The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-08-25
CREDIT PLAN TO BRING
BRITISH FINANCIERS
Negotiations for 800, 600, 900
or More May Be Delayed
Exchange Lower.

Further negotiations between bankers
here and %fnsnciers In England for a
British loan or credit OF 800, 900, 900
or more in this country to facilitate
trade and to correct the depreciation in
sterling exchange will probably be de-
layed until the arrival in this country
Of a group OF five or more prominent
British %financiers. This was learned
yesterday on high authority
While no ofhcial advices have been
received, 1t Is believed in banking cir
cles that the British delegation will
be made up OF three men representing
the British Government n two more
representing the English bankers. II is
not unlikely that Sir Edward Holden
and Sir Felix Schuster will ONE.
While the bankers in London and
New York have been in close touch by
cable ever since the placing of a Brit
ish loan or credit has beer under dis
c~ussion. II is felt on both sides of the
Atlantic that the matter might be more
speedily brought to a close OF the rep
resentltives of the two countries could
confer in person.
That the exchange problem has had
an important and not too encouraging
effect on the placing of war orders in
his country was learned Yesterday on
excellent authority. \ thirty day op-
ton on a contrac' for shrapnel. which
amounted TO over $40, 900. 600. was al
lowed to expire without being taken up.
This Is the first instance OF Its kind TO
actually become known. although there
may have been others. The contract
for the manufacture of the shrapnel was
offered TO a large industrial company
which IL at present executing an order
for shrapnel.
The matter OF payment for the war
material ordered in this country by the
Allies, II is admitted in banking circles.
is a tremendous and all important ques-
ton. II Is estimated that war order
payments through J. 7. Morgan Il Co.
alone amount to 500. 900, 600 n month.
or at the rate OF 81, 200. 600, 900 "A year.
This liz "A great sum and. in view of the
depreciation in sterling, franc and ruble
exchange. causes the problem TO loom
large. Up to now payment on every
war order has been made promptly and
In gold. but It Is generally admitted that
all OF the Allies would prefer to secure
more favorable terms for payment and
conservp their gold resources II such a
solution could be arrived at.
Mark exchange broke to n new low
record Yesterday, closing at so 1916 for
checks aud 81 for cables. as compared
with 81 for checks and 81 Lie for cables
OIL Monday. one foreign exchange
broker who in normal times is accus-
toned to do a big bus ness in exchange
or Berlin says that POO. 900 marks is a
big day for him now whereas in normal
times his business alone amounted TO
5000, 900 marks or more. Germany, he
says, Is commercially isolated and there
is almost no demand for her exchange.
Sterling was lower at 1858 for de-
mand and 4.66A for cables. This com
pares with i6jta for demand and 4.66ia
for cables on Monday. Francs were also
lower. closing az 5S7 for sight drafts
and 5.s6 for cables. on Monday they
closed at 5.S6 and 5.S5 respectively.
Italian lire advanced from 64i TO 6.43,
while Austrian kronen slumped from
1907 to 1906. Rubles were unchanged
at "a.