The Birmingham age-herald., 1919-07-20
WHAT GREAT BRITAIN MUST DO

All the information which comes rom the other side of the Atlantic Justifles the belief that the nations Of Europe are awaiting American financial aid so that. thus fortified they may be able to place in the American markets their orders for commodities which Will include almost everything that is pro- duced in this country
 It is asserted in the financial dis 1 trict that London still retains preemin- | ence as the worlds greatest exchange market. For that reason Great Britain | must incidentally at least cooperate with the United States in an attempt to bring exchange conditions as nearly 1 to the normal point as possible. Never | theless Great Britain has flnancial proposition for consideration greater I than any which she has ever under 1 taken to solve, excepting those whlch were of domestic character in the days l of the war Great Britain owes the 1 United States approximately four pll- lion dollars Almost all of this debt 1 Is represented by notes which are held | in the treasury department
 I It was a common remark at the tune 1 Great Britain was receiving loans from the United States Treasury that these notes which she gave in recognition or l the debt were really nothing more than jdemand notes. The United States I might, if pushed to an extremity, nave demanded payment of these notes al any time. Of course the demand could not have been complied with. Theore- tically the refusal or inability of Great ! Britain to pay these demand notes l would have been equivalent to her pro claiming her bankruptcy.
 What should be done with these de- mand notes was not pressing question l as long as the war lasted. Now, how ever. Great Britain finds herself in a | a ci 1 which she was placed at the termina- tion of the Boer war. She had then a very heavy floating debt. This was disturbing credit, interfering some
 what with trade, and it's effects were
 Indirectly felt in the United States. Not
 I until Great Britain funded that war
 ldebt were normal condition restored.
 So it will be now. These four bil-
 lions approximately. of demand notes 1 which, are held in the United States treasury must be funded In some way.
 Information is brought to this country by American financiers who have re-
 gently returned from Europe that the prevailing feeling In London IS that these demand notes must be funded int ) bonds that will have long time to run. That seems to be the view taken at Washington as well as by our lead ing men of finance. If this be done then long step will have been taken in the direction of stabilizing exchange When that Is accomplished it is inevi- table that foreign demands for United States commodities will reach the Am erican markets and there will be an un- paralleled movement of commerce from the United States across the seas. It is estimated that from six hundred millions to seven hundred millions will be paid yearly to the United
 States, to the government and to indi-
 viduals who have advanced funds to
 Europe. This item. as the bankers call it
 will play some part in the great financ-
 ing which the nationwide syndicate
 the members of which are to be banker
 CTS, industrial leaders and merchants,
 will utilize, when perfected. in order to
 facilitate this foreign trade.
 WILL OUR INVESTORS BUY
 nIrD TNTEDECT ACCnITNT