The Birmingham age-herald., 1915-08-19

England has in the far east enormous investments which are represented by high-grade property. It would require weeks of investigation perhaps to learn the exact amount of her investments In India. Many of them are secured ty very valuable property; almost all of them pay reasonable rates of interest None of these has as yet been utilized. Her investments in some of her greater col onies are enormous and for the most past represent actual property. In addition. England possesses great blocks of bonds which represent Canadian properties. Therefore scattered all over the world are properties vast in amount, very val aahle, upon whic; England has loaned money the aggregate Of which Is reck- oned in terms of billions. The great in- vestrnents for trusted estates and men of great wealth are the owners of these securities. The time has not yet come, apparently, for the British government seriously to consider the immediate util- ization of these securities But should the war continue another year 1t is thought to be inevitable that some use be made of them for the purpose of es- tablishrg available credit. There is no nation now where credit of this kind can be established excepting the United States.
 For this reason. presumably, the inter- na tional bankers are prepared to receive propositions associated with the estab- lishment in the United States of some form of credit, Behind whatever nego- tiatons are made will of course, stand the credit and good faith of Great Britain herself But the securities of which she will avail herself will also represent act ual visible wealth-railroad systems, mines, agricultural development, enor- nous loans made upon the security of real estate, especially some in the far east.
 In precisely whft way these securities mixed, as they are likely to be, with American securities will be utilized to relieve the financial necessity of Great Britain is probably not at present known. Yet there seems to be no doubt that the government in London is contemplating the future utilization of some part of these securities. and all of them if neces- sary. Should they be made use of with intent to establish available credit in the United States against which England could draw drafts, the securities will in all proba bility be found to consist of bonds which represent Great Britain's in- vestment in her colonies and also Amer ican securities. For while Great Britain does hold a very large amount of securi- ties which represent the debts to foreign nations. nevertheless these are not likely to be regarded by American bankers with much favor when negotiations for the creation of great credit are under consideration England may utilize these securities at home But there Is no doubt about the high quality of credit which is contained in the securities which rep resent England S loan to her colonies and, of course, there Is no doubt about the credit which lies behind the American securities.
 Therefore, the international bankers al e persuaded that England is now thorough ly well prepared for any financial neces- | sity which may arise, If she were as well prepared for war far as soldiers
 and munitions are concerned she is prepared with respect to what are called sinews of war then her preparation | would be regarded as perfect. England
 may, however, part with a good dea
 more gold before she turns to her securi- | ties means whereby she can establish
 an enormous volume of credit in the | Tinted States