The sun., 1915-12-19
CALLS BRITAIN BEST
AS MONEY MASTER
uFinancial Chronicle" Denies
German Charge Of Failure
In War Loan.
COMPLETE SUCCESS

rotary Of the Imperial German Treasury.
vnp Is quoted IN dispatches from the
o<her side as stating that English at
,snp.s TO raise loans in this country
have been unsuccessful. the Commercial
,.d Financial Chronicle in It's current
,.rs says that the loan has been
complete success and points to Great
pr,,a,n's willingness to export her gold
and Germanys apparent unwillinsness
"a mart with tho precious metal.
The Chronicle says: "The expiration
~. week Of the life Of the $500. 900. 900
Anslo-French loan syndicate and the
announcement OF tho results OF the
undertaking. together with the decline In
.se price Of the bonds, came at an op-
nortune moment for the Secretary Of the
rmperial German Treasury. DIR. Kari
uelnerich, who in an address before the
Reichs,ag compared British war nnanc-
ing unfavorably with the war financing
Il Germany.
"If Dr. HelfYerich IL correctly re-
rorted in tho cable dispatches which
have come from Berlin via London he
asserted that English attempts TO raise
lnans in this country had been failures.
The exact contrary has been the case.
Sees "un1uali0ed Success.''
~l, il true that the entire $500 1000. 900
honds involved In the Anglo-French loan
have no, yet found permanent lodgment
among investors. but no one supposed
hat this could be done in sixty days
time. and the Secretary Of the German
Treasury should not confuse this incom-
pleteness OF the investment operations
with the negotiation Of the loan Itself
through the underwriting syndicate
which took the bonds In the first in
stance.
This operation was an absolute and
unaualified success. The Anglo French
commits sioners placed the bonds with the
syndicate and the participations in this
syndicate were oversubscribed. Most
important OF all. the $4sO.00O. 900 cash
represented by the sale (the syndicate
took the bonds at so was placed to the
credit If the two Governments some
time ago. and is now being gradually
checked out IN payment OF goods and
supplies purchased here for account OF
the Allies
Thus there has been no failure Of
English attempts to raise loans In the
United States. Great Britain and
France came here to obtain $5OO.OoO.oOO
and got the money without the slightest
difficulty. Since then Great Britain has
obtained s50.OOO.000 more on bank
ers credi, and all through the current
year has been obtaining large amounts
in the ordinary course on bankers cred
It's Great Britain's military successes
have been nothing to boast Of. but her
financial prestige remains unimpaired.
"Ncry possibly it might have been
better Z the rate OF interest In the first
British war loan had been fixed higher.
Yet through all the course of the war
Grea: Britain has furnished demon
s:rat!on o. financial strength without a
parallel IN the worlds history. What
other country could have gone into "A
foreign market and raised siso,o00,Qo0
OF cash OIL u straight loan proposition.
"HaIf Billion No RcHgnrI, sum-
'Nnd. to do a little boasting on ou'
onu account, what other country of the
world could have accommodated hel
with such "a huge sum of money, for ever
in the present war times. with theiI
enormous expenditures, half billion
dollars Is no beggarly sum. accustome'
ss We have become to staggering figures
t'F4i britain mas lFANl W Il''hli'' Nv
Allies as well as herself. and with II al
has proceeded with calm and deliberate
manner that bespeaks entire confidence
in the consciousness of her own financia
impresn .DN.ty. The trade balance ha.
been running against her in prodigiou
amounts confronted with the huge an'
d.ficu.' task OF providing for TIM
balance, the British authorities hav'
gone ahead and dealt with the problem
a. II II We're only an ordinary everyda!
business affair.
cod has been allowed to pass out II
huge sums, the bulk of II going to I'M
United states, but mo in considerable
amounts going also to other countries
srl London to-day remains n free gol'
market the same as It has always been
y, there any other country among IN
1elUgerents Of which this can be said
can Il he said of Germany? As
matter of fact, would the Teutohi
countries allow even a single marx
gold to pass over their borders? Coul'
Germany spare the gold?'