The Birmingham age-herald., 1915-03-18

serve system Is so constitutes as 10 maxe 1t possible to check the tendency toward initiation.
 There is no doubt about the ability of the United States to furnish all of the capital that may be needed or called for and development of railroads and for turning into material wealth the natural resources of the United States. Nobody need have any anxiety lest capital in suf- ficient amount for any wise undertak- ing should be denied or furnished only when a high rate of it's use had been accepted
 Some apprehension has been felt lest the demands which have been and are still to be made upon us by other na- tions, especially the belligerents, will have so far exhausted our own capital as to make it impossible to furnish 1t for Amer ican business activities. That belief does not hold with the great leaders of ma terial affairs. When the time comes for the use of capital for American develop ment there will be no difficulty in ob- taining it.
 In mid-fall of last year, Henry P. Davi- son of J. P. Morgan & Co.,, sailed for England in company with Sir George Paish, who represented here the British treasury, and it was commonly under stood that Mr. Davison would be brought into close touch with the English govern ment, with the Bank of England, and other banks and with the chancellor of the exchequer, Lloyd George. He re- turned to New York in mid-winter, and it is since his return that new reali- zaton of the financial strength of Great Britain has been obtained. Therefore. it is a fair inference that the informa- tion may have been imparted in a gen. eral and expedient way by him. But whatever the source of the information may be 1t is now fully realized that the strength of Great Britain. her wealth and her resources are so great as fairly to stagger the imagination. Wonderful, wonderfuli' was the comment made by one of the leaders when speaking of Eng lands strength. At the time the war be- gan, the bankers of London were in possession of nearly three billions of commercial credits or promises to pay on a certain date, and to pay in gold. This. ho,, ever, was only a small part of Eng lands resources. She has wealth whose aggregate is almost beyond the capacity of the human mind to understand in al- most all parts of the world Undoubtedly Mr. Davison was informed when in Lon don that England possesses surplus available for investment every year Of mt far from three billion dollars. If the surplus available for investment is so great as that, then how great must be the wealth which is represented by the principal of these investments?
 It is the stupendous wealth of Great Britain which makes it possible for her to purchase every week, almost every day in the United States millions-reck- oned in dollars-of supplies and material of every kind. l. is this wealth which ena bles her to finance the necessities of smaller nations in Europe. Enormous as this wealth is. those who have recently been in touch with the government and the people of Great Britain are convinced that if it be necessary every dollar Of 1t will be expended in carrying on the war.
 Furthermore, our men of affairs, partlc- larly those now greatly occupied in inter national financing and with the handling of the immense money capital which is flowing into the United States, are thor oughly persuaded that England does not want to crush Germany nor does France or Russia. It is of the highest import ance that German industry, German science, German commercial activity be maintained, and if after the war it were necessary to provide the financial means by means of which German industry could recover England would gladly give as sistance of that kind.
 Another remark commonly made by those who have within a day or two dis cussed this subject is that the United States, both for motives of self-interest and also those which illustrate the desire to maintain the most friendly relations with other nations, will give constantly and as long as needed all the assistance. financial or in the way of supplies, which the other nations of the world may need.
 By the end of the present fiscal year there should be strong evidences of re- vival of American domestic Industries of all kinds That is an opinion which is gainsaid by none of the leaders. The growth will be slow. but for that reason it will be all the more healthy. We are not likely to have what is called a boom perhaps until the war is ended, but we are, unless unforeseen complica- tions appear, and unless the new trade commission so acts as to dampen confi- dence, to have a slow but sure recupera- ton of our business life.