve the worlds credit ana IN greg.
britain provision was made not on!
for all pre-moratOrium Obligations ou'
for the due payment of post-mora'oi-
THE British government through
the Bank Of England, VIII see thaI an
hills OF exchange will be paid when az
maturity are not met by financing them
until after the close o. the Wai; Fer-
sonallv. / do not think that the Oe-
faults az that time Will be more 'nsh
a very small percentage OF the Wno!e;
These bills are very largely oasSu
upon products which the word hee'SS'
,,bicb are hound eventually 20 be sold,
and are secured both by the common
.ies anon which they are drawn and
upou the general and valuable assets
al the firm responsible Tor their pay
mont. After peace rs established these
firms will be able 10 provide LOT tHe
obligations resting upon them.
1T may be five years after Inc war
before an Of the advances extended at
his time are wiped OUT. In the inter
est of world credit IT is desirable there
should be no defaults.
"The Canadian government. wnich
has already arranged Tor its immediate
war financing In London, would pTooa-
bly, find a sympathetic FEELING there
toward a loan for other necessary capi-
tai expenditures II it decided TO APP
proach the same market next year.
Britain Depends on Debtors.
"Britain's ability 20 loan, OF course,
DEFENDS very largely upon the AFFINITY
OF the rest Of the world TO meet their
obligations 10 her While she Is az
present spending at the rate OF about
one-half Of her savings upon the war
she has heI own capital requirements
Tor commercial purposes TO meet ana
the extent 90 which she VIII measure
10 to her recent position 81 leading
country is contingent upon number OF
Developments i'm the International STU
alton.
at is this situation which. / think,
v-ill impel the United States TO enlarge
Us operations a. an international
money lender With its enormous
crops and good markets Tor It's prod
ucts. the United States mast continue
20 save a great deal of money. IL is 81
question for il 10 decide whether n
viii continue TO lay additional tracks
on It's railroads, construct costly teFml-
rails and build beautiful buildings. or
whether ID viii take up the task Of
D. 10 tfs.t for Ia
worlds Development. and particularly
for the newer countries on the Amer-
can continent.
"ln view Of the trade relations be
tween Canada and the United States,
whereby the latter country has OBJ
tanned an enormous marAc. Tor IT'S
goods. which were paid for by money
borrowed in Great Britain. the logical
huver OF Canadian securities is New
y DIRK While the government of Can
ada might finance its requirements IN
London. other issues. including posi-
bly, those of the provincial administla-
tons and The larger municipal and m
ius.lial borrowers, might "ery well ap-
prOach New York.
eli would seem as IL i'm the period Of
Insettlement the larger Canadian Dor
rcwors. whose securities lr "a time o.
acute discrimination are able 20 find "a
market, should provide for The needs
Of those who are less able 10 place
their securities; and This. think,
should apply rot only 10 the govern
mert. 90 the provinces, 90 mum Clpah-
ties. but IT, railroads and other borrow
cIs.
Looks 10 Quick Settlement.
Canadian borrowings this year in
London had already reached q large
.raourt when the war broke cut. and if
conditions had been unchanged the
Canadian loans H. London 30 l2l4
would have been probably IN excess Of
the previous wears.
Through the failure of some of her
lkAe Gotzzdn:dES5I