The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-11-06

widespread idea that the financial ex.
haustion of the German empire will be
n factor of great Importance in deter
] mining the issue II the war be pro-
longed. writes DIR. Gilbert Slater. in the
London Chronicle. The Chancellor of
I; the Exchequer, In his reference to "the
last hundred millions.-has encouraged
the Idea, calculations are suggested as
to how many millions the war costs
the German exchequer each week, what
the financial position 81 the empire
was on the outbreak of the war. how
far the recent loan was Il SUCCESS, and
so on. The idea is suggested that the
Kaiser may have to sue for peace Tor
mere lack of money with which to
carry on war. What basis. in fact, Is
there for such anticpations as these?
Proverbs cpstcmarily go In pairs; and
Louis xIY.'s saying that 1t Is the last
louis dor that determines tho Issue has
become proverbial; as has also the die
tum that lack OF money never yet COM
neiied any government to make peace.
1t Is obvious that Just to the degree
that either OF these maxims Is true,
the other must be false. Which of
them Is more applicable to Germany
at the present day?
There are certain circumstances in
which tho financial position is vital
For our own country, for example. It
is vital necessity that we shall be
able to import food and raw material.
II our supplies were stopped by oman
ciai exhaustion and consequent inability
to purchase, we should be reduced to
Impotence, This danger is. of course.
1 almost inconcelyably remote. as long
az our navy holds the sea. Our finan.
clal strength Is so great as to stand
any strain that can be anticipated-but
II is fact that financial strength ia
Vital to us.
Similarly financial strength is vital
10 States at the other end of the i'm
dustr.al scale. undeveloped peasant
| communities. like those of the Balkan
PENINSULA, which cannot manufacture
their own ornaments. They must buy
-on credit-and when their credit Is
exhausted their military activities
must die down. as their supplies of
| military material are exhausted.
| In making our calculations with re-
, gard to Germany, we shall do well to
put all questions of money out Of our
i minds. IL Is on tho whole convenient
for the German government to rinse
loans and spend them internally; but
/ we are encouraging false hopes ir we
anticipate that ~ long as the German
troops can guard the frontiers. there
Is any probability either that the gov
eminent VIII exhaust It's power OF
! raising internal loans or that IL would
be seriously embarrassed If 1t did
Germany Is not In the position of n
besieged city, because she can carry
! on certain amount of trade with neu-
1 srai countries and for what she does
import by way of Denmark, Sweden
and Holland she must pay, But it is
not likely that she will have any diff
hculty In paying for these imports by
| exporting manufactured art,cles 1t
| VIII be asked, How about the Grip
L n ynr
How about the growing unemployment
IN the cities and the scarcity OF hands
/ To- cultivate the land?" These things
are serious enough from the standards
OF peace. but they S,re not vital mat
tiers, SO far rs ability to carry on war
IL concerned. So long as Germany has
or can produce what Is necessary for
the hfe OF the people and for the con
duct or war, the crippling of foreign
trade is to Nc regarded as not much
more than temporary Inconvenience,
and poverty and unemployment as mere
failures OF distribution, and problems
to be solved by internal organization.
| The question of Germany's possible
exhaustion Is. therefore, not a Gues-
ton of general financial exhaustion.
put OF the exhaustion of some particu-
lar necessity. We may consider n few
i Of these in turn.
win regard to food, when the war
/ began II was reported. probabl.. with
truth. that Germany had provisions. in
Guiding this years harvest for eigh-
teen months. Germany normally i'm.
ports cereals for about one sixth OF nor
population; but. on the other hand. sha
normally exports great Quantities of
potatoes, and of potato spirit, and uses
a great quantity OF potato spirit in
.mical manufactures. The utilisa-
tion OF the surplus potatoes as a sub
| stitute for cereals almost makes her
Self-SuDDOrttnR an far food L. 49,,
cerned, during war.
There is also the huge supply OF
sugar, ordinarily exported, now avail
able, There are. in addition the stores
gatnered In during the months of prep
aration, and fur thcr imports from Dem
mark and Sweden. Austria Hungary
Is normally self-supporting with re-
, gard TO food. the chief movement of
FOOD commodities in times of peace be-
ing the export of sugar and barley
But as the Hungarian plain is the
most productive part of the empire
King , m. Russian inrasion OF Hun
gary might lead to food scarcity in
.Austria, and, to some extent, In Ger
many. also. On the whole, the exhaus-
ton of the enemy's food supplies is
not not iikeiy to pc an important factor.
sIhe statement that potato -four is be-
ing used to supplement cereal flour Is
only what one would expect, in View of
the facts mentioned above, and has no
other Significance.
It is likely there will be some diff
ieufy about clothing. and prices are
likely to rise seriously, as both Cor
many and Austria are largely depen.
ldent on, imports For the supply of raw
wool But here, again. the supplies are
likely to be sufficient to last con-
siderable time. 49, ~
The. other great staple Of war is am
munition. and the Iron and coal which
supply Krupps mighty arsenal with