The Birmingham age-herald., 1915-07-09

they were unable to obtain any exchange unless they paid excessive prices for it.
 There were several conferences in New York and at least one in Washington, whose purpose was to get a fairly accu- rate estimate of the amount owed upon open account which ought to be immedi ately paid to creditors in Great Britain. Some of the American merchants owed large sums frequently as much S1,o0O, 600. American credits had been estap- ished in London, but it was impossible to secure exchange excepting at almost piohibitive prices with which to make de- mand upon these credits. So great | house as that of William R. Grace & Co.,, of unsurpassed credit of great resources. nevertheless found itself in a serious pre- dicament because it could not obtain ex- change with which to make payments on account of what it owed in Europe. The house had everything excepting the facili- ties by which payment could be made.
 Object of Trip
 It was commonly reported in the finan- cial district that Sir George Paish and Mr 1 Blackett had been officially sent from ireat Britain to see what could be done in the way of facilitating payment of
 
 be confirmed by a brief statement in President Nobles monograph, for he says that the mission of Sir George was that of a collector of debts who sought payment. But there was another feature or Sir Georges visit which is recalled with qualification now, for during that visit he spoke the first real words of en- couragement which anyone of authority spoke in the United States at that time Sir George appeared before the stock ex- change committee of five and appears to nave, even in October been strongly in favor of the reopening of the stock ex- change President Noble says Sir George Pa-sh, being by nature an optim- lst, took very roseate view of the out look His were the first frankly ex- pressed views of that kind
 Optimist or not, he was known to be of very high expert authority and proba- bly no one in Great Britain has mas tered more intimate knowledge of Amer ican finance and of the amount of Ameri- can securities held abroad than he He was persuaded In October of last year that funds in enormous amounts would flow to the United States so that for time at least We might become the chief creditor nation of the world. President Noble says lthat on November 23 Sir George appeared before the stock eXcchange committee and was emphatic in expressing his belief that the stock exchange could be safely opened and that there would be great ad- vantage In doing that.
 There were hints in October just before Sir George returned to Europe that he had communicated encourag ging views at that time to the stock exchange commit tee. It Is certain that what he said tended to inspire confidence and prooably was in part responsible for the decision of the stock exchange committee to open the doors of the exchange. President Noble says that it is now plain Sir George Paish's views were very nearly correct, and not by any means over-optimistic. The rapdity with which the readjustment of exchange solved the problem presented to the American market was entirely in harmony with Sir Georges prediction and very fiaattering to his judgment. Now the committee of the stock exchange makes permanent and public acknowl- edgment of the obligation 1t. was under to Sir George Paish and his assoc te, Mir. Blaekett In this way is brought into prominence the fact that the first words of promise the first counsels based upon the belief that conditions were not only sound but justified resumption of the stock market activities came not from anyone. even of high experience, in the financial district but from the great financial authority of England, Sir George Paish.