The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-06-21

Nothing has stood in the way OF an
earlier adjustment of the international
exchanges save the obstinancy OF the
| British banker and his sponsor, the
| British Government, II has been Known
N London for months that credits must
be obtained here. II has been known
that they could be obtained through the
proffer of Treasury notes on proper
terms. but London has STAYED off the
inevitable as long as possible. II "a
not be advisable to inquire too closely
into the reasons for this ohstinacy.
h shifting of the world money mar
ket to New York Is probably one OF
hem, Another may he the idea that
because we must soon proceed TO sell
our exportable crops negotiations Nigh.
De delayed to autumn to the advantage
4 Great Britain. but all the essential
advantages are ours. The war Is a
,ruol master over Europe, Military ne
ccssi,v IL superior to any necessity
which can coerce us, and II has been
putting London under ~compulsion to
come here and talk business on our
terms.
The cruz OF the whole matter Of delay
In Strengthening out the foreign eX-
change tangle Is not related to the fast
vanishing provincialism OF American
finance, with its corollary that Ameri-
aus 80 ~ ~ N''A= = va ~ -
IL not related to the old theory that,
We have need AT home for all the capt.
tai and credit which We can raise. The
war has changed all that, and our
status as a debtor nation Is a thing of
the past. Nor has doubt about the
post-bellum future in Europe had any
thing to do with holding up negotiations
for the correction of the foreign ex-
changes.
Va ,fNuttn- ushnt shA ,r,a ,rtn- ~
IN do In the way of "A reputation or
scaling down OF domestic obltgutions
they will at any cost to themselves keep
their international credit good with the
MY country which will be IN n position
after the war to supply financial assist
Iuce for the constructive undertakings
~ peace. Neither has there been any
lack OF intelligent understanding here
that American finance has got 10 do rs
share In making n market for foreign
securities II the United States IL going
10 realize tho s~tupendous opportunity
which Is unfolded in the war and its
sequel.
All the hitch has been on the other
side, II has been denoted by British
reluctance to apply to the American mar
ket for accommodation. and most OF all
10 meet the terms requisite to Obtain II.
At any time In recent weeks Great Brit
ain could have solved the foreign ex-
change problem almost overnight by
agreeing to waive the British income
tax on Treasury bills placed In this coun-
try, The I of the difficulty Is right
there, No market can be had here for
British Treasury bills or any other Brit
!sh securities IL they are TO be subjected
To the British income tax. Exemption
from such n toll, the placing N large
amounts of British Treasury notes should
he an easy task for our bankers, but
there will he no American purchasers OF
securities liable 10 the heavy deductions
already made for governmental reve-
nucs IN Great Britain and bound TO be-
com" in"rdinate rs the war goes on.
This has been the sticking point for
British pride. We have been told that
Great Britain could not consent to give
an advantage to Americans over their