New-York tribune., 1919-01-13
Many New Problems Now
C,la nor for Solution
BY The New Chancellor
War loan 70 ''e Held Up
Tax Receipts Improving,
Banks Are Prosperous,
And Ra!ioning Is Ended
BY George w. Glass

Euro,can D,wccu
LONDON. Jan. 12.-Thc reconstruct
ted British ministry finds Austen
Chanlhc rlan AS chancellor of the cx-
chcquer replacing Honar Law, who be-
comes Lord Privy Seal" snecure
post under which he retains leader
ship of the House Of Commons.
Many important .asls; await the new
chancellor. including The hnancia, re-
ouiHcmemts OF tho government for
final military ou1lays and industrial
and social rccons truotion.
The present issue Of national war
bonds will be withdrawn Saturday
next. whea tho total is expected to ap-
proach $4,000. .ooo. The final vigorous
campaign just nauguratod is rromis-
ing good results. CITY authorities
doubt if an alternative offer will be
forthcoming. Ilaimcdiate revenue is
abundant for Tho current quarter, the
last of the financial year and expenGi-
tu1cs gradually should decline.
War savings certificates viii continue
10 be offered. also presumably Treasury
bills.
TaS Receipts Reduce Debt
Receipts from taxation the first four
days Of January showed considerable
improvement and permitted a moderate
reduction OF the hoa-ing debt. The
Bank OF England, acting for the gov
ernm cnt. intimatcd ,liscontinuancc Of
the special rate of AZ per cent on
rrench. Fc'gian and Ita,i deposits.
Extension cf these credits would sug-
sHst modification Of thc-cxlstine gov
olnment control o. the monetary posi-
ton, but bankers question whether
cary suspension Of official supervision
Is either pract cable or desirable.
Capital Still Conserved
ConGitions do not favor a free export
of capital. A temporary increase may
occNr in fund offerings on the London
money market which is momentarily
: oo"t equal 70 current needs. Banks
nave been only csutous buyers Of bills.
the outlook being none too clear.
Fhc exchange market has been note
worthy chiefly fer the reaction and sub
seQuant advance Of the Heleian rate en-
L"nd0n. The Improvement vas tiue to
the selgian Premier's suggested ar
<angcinent for stabi]izine e.,chaure. a
measure Which probably would in?olve
creation OF Belgian credit in this
country, together with j few. special
transfers to assist in reGstabiishment
OF belgian industries.
Thla step ostensiblv is to assist in
the Improvement of Allied curreucies
put may have a deeper significance az
& moVement toward a return to normal
conditions. Ii is doubtful if balances
would he withdrawn from one bank
md Still allow = nor cent interest.
vSile others favored 81. or even onl,
tNe. ne" oil;cial rate OF :; ner cent. A
aec'sion was postponed uNt Monday.
lne altered policy raises the whole
qn@stion "i N&tcs to be Dad for Ser
o!gn H'enaN. and the possibility vas
d3fcH SD o. Reduction IN the allow
9nce - Mcutrals.
The iaet Bank o. England return
again disclosed n'any interesting move
mcnts. following the rcdrNosit with the
bank Of large sum that had been
@ithdra"'n b JOINT stock institutions
at the end Of lgl9 to dress their an
nual balance ghccts.
banking operations during 1915 were
nole profitable. All prominent con-
'1'9 nlsdc large ailcca.ions Of re-
seGvea after maintaining or increasing
GividenGs.
a rev securities issue was an
! cuncad By tender OF si0,O00,O 600 of
French treasury bills. replacing
similar amount duo for redemption on
january u. The late allotment fo,o-
cast Cor tho nov issue is f.. or A..
per cent.
Imports Show Growth
Trade rcturns for 1919 show = rec
rd for impoltS O $40. .33S 900 hounds.
igainst lo6A.16a.O00 Tor 1917 and oA8.
100000 pounds in i9lG. but q decline
N cNpoYis f.cm 5oG.T57. .OO0 nounds IN