The Birmingham age-herald., 1915-08-19
Securities Which She Gan Utilize So Great As to
 Stagger Imagination
MUCH OF FINANCING
 WILL BE DONE HERE
All of Her. Securities Represent High Grade Property in Col enies and All Over
 the World
Hy HOLLAND

New York. August 1s.-(Special.)-A few days after the return of H. P. Davison Of J. r. Morgan X Co., from London in the early spring, he was quoted by some of his friends as having spoken with something like ainazement of the masn- tude of the financial resources of Great Britain and especially of the British em- pire. There were intimations that the United States was likely to see some evi- oences of the financial resources and strength of the empire IF some things MT. Davison was quoted as having said. Ev- idenco of that li.nd was furnished later il. the spring when the British govern men; :iouted Il popular loan of approXi- namely S3oJ0,ooo coo, every penny of which was subscribed at home, the total sub scription representing all classes in the country, particularly In England.
 Within Il few days another evidence of the financial strength of Great Britain nas been furnished and with some spec taouiar demonstrations from Halifax to New York cit?. England sent to New York gold amounting to about S2G,0oo, OOv and d large block of securities, the aggre- gate being probably little under $4ou0O,- QUO. There were in.ilnations that this con signment is no more than the first of many sRd there were also intlmations that Il some way not get perhaps Fully worked out there may be established in the United States to the credit of England vast funds which will be utilized in paying for the obligations she has created by purchases in the United ftates.
 Many persons have asked how long England can go on financing in terms of millions and billions her extraordinary ne cessities. But there is no doubt in the minds of international bankers who have some knowledge of the financial strength of Great Britain that the kingdom, to- gether with tho empire, has as yet Hardly touched her enormous and available re- sources.
 The time may come when England will utilize some part, if not the whole, or the vast evidences of wealth which she has accumulated through investment In her colonies. In fact, the chances are good that within a few months England may send to the United States securities in great blocks which represent her in- vestments in the colonies. Should securi- ties of that kind be brought to the United States, there will doubtless be mixture of American securities. Should the war be continued another year. 1t Is not improbable that a considerable DOT ton Ol the Aineilcdn Secuiitie hoW hStu for investment in England will be sent to the United States. This does not neces- sarily mean that the investors will sell the securities They may lend them to the British government, receiving in exchange or as security for the loan other secrri- ties not American. There can be no ret ter means of a financial kind of adjusting the abnormal trade relations than through a utilization of securities which can be made the basis of very great credits.
 Englands Colonial Resources
 The magnitude of the resources pos sessed by England which are represented by her investments in her colonies is il- lustrated by figures which almost stag ger the imagination. For instance, Eng land has lent to one of her colonies s500,- 0oo,oo0, behind which substantially stand the entire railrpad system of that colony