New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-19
ReAexes Of War

The Madrid official Gazette" has
published sn important royal decree
creating Professionally for five years a
Spanish National Bank Of Agricultural
Credit. If after this term this insti-
tuition should be deemed a permanent
necessity, its defnitive organization
will be laid before the Cortes. The
principal object is to provide capital
for the agricultural industry in Spain,
so facilitating progressive methods OF
cultivation. The central Office Of the
National Bank of Agricultural Credit
will be constituted with An initial cap
ital Of 100000 pesetas tS2.000,00GD
in shares of 500 pesetss, on which 25O
pesetas will be paid up when the bank
has begun TO work. The state will sub
scribe three millions of the capital, the
"Positos" three millions and the Bank
Of Spain two millions. with the author
ity of the government to be laid before
the Cortes for confirmation. The re-
naming two millions will be placed at
tho disposal of the free banks and
agrarian associations. that must sub
scribe minimum of 100000 pesetas
each in order 10 be able TO be
represented on the committee. The re-
naming unsubscribed surplus will be
offered with due authorization TO the
Banco Hipoticario de Espana.
An Amsterdam correspondent writes
that it has recently appeared from
statement in the Dutch Second Cham
Ter by the Finance Minister, NJ. Treub,
that the foreign trade debt to Dutch
trade amounts TO over s210,0OO,000. NJ.
Treub said that the government had
done everything possible to guarantee
the solidity Of foreign bonds. The
"Telegraaf," commenting on the min
ister's statement, explains that this
large amount is represented mainly by
German paper, and suggests that even
the most pro German putchmen must
admit that 81 the present moment a
less desirable investment rs scarcely
possible. The journal asks what the
guarantee of the German government
ard the German banks signifies. VIII
nSt the solyency of both depend on the
chances Of war? What would Holland
do II Germany were ever compelled 10
accent peace which would, more or
less. signify her financial ruin? It ia
difficult 20 say that, in these clrcun-
stances. the high financial world of
Holland stands completely free in its
svmpathies and antips'hle5, hopes and
fears. And since one knows that the
high financial world eXerts the strong
est influence on our government one
must ask oneself il the government it
self is so LITTLE materially involved in
belligerent affairs as TO be able to act
ouite impaTtially towards sli sides.
Even IL everything exported 20 Ger
many had &c be exported thither, was
Holland, the TELEGRAPH asks, obliged
10 accept paper in payment? Would i
not have been better If the government
had pushed the principle Of barter TO
its furthest consequences Would the
Dutch now be contemplating the win
ter with anxiety and fear II Germany
had been obliged 10 deliver S2l0,0OO,OOC
worth Of coal and iron?
Writing on the subject Of three
years of war finance, the "Frankfurter
Zeitunr" expresses the opinion, in ref
erence to the question of credits after
the war, that countries like America
will have every interest in extending
the highest possible credit 20 Ger
many, as this will prove the only way
Of marketing their surplus production
especially as their present customers
will be but poor buyers when the wal
IS over. The paper adds. however
that il will be necessary for Germany
70 restrict her imports owing 20 the
condition of her foreign exchange
which forms a dark chapter in the his
49,, - c,rr,ap Uar finance The Ger