The Birmingham age-herald., 1915-02-17

great financial institutions of Great Britain are not yet called upon to take such action as would prevent move
 ment of gold from Canada to the Cnited States is regarded here as one of the best evidences that Great Britain is in TO doubt respecting her financial strength. That is q feeling which will gratify the managers of American in- dustries who are now almost over transporting American commodities to Great Britain. There is reasonable ground for the~>inference that Great Britian feels abundantly able not only to finance it's own necessities. but to as sist through cooperation France and Russia in meeting Whatever demands may be now made upon them.
 The experts are of the opinion that Great Britain and the United States are the only nations which may with confidence rely upon such fresh sup plies of gold from their mines in the
 calendar year of 1915 as will go far to- ward maintaining healthful financial conditions notwithstanding the great strain occasioned by the war. Gne of
 the estimates is that Great iiitain many with reason rely upon nearly $500, 900, 900 of new gold this year. Two
 thirds of that will come from South Af- rica, some of it from Canada There is now no danger that gold mining under
 the British flag will be endangered by the war. The estimate obtained appai- ently from our own mint is that the United States will have fresh supplies of gold from its mines, including those | of Alaska, in the present calendar year l of little under s1O0, ,00O, 900. The reforc. I the United States and Great Britain will presumably in the year 1915 add , about $400,00 900 of new gold to the l worlds v,n new gold, neither can France. Both of l these countries have heretofore been l compelled to obtain their gold through
 commercial and financial transa C. c.ions i Russia cannot mine very much new gold although the expectation is that awakened Russia after the war will de-
 velop her Siberian gold mines 10 their ] capacity.
 1 It is the fact that the United States and Great Britain together possess a l stupendous amount of gold and the 1 further fact that both nations, through ! their financial authorities, will proba- hly perfect some arrangement by which this gold can best be utilized in main- talning trade and, so far as England is concerned. in assisting not only herself. hut her allies, which makes it certain that no matter what figure oub exports in money value, to Great Britain may reach the transactions will be easily Hhanceu ana that, too without any dis ! turbance in the International money
 markets. which is of the utmost impor- tance to American industry. Other problems than those arising from the
 financing of our exports may be devel- oped. as, for instance some occasioned by the abnormal price quoted for wheat. But the movement of wheat and other grain, the unparalleled movement of cotton now under way and the very great movement of American lnanu. factured commodities are in no peril so far as financing is concerned How healthful the situation is in Grea, I Brittian is demonstrated by the fac, that although the Bank of England is now permitted by the government to issue paper money without any gold basis or as the expression is, paper uncovered by gold nevertheless the Bank of England notes today stand in the same relation to gold that our own gold certificates do. It is undoubtedly this situation or condition which has made Impossible for England and lead ing bankers of the United States to come to an agreement whereby no strain upon the financial relations of either country will be occasioned no matter how great the export of Ameri- : can commodities may be.