Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-06-26
BRITISH BANKERS
WAR-BROKEN, SAYS
LORD REvELSTOKE
Able to Finance Stupendous
government Budgets and
Meet Military Demands
NOT JEALOUS OF u S.
Mad of Barring Brothers and
4 pank of England Director OPP
timjstic in Interview
MOTT JEALOUS OF U. S,
BY ED L. KEEN
,,..,.r,sb, 1919. by the United Press.
CODY rhtnh In Great hrltnlm.


~, tbat Parliament recently voted
me lss l biIiion and a half dollars for the
hnos...,,,ton of the war and that Great
'gain'a daily war bill Is now nearly
sn,ntv!dve millions, British politicians say
w, yew the financial outlook confidently,
NJ the business men of the Empire snare
his view -,.,-,-
,,.ro ie the answer of Lord Revelstoke,
..,i,s head of the great internauonaI mer-
s.st banking firm of Barring Brothers. a
ns.n,or of the Bank of England and prob
ssiy the one man In England best quallhed
7. ~ sneak with authority on the subject,
s,sn 10 the United Press in an interview
loday
..rhe country is proving that 1t can cope
ri,h such an expenditure. SO long as our
.,,,ary authorities require money to carry
- ,be war we shall shrink from no saci'
y. y. IN order to provide It. The civilian COM
s,,nt,v is lust as fully and firmly resolved
- victbrv as the armies which are tlghting
~, battles in the field. and II entcrtains
,s little doubt as to the ultimate result
rord Revelstoke was quite willing to talk
,oIau American correspondent about Great
pyi,ain's present economic position. pro-
rtssd the discussion was limited to the
snarcial and commercial situation as 1t
snn4ared TO banker and merchant with
cat official status.
1ondon," said Lord Revelstol;e. like
other credit centres. was unprepared for
the crisis which accompanied the outbreak
N war Whatever may have been the cases
N Berlin English bankers at least had no
Acknowledge of the calamity that was to
strike Europe in August, 1914 But after
Stary two years of a war waged in a
manner far more eXhaust,ng than any
nation had anticipated, the edifce of credit
IN London stands firm. and the delicate
banking machinery works smoothly. For
this the world has chiefly to thank the
courageous policy adopted by the Cabinet
and the Treasury Department during the
first months Of war"
Emphasizing the fact that this policy had
been justified by results Lord Revelstoke
explained 'London's credit is not like
Berlin's. II is being tested every day by
the standards of other countries overseas,
and II 1t were found wanting. the world
would quickly know it. London is the
centre Of the sensitive network of nerves
which constitute the foreign exchanges.
Banks and merchants all over the world
have credits in London on which they may
draw at any moment London has attained
Its present position, owing largely to the
volume OF foreign trade to and from the
shores OF England.
War tends to cripple exports because it
turns productive workers into soldiers I'M
RNlNS vi tuIh nave 10 Dp restricted as flr
as possible to the necessaries of war.
Thus London stands specially to lose by
reduction in the volume of world-trade.
because this reduction makes the processes
Of world-fnance harder to carry through.
But despite these disadvantages. London
remains the worlds financial clearing -house.
How has this been done?
KEY TO CREDIT.
The key to the position has been the
hintenance of an export trade. Exports
ave been possible, to an extent beyond
rpectatlon, partly owing to the sound
mancal policy of the Government, and
partly to the use of the great reservoir of
hoor previously untouched here. women
and men who did no work before having
nken the places of those who have gone to
the trenches
but chiefly. the successful maintenance
d exports is due to the British navy, No
hnall part of the navy's effort has consisted
N me protection of the worlds sea-borne
,sinnerce' which has enabled financial
london to do its share in the great struggle.
Notably it is the navy which has made
possible for the Allies to obtain from
america free shipments of food and muni
eohs and although the orders placed in
anerlca nave had the effect of creating a
Eaae balance adverse to the allied coun-
uiss measures have been taken to arrest
change 'o'" CA
lrefer, of course" said Lord Revc,-tol,o
. tne mobilization of negotiable securities
fau 70 the restrictions on certain imports
~ these matters the Chancellor of the Ex-
.4eluer mas found the business community
esuy coadjutor, and If the necessity for
~ energetic measures for the protection
A. clr trade balance arfsos as time goes
"a MI, ls little doubt that Il substantial
nlIlGrIn pI,a1
made available by stricter regulation NJ
s,n. A.. imports and a greater economy in their
distribution ~ '''e'r
a, s-onpon has been able TO meet all claims
W !. nsrself, has been able to borrow abroad
! sn 's.l necessary on reasonable terms and
shsstF cases TO meet in gold all obligations
a svra 70 those who prefer that form of
IN n"sHt', Nor has the financial community
~, my Doubt that the freedom of Iondon;s
future" ''a'i''aiheu IN the
CONFIDENT FOR FUTURE
.6as,sing then to Brtain's capacity for
IN ,bs s'i, the hnancinl burden of the war
nan. iuture, Lord Revelstoke spoke in a |
lhess n,a sutely eonndent, No serious bus
nna man he said, will be inclined 10 |
49, rate the nature of an effort which |
a. the country s25, 100000 a day. Sucb |
Shas speak for themselves The snirit |
eor.ru sa YOU VIII come across in the business |
nstaa my is the same spirit which ami
sels.s tne rest Of England. one of earnest
syss 1llhatlon TO prosecute the war, how |
~ .ohs may last to a victorious end"
lbi. question naturally arises. whether
y ~ sonhdence should he modified in view
4 taEge advances which Great Britain
IniasAihg to the other members of the
Isss. Lord RevelstolSe's answer is that
~ auVsnees are included In Great Brit
~ var var Dill, and fully allowed for therein
+ question OF the advances 10 Allies is
lb.s as heyelstoke. one of politics rather
{ nos business The financial community
Dles,'' inclined he said TO weigh over
lendS me respective value of the service
.snsS oy different nations 10 the common
II = an that is needed is confidence that I
isns. aoing their best, and about that no
Isefs can be felt by those who know the
soy.,s statesmen of the allied nations are
6is aa44 osether. They allot one task 10
,nlx rsh and another 10 that. Part. hut
a. aatt, OF the British share is to finance
ssrs ss'.i more than two billion dollars
nm ~1taneed to the Allies ana Domlnions
Inons. me last financial year. and the
Isflons = not likely 10 decrease II Is a
allys @laouns, but the bill Is met cheer
.ssss was suggested that there are folk IN