Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-10-01
ABILITY TO FLOAT LOAN
DUE TO j. S. CONFIDENCE
British Press Widely Comments on
Arrangements Made by Anglo
French Commissions.
WHY CREDIT TERMS ARE HIGH
All Circumstances Of Operation De-
clared to BE Unprecedented.
American Cousins Take Advan-
tage Of Allies Necessities.

LONDON. September 3G.-That Eng
land has become Il borrower abroad,
and that the United States mas entered
the field Of international lending are
the outstanding facts widely COM
mented on to-day by the British press.
The Times says: The successful con-
clusion OF the Anglo French loan I'm the
United states is in itself Am event of
such magnitude In our relation with
America that any purely financial crit
cism on the precise terms Of the loan
must take secondary place. All the
circumstances of the financial opera
ton are unprecedented.
I'VE ourselves. never before III mod
crn history. have sought It foreign
| loan. No country ever before has
placed q loan for anything like such
an amount abroad. not even England
and 1t is safe To say that none Of our
enemies could borrow such an amount
in the United states at amy price
I'VE regard it rs an expression OF
American. confidence. and in such cir
cumstances need not scrutinizc it too
jealousy If the terms are rather high
If we criticize anything il would
rather be the . per cent underwriting
commission. If New York is ever to
become In peace times a serious rival
OF London as an international money
center. ii must learn to do things
cheaper imam tnat.
EXPLAINS WHY TERMS
OF LOAN ARE HIGH
The Morning Post. in an editorial
explaining why the terms of the Ameri-
can loan are necessarily high. says:
There can be no question that our
American cousins with their usual
astutcness have taken full advantage
OF the allies necessities and obtained
Il magnificent bargain, especially as
lapse which might have occurred in
American export trade if there had
been a debacle In the exchange In Lon
don"
The Post, like many other papers
complains Of the governments pro-
crastination. contending that but for
the delay il might have obtained bet
ter terms
The Daily News also finds the high
terms Of the loan decidedly disconcert-
ing at first sight, but recognizes that
they are due TO exceptional circum-
stances. and that il lis undoubtedly
worth the large expenditure to solve
the exchange problem.
The financial experts OF all the morn
ing papers comment on the stiff tcrmG
The Times thinks it would have been
cheaper and better to have offered Il
British war loan in the United States.
free of income tax, but as that oppor-
tuntty was lost I'VE had TO accept the
best terms obtainable."
The Financial News says exceptional
circumstances will prevent the agree
ment being regarded as humliating,
although we must expect to hear plenty
OH that score from German sources.
mericGns have no personal interest
in making things easier for the allies,
although the defeat Of the allies would
mean immediate German annexation
OF the United States, but whether or
not we have paid too dearly will de-
pend on the success OF the operations"
The Financier describes the loan as
"a triumph of finance, unique in the
history OF the world" and thinks it
is useless 10 cavil at terms which the
commissioners found TO he the best
obt ainable.