Western Carolina Democrat and French Broad hustler. [volume] (Hendersonville, N.C.) 1913-1915, 1915-09-09
SEES U. S. SEAT OF WORLD CREDIT

London Banker Says 1t Is To Become
Greatest of Lending Nations.
| New York Special to Philadelphia
Public Leoger).
Pending the arrival here of Sir Fe-
| lix Schuster, head of the London and
Smiths Bank, and Sir Edward Holden,
chairman of the London County and
Midland Bank, who have been select
ed as a committee for the purpose Of
working out a scheme in conjunction
with bankers for the relief Of the ex-
change situation, it is expected that
negotiations to this end will remain
virtually at standsti1I, although there
have been interchanges of views be-
tween New York and London by cable
every day.
In the meantime, it is probable that
substantial amounts of gold will be
received in New York froEa South
Africa and Australia. The Bank 0f
England has accumulated a large
amount of the precious metal in its
Cape Town branch No gold has been
shipped from South Africa to London
for nearly a year, and prior to that
time these shipments ran to about $5,-
100000 a week. While the Bank of
England did not buy all of the gold
sent to London, it was heavy pur-
chaser every week., so that it is fair
to assume that its holdings in South
Africa at the present time are not less
than $50,000.000 American bankers
believe that a substantial part OF this
amount will come to New York.
1t is possible that when the British
bankers arrive here they may take up
the question of the flotation of a brief
loan in New York, possibly bearing
the Endorsement of the British gov
eminent. 1t is said that the Greek
Premier, Mr.. Venizelos, has made the
establishment of a substantial Greek
credit in London the most Important
condition of Greece's entering the war
on the side of the Allies.
New York Centre of Finance
In discussing the international cred
it situation, William A. Kennedy, the
London banker, head Of the banking
firm Of William A Kennedy Co, who
has established a branch of his Lon
don house at 15 Wall Street, Mr.. Ken
nedy was asked if he thought that
American financial supremacy would
survive the close of the war.
Undoubtedly he replied. "The
NOI1U . C0uII0 u uuduC6 mas p6ruQa-
nently shifted from London to New
York. The United States is certain
to become the worlds greatest credi-
tor nation, and great responsibilities
will thereby be thrust upon it. Youd
will be called upon to finance TIE
greater part of the world. and you will
have abundant resources to fulfill this
obligation. fa8
American securities will become
the premier securities of the world.
Even now they are virtually the only
securities you can sell in London
There has been steady liquidation. of
course, but it has been forced by nee
essity.
Undoubtedly the exchange .situa-
-tion will require very earnest thought
on the part of the London bankers
and those of the United States. as the
problem is one of mutual concern.
Still l have no doubt that solution
will be found that will be entirely
satisfactory. Sir Edward Holden and
Sir Felix Schuster are very able f1nan-
ciers and stand in the first rank of
British bankers. No better selections
could have possibly been made. They
have had wide experience in inter-
national credits and possess an init
mate knowledge of the intricacies of
exchange" Il
Use Iarabee's Rest Flour % Ate