The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-19
SISSON FOUND AN
OPTIMISTIC BRITAIN
Banker Says Empire Is Emerg.
ing Well From First
Postwar Chaos.
TRADE OUTLOOK BRIGHT
Despite Conflict the National
, Wealth Shows a 80 Per
/ Cent. Gain.

Despite the fact that the war, directly
and indirectly, cost Great Britain
greater expenditures than any of her
allies the United Kingdom, emerging
from the first period of chaos and un-
certainty following the close of hostili-
ties. finds herself in condition much
more stable and hopeful of a prosperous
future than even the most optimistic had
expected.
That is the opinion of Francis H. Sis
son, vce-president of the Guaranty
Trust Company of New York, who has
Just returned from Europe, where he
made a study of conditions.
TRUE" said Mr.. Sisson. her debt Is
enormous and her postwar budget Is
some four times that of the last fiscal
year before the war. Her people are
burdened with heavy taxation her in
dustries have been crippled financially
and by labor troubles, and she has lost
nearly 100000 workers on the battle
field.
But analysis of the facts shows that
the situation is far less critical than it
appears to the casual glance. While her
gross debt on March 81, 1919, the end
of the last fiscal year, was $36,746,65O,-
056, of this sum only s6,569, 100000 rep
resented external obligations and only
this smaller sum represents wealth which
must leave the country in payment of
more than offset by $3.50, o00,0 900 in adj
vances to Allies and dominions.
ITO carry the nations debt calls for a
debt service In the budget for the COM
ing fiscal year of s1,751,7 100000. or 80
per cent. of the revenue receipts. The
fact that the taxing machinery has been
organized for raising such enormous
sums will be very advantageous in plan
ming the after war administration of
Government finances.
Offsets TO Huge Debts.
Further offsets of this debt will be the
indemnities eventually collected from the
Central Powers. These with the debts
to be collected from the dominions and
the Allies, will gradually reduce the bur-
dens OF English taxpayers.
prominent among the counter balanc-
ing items also are returns from invest
ments abroad and the receipts of British
owned ocean carriers. 1t is estimated
that British foreign investments before
the war amounted to s1e, Asa. 600. 900. and
that they now approximate $14, ,00o,-
900. Great Britain's remaining foreign
investments exceed her external debt by
about sS,000,000. and the yield from
these investments at normal rates will
not only pay the interest on that debt
but will also leave a large margin &c
Englands credit.
THE prosperity of the nation. however
will be measured largely by its ability tc
produce marketable commodities for sale
abroad. 1t Is estimated that the nations
power OF production has been increased
by about so per cent by the speeding NJ
process induced by war needs. Grea
Britains industrial position has rested
heretofore upon the ability to gather II
raw materials from abroad and resell
them as manufactures In 1919 695 a
the merchandise exports were classed a:
manufactures. while of the imports only
252 were so classed. The expanded
physical equipment has enhanced the ma
TONS power to serve as a worlds work
shop.
The number of men killed and thos,
who died of disease in the armed forces
OF the United Kingdom in the war was ap
proximately 100000. The population o
Great Britain numbered 45.516,259 IL
1911. At the end of 1913 the estimated