New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-08-25
London Believes Dutch
Report of Hollweg's
Bankruptcy Views.
ONLY EARLY PEACE
CAN SAVE CREDIT
Exchange Problem Complicated
by Northcliffe's Conscrip-
ton Campaign.
By FRANCIS w. HIRST.
Editor OF The Economist"
IRY Cahlo 70 Tho Tribune.


from Amsterdam describing the
German Chancellor's private confer
ence and statement concerning the
necessity of making peace proposals
to avoid financial ruin attracts much
attention here, as the report from
the Dutch TELEGRAPH" is rather
friendly to Germany and may have
been inspired with the purpose of
sounding here and elsewhere. OF
course, city and commercial inter-
ests here do not desire Germany's
financial bankruptcy, unless that is
the only means of safeguarding Bel
GUM and France.
The steadiness of German ex-
changes during recent months may
be explained by the British blockade
restricting her imports to a mini
mum, but there is no getting over
the fact that if the war stopped now
the German imperial exchequer
would have to find about $780,
100000 for interest on the new war
loan, besides a much larger annual
sum for permanently disabled SOL
diers, widows and orphans. How
this can be provided out of neces-
sarily shrunken trade and revenue
and how the army after demobiliza-
ton can be employed are problems
not confined to Germany, which
every extra months warfare aggra-
Yates.
The Amsterdam statement is per-
haps an invention, but every com.
petent authority knows that the
views attributed to Hollweg are
correct and that only early peace
can save Germany's credit.
Undoubtedly an important inter-
nal battle is raging in high German
quarters between those who would
continue the war in the hope Of
territorial spoils or indemnities and
those who would negotiate for peace
without delay.
Many here believe that Balkan
developments promise the Allies a
favorable outcome before long in
that quarter and that Turkey will
sue for peace.
American exchange negotiations
continue. The economic situation
here requires careful handling, as
the working classes evidently have
been made suspicious by the North
cliffe press campaign for conscrip-
ton. The Cabinet will probably
await events, as the Trade Union
Congress will certainly discuss the
subject. The problem connected
with exchange has difficulties, as the
army increase must reduce Great
Britain's exportable surplus. Per-
sonally, think the volunteer sys-
tenn will survive, for it fits the
genius of a people whose military
ardor and patriotic devotion could
only be dampened by compulsion.
London, Aug. 24.-The stock market
to-day maintained q cheerful tone, but
business did not expand materially.
An unconfrmed rumor of Bulgarian
action against Turkey was without eff
feet, except for a hardening in Bull
garian bonds. The war loan recovered
after early weakness, and copper
shares and colonial and American
bonds were supported Consols closed
unchanged at IS.
American securities were steadier
although the list was neglected until
late trading, when buying orders
caused improvement and firm close.
Money was in smaller supply anc
firmer to-day, owing to concerted ac-
tion taken by the banks, and discount
rates were firmer. Money loaned at
80 to per cent. Discount rates for
short and three months bills were
AS TO 1915 per cent.
Gold premium at Lisbon was 40.
Paris, Aug. 24.-Prices were heavy
on the Bourse to-day. Three per cen.
rentes closed 20 confines higher, at So
francs 20 centimes. Exchange on Lon
10 Frop