The Washington times., 1919-11-21
Boersianer's
Comment
on Business
Dy DoERs,Ax-


The weakness Of the consasatsvsay
strongest OF foreign exchangss = -
sympathetic. The cause IL tutrtnrze
Many people forget or fail to ~
member. that Great Britain hss q
war bill to pay ~ we'll a. 10. oehey
belligerents. and u 10 q trsmsndeus
bill Although Lloyd George. Char
berlain and similarly postttonel per-
sons have warned their countrymsm>
repeatedly. extravagancs mast csasS
and production enhance that ssrSous
embarrassment may be avsrtsd. their
voices thus far have fallen ~ asuf
or indifferent ears. Americans 5ust
come from England report that the
majority of people In London aDl
other cities OF the United Kne1ou
are spenainG money oafte a. pront-
gsny a. those Americans who have
pronted by the war.
confronting these spenders 10 q
gross national debt of S3p. .0oo. 600 ga
Inc interest and sinking fund require
ABOUT S2.o0o.0oe.oo0 . year mpro
tnsn oouoie the total amount Of tie
pre-~ar revenue. This - 600 .Ooo.on
sents the interen oblies ss1o,s ~ 49,.
iand's allies and Ao0iu1o1e. 60 \.
the main be obtained ohly fro~ tnw-
1ion. and the principai souros a
taxstton. apart from the cuseom1
perity. -
II. from any cause or corsanne>en
OF causes. Engiand's traA~ fsIIs
away the fall is renectec n -
revenue. and the means ef wseeInGP
interest liabilities are eorrsspn1&s
ingiy Diminished. and in extrene e61-
cumstsnces would dsaSpsar -
Before the war the excess os -.
ports over exports. which a.e-.Ssn
TO about $3.50 600 <oOe. va uore eSnn
covered by invisible sxporta. vA5uA
consist of interest and d1vtAenN~ -
foreign Investments, servtcna -.
formed by shipping. and sesg -.
tant miscellaneous c>atrfh~eso~o
Duripg the war the Enxlish savn -
te part with nearly all their AzneF4guu
securities. 90 that invtsible exportn n
sne form Of interest. IL not practtcazly
"on-existent. are almost DeGlisfA,a
IL = dinerence aesinst 2ng-
iano between the exposts ana ~ -
ports for the eight months. ysu~o1o
20 July, 1919 (the latest oGscIaI -.
ures available) of g. 306 go. .oo0. -.
isna is importing at the rate o. neas$,
*S'ooooO0sOo0 q year more tia. -.
- exporting. and even n II IL assumaS
mat the invisible exports vfII reeeS
si'oooOoo.OO0-a very liA~ral -
spmption- there viii stslI BE- s~ ~.
verse balance Of $2-ooo. .ooe ,oOs.
Immediately worDe A. The os~Hs~s..
ior sterling exchange. Az the 'voS.~o
OF transaction in commerce jncrr~Ae
.ne low rate OF exchange make. ~
loss the heavier. For July ana A..
ecst England's importa. Iess r>~~
ports. were $1.372 500 900. and Is -
cent tShe then difference In exrbs ~
on $500 600 amounts tn Y1px ~ s
wv. The yearly total, reckonin~ ~
remaining months at today's ,efs -
excnange. were 81 ,26e, 900 .oOo.
AZ may be seen that the vay~t.~.
o1 BRUSH statesmen and ecooowSsts
are not academic They are ruote6 n
rear Danger which the exchau~-
ing '7ssstsr-
fatentiy. the United Kinxdom ~.
ersat recuperstfve powe-s: has po<e.-
@ "eafth-spread throughout ~
eiooe-and an immense asurs 4, - Z
e1mmerciai and financial ability az ~
eusehs which justines the e.nnir~,s
ana prestige. But po,eutisn ~
must become actualitiea sne~A.
,rrii tness OF credit and the n,uA1S-~
e,hoos or wartime cannot pcc~ -
~ithout graveiy impairfnr -
l'oontrys economic status
L