The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-08-03

ances. There are many adroit brains
working on that problem to-day, and
some extremely interesting plans have
been formulated by various European
bankers looking toward the creation
OF an international currency or an in
ternational obligation by the means
Of which international current obliga-
tons could be settled in a world clear
ing house without the necessity Of
ultimate redemption in gold. II that
can be done, then England perhaps
can retain her financial supremacy.
II Il cannot be done, the ultimate per-
manence In her position will need
further analysis.
Any plan looking toward the pay
ment Of international balances in any
other medium than gold must have
the assent Of the United States, for
the United States is now the great
creditor nation, and under the work.
ing of any such plan would become
the holder of vast creation Of the
proposed international currency or
clearing house credit obligation. With
out the cooperation OF the United
States It would be idle to plan any
such scheme. And Il needs no deep
knowledge Of finance to see that every
plan looking toward the accomplish
ment OF this purpose could. when
clearly analysed, be at once trans
lated into language that our laymen
could understand. The language would
be that to the United States was as
signed the position of holding the
bag"
London's other Advantages.
The second point of advantage
which London has over New York Ia
her geographical position. Physically
close to all the European countries,
and capable of being reached from
most Of them direct without passing
through others, she has enjoyed a
unique advantage compared with any
continental point. Distances In geog-
raphy are not all to be measured on a
map either, but rather one must take
into account established lines of COM
munication. England has been the
mistress Of the seas, and no point in
the world has had such international
mail facilities as London has had.
This gives to London a central geo.
graphical position out Of all proportion
to her advantageous position on the
map. Compared with New York under
the present conditions OF transport
and with the present routes of mail
delivery, London has a vast advan-
tage. The greater part of the mail
from the whole continent of Europe
on it's way to New York passes
through England. as is the case with
most Of the mail from the Levant and
some from points further east.
In the world changes that have
come about 1 am not sure, however,
but that we are even going to change
geography. The day I am writing
this there Is expected to take place the
first transatlantic flight of an aero-r
plane. II that marvel can be accom-.
plished at all, and there seems little
reason to doubt that some time II Will
be- is It altogether improbable that
1t may In time be accomplished with
such ease and with such speed that
the globe will shrink on the Atlantic
side until a letter from New York can
be delivered on the Continent almost
as quickly as a letter from London
has been delivered? The English are
showing great courage, skill and ma
tional pride in forwarding a trans
atlantic flight. am not sure that
in doing so they are not Fastening the
day when one OF the great advantages
OF financial London will disappear. be-
cause progress in mechanics will in
effect alter geography.
The first two advantages that Lon
don has over New York, the advantage
OF long worn tradition and of geo.
graphical location. are great. but she
has another advantage that far out
distances either of those, an advan-
tage as difficult to overcome as are the
advantages of time and space that are
involved in the first two considerations.
This last is a human advantage, an
advantage OF possessing skilled men,
men who have grown up through
generations engaged In international
finance, men whose minds are trained
by practice and tradition, who have
had the advantage Of International
association, who have acquired inter-
national understanding, and who above
all have that stanch English char
acter that commands respect of dollars,
francs, pesetas. lire or kroner. Have
we the men to form ats least the
nucleus OF the organization We must
form II New York Ia to take the