Cheraw chronicle. [volume] (Cheraw, S.C.) 1896-2005, 1914-12-03
ENGLISH WAR LOAN OVER SUB
SCRIBED.

| me house bl fbllllll'liN ''''' ''''' 'hS
wnr-loan of 3J0.O0O.O00 pounds Ster-.
lin" 1.1I0. .OOO.OG0J had been great
| ly uvrr-$uhScribcd.
The chancellor gave 10 figures. He,
said. however. that Il fCatur" Of the
loan WAS III" cE"rmrouS numli2" CT in
dividualS totalling nearly 100000 who
had made application for small sums.
These the chancellor declared would
receive the first allutmcntS.
I'm the coarse of Il statement con-
ccruin. the financial conditions; i'll tie
country the chancclnr stated that the
financial deadlock which followed the
outbreak of the war was due to ina
hiIity to collect outstanding debts
abroad.
As an instance. Mr.. Lloyd-George
referred To the United States, which
he said. owed Great Britain. about
thousand millions sterling ($5,000,-
OOO. .OOOI. "hut we could do no bust
ness" he added.
Dealing with the steps taken by the
government To assist commerce dur
in. the war. Mr.. Lloyd-George said
thc government had undertaken re-
SponSihiity that no government
oyer had been called upon to assume
before
"Wc had not only our OWL bust
ness to run" the chancellor cf the
cychruucr continued, "but we were an
essential part of Il machine that ran
/ the international trade Of the world.
We carried half the produce and pro-
vidrd the capital that moved this pro-
r!ucc from one par, of the world to
another. not merely for ourselves, but
for other cOuntricS.'
Giving instances. he referred to the
cotton trade and said that all the
thc ultimate destination were repre-
scntcd by PAPER signed either at Lon
don. Manchester or Liverpool. When
the United States bought cotton or
silk. or tea in China. payment was
made through London by means Of
these documents.
That showed. Mr.. Lloyd George
said. how complicated the system
was. The paper issued in London had
4 Ictnmc a rart of the CURRENCY of the
world. Into this fine. delicate paper
machinery had crashed great war,
affecting two-thirdS of the people Of
the whole world and confusion was
inevitable. 1t was as if Il violent kick
had been given To an ant heap and
for moment there was confusion
and panic. The deadlock which eX-
istcd. the chancellor pointed out, was
not due to any lack of credit in this
country. 1t WAS due to the failure OF
rcmittanccS from abroad.
Mr. Lloyd-Gcorgc said that the ac-
ton which the British Government
had taken was to save British trade,
British commerce. British labor and
British lives. The government, he
said. had hypcthecated the credit OF
the state III order to restore these
exchanges upon which the commerce
and industry of the country depended
and upon which the whole comm1
acknowledgements t.iIr- +ife-~
BY this step, the speaker asse
the unimpcachable character Of the
British bill Of exchange had been
maintained. 1t was vital to the good
name If the country that this. type
IF British PAPER which had become
rllrrcncyS3fOr the whole of the trade
of the world should be unimpcachable:
aud that no one should say hereafter
that in day of crises it has been dis
honorcrd.
| One hundred and twenty million
sounds sterling (SG0O,O0O,0 O,00O) of bills
| liscuurtnd hv the Bank of England,
Mr.. Lloyd Gcu"gc continued. had been
| that showed. he said, that out Of a
| total of between 0G.O00,000 and 500,-
%Nn.O0n pounds sterling Of bills out at
The hrginnn" of the war greater
rart WAS disposed of in the ordinary
| coarse.
The total amount of bills which had
arrived ut maturity and for which the
| Sank of En"!and had found money
was Gn.3%G.OO0 pounds sterling. 1t
was estimated that at the end Of the
wear there would he about J0,OOO.GOO
| pounds sterling of bills in what might
70 cal,,,I "ruld store" through their
| 'r'ril.ill@ IT, hrli%crr.lt countries. or
,ur other rr;lSoli>
Ii"r" w"u!d not he Il penny lost TO
: the .r.Ht 'ac'rptim" house and the
, tnta Ira' upon the whole of these
! transactions. hc estimated. would not
"a. equal 10 the cost of Il SiiMic week
| II "arryiiI.. un Tie war; and In addi-
tiun EI'ili-h commerce and industry
| ,.uil,! ~ saved from one of the worst