Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-08-22
FINANCIAL POSITION
OF GERMANY STRONG
Secretary of Treasury Compares Con-
ditions There With Those I'm
Enemy Countries.
TREMENDOUS BURDEN
But He Expects in End That Nations
Defeated by Germany Will Have to
Pay for War Despite Their Coming
Exhaustion.


Pay for War Despite Their Coming
Exhaustion.
Especial Gable TO The Times Dispatch
BERLIN. August 21-(wireIess via
Sayville).-Dr. Karl Helfferich. Score.
tary OF the Treasury. during his speech
In the Reichstag In defense OF the
Dill Tor war loan OF 10000, 900. 900
marks oo,ooo,ooo), which was
unanimously accepted. gave a lucid ex-
position OF Germany's present financial
position. His address was frequently
interrupted by tremendous applause.
10 underestimate the magnitude of the
Herr Helfferich warned the nation not
financial and economic task laid upon
the empire by the war. He added.
however. that the whole nation Is
unanimous in It's desire to fight until
final victory has been won and the
enemy shall be forced to cry enough"
He said:
1T is not within the limits of the
possible that Germany later will be
forced to carry the burdens OF the
war. That shall be imposed on our
spite their coming exhaustion.
subscriptions TO the next war loan
will be opened at the end of the month.
since Germany already has spent more
than 135.00o,000.0 600 marks, obtained bv
the two first loans
"On the other hand, Germany's DO
sition is strengthened by the fact that
the surplus for 1s14-1s15 is much
higher than forecast. It amounts to
100000 marks, instead Of ss,ooo,ooo
And the money spent for the war STAYS
within Germany.
WHAT WAR is COSTING
FIGHTING NATIONS
The cost of the war to all partici-
pant nations is almost $4,000. 900 a
day; 2.ooo,ooo,ooO a month and $685.
600. 100000 year
The British war cost is $4,000, 900
DAY. II is important that. according
10 British witnesses. Germany obtains
LOT 80 more than England for SIS.
Germany and Austria Hungary alone
collected the necessary money nv
regular loans
Frances financial position is illus
trated by tho fact that she has an
nounced an issue OF s. and 81 bills
war loans. the first succeeded only be-
cause at the last hour the British
banks, pressed by the government. In
creased the subscription to s40o, O0O. 900.
The second British war loan remained
behind expectation and does NOT suf-
hce for the cost OF war until March.
1916, but only TO September. 1915.
Partial success was obtained only
because The British banks at this time
subscribed $500 600, 900 likewise under
government pressure
The second British war loan is now
quoted at aS, and already the necessity
OF new British per cent loan IS
discussed German war loans were
never below the price of issue. but
always above
since the beginning of the war the
french per cent state loan has yielded
20 per cent. English ois per cent con-
soils have yielded IL per cent.
The German per cen, loan Welded
only to per cent. The quotation on
the London Stock Exchange of 80 per
cent is prevalent, and rather TO be
considered ms "a joke. We have tried
10 purchase through neutrals at this
price in order TO utilize the false quo
ta'lon for redemption purposes. but il
""7 '''poSs'hie 10 Dny one piece at the
quotation.
Compare the Reichsbank with other
banks The Reichshank's abilities ore
covered 33.I per cent by gold reserves.
the Bank of France. 2S.3 per cent, and
the Bank OF England, asa per cent.
The British pound is per cent he
low par, and French currency is 1s per
cent below par. l admit that German
currency has also dcpreciatcd but our
enemies. who formerly insisted upon
this fact. have become silent recently
because of their own situation.
GERMANY SUPERIOR TO
ALL HER ENEMIES
The economic strength Of countries
's based, not only on boarded capital.
but also on technical manners of living
hhd The energy OF work. In this respect
German" is superior to all her enemies.
The new war loan will contribute
10 victory and peace. giving guarantees
against the aggression and avidltv of
our enemies and leading them back
from the curse of mislaid passions and
artihcially cultivated halucinations. II
VIII bring quiet and liberty to the
bleeding nations. which the whole OF
Europe needs In order TO maintain ito
plSco In tho world and fulfll its mis-.
sion"