The Birmingham age-herald., 1916-01-06
ENGLAND NAW|S l. WINNING VICTORIES | OF LASTING BENEFIT Blockade of TeutOnic Ports
 Compared With Pressure
 Brought on COnfederacy 1 GERMAN EFFICIENCY
 STILL UNDIMINISHED Englands Mobilization of Her Finan- cial Resources Regarded as One of the Greatest Feats in Worlds History
By HOLLAND


 it is not possible to give the names of those in the financial district who are probably the best informed responding in ternational conditions, and who are will ing to speak in a general way about these conditions, it is, nevertheless possible to report a summary of what appears to be the prevailing opinion with these men. All admit that the allies have received serious military setbaclls in some of the fields of war and have gained almost nothing along the western battlefields The situation, however, has often been likened to that which characterized the military movements in the United States at the time of the civil war.
 The Union armies, with the exception of the battle of Antietam and one or two conflicts in the west, met with a series of reverses in the first two years of the war. Not until the simultaneous vic- tories at Gettysburg and Vicksburg at the beginning of the third year of the war was the situation reversed. It was re- versed in great measure because the government at Washington had been able to do precisely what England is now accomplishing in blockading Germany. The north also gained prestige and con- fidence in Europe in great measure at first because the really wonderful reve- lations of the natural resources of the north which were made by David A. Wells, sponsored in that work by the late George H. Putnam, made it possible for the United States to market it's bonds in large amounts across the sea.
 So it was said that although the Euro pean war is several months along in it's second year, with the exception of the advances made by Russia a year ago upon the eastern front the allies have gained no substantial victories except the one which stopped the approach of the German armies to Paris. But figures that are authentic are beginning to tell what the English navy is accomplishing si- lently and almost as unnoticeably as the Union blockade accomplished in civic war days.
 These figures came from Washington in | the closing day of the year. We have lost our trade with Germany, or, at least, lost the greater part of it. And Ger many has had almost none with us In the year 1915, the decrease in our trade With Germany as compared with the earlier year-two months of the year 1915 being estimated-was s232 100000, and we lost $21,000,0O0 in our comparatively small trade with Austria.
 The enormous loss represents the si- lent guarding of the German seaports by the English navy and the restraint which that navy exercises upon the German ships. If the United States has lost so large an amount of trade as this what must be the loss of other nations? Rus sa and France have no trade with Ger many nor Germany with those nations It is all gone.
 A Silent Pressure
 These men of large affairs who discuss the situation privately are persuaded that this silent pressure exerted by the British navy is really of more consequence to the allies than is the fact that they have lost some battles or that they have failed in the Balkan district and have been com pel'ed to abandon the Dardaneles For, as was the case in our civil war; this navy pressure will inevitably be continued and will be felt with greater and greater in- tensity Those who thus speak try to be impartial, making refer ence to the situa- ton as it now appears to them. They say l that in the beginning of 1916, while Ger manys superb military efficiency and un- surpassed strategy in the handling of ar- mics and situations have not been dimin- | lshed, but appear to have been increa sed nevertheless the authorized records show
 that Germany has substantially lost it's
 trade with the rest of the world and is 1 therefore without other than domestic means of taking care of financial emer- l gencies.
 Another Factor
 | Another factor which is frankly dis cussed, although in private, almost con ndentlal way, so far as names are con- cerne0, is discovered in the statement l made by those who know that Great Brit ain at the close of the year 1915 had sub- stantially perfected one of the most won- derful financial mobilizations history re- cords. It has been able to secure resources of which will furnish the basis of S2, 900, 900 900 in credit. With the exception of the American securities, England has not yet begun to mobilize. so far as the public knows. any of the securities which repre- sent English investments in other lands than her own. There is stupeundous re- source here, and this statement is not SuessWork, but is based upon authorita- . tive Knowledge which several of the lead ing international bankers of the United States have obtained respecting the ag- SreSate amount of English investments In foreign securities. One detail has been made public. Joseph P. Grace-proba bly, the leading authority upon commercial and financial conditions in South America has recently stated that Englands in vestments in South America aggregate $5 0G0, ,000 000
 One important feature of the disclos- ure that Great Britain had at the close of the year 1915 substantially perfected a basis for $2,O00,0O0,O0 900 of credit is the fact that as result of this financing orders for all kinds of commodities, principally material and equipments for war. have been increased. This means that Ameri- can industries will be operated at utmost pressure and full capacity, certainly, throughout the year 1916, and well into the year l9l7 It was a new problem and of a magnitude that had no precedent which England was compelled to solve But the international bankers say that she has solved 1t, having with marvellous skill CO., ordinated her financial resources and so done 1t that she will be able to take care of her own needs and give substantial as- sistance to the allies for long time
 These are the two features of the sit uation which are spoken of by interna- tional bankers as really more significant and of higher importance, so far as the outcome of the war is concerned, than are any of the military operations. Furthermore, it is regarded as especially sgnifcantt because it indicates that Great Britain will not be a party to peace until her government can dictate the terms
 
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