The sun., 1919-07-24
SIR EDWARD HOLDEN
DIES IN SCOTLAND
Visited America to Help Float
S5O0,OOO,0OO Anglo-French
Loan in 1915.
BIG FINANCIER OF VISION
Chairman of London City and
Midland, Ltd, Worlds
Largest Bank.

LONDON, July 23.-Sir Edward Hopkin-
son Holden died to-day in Scotland after
an illness of three days. He was II
years old.
The death OF Sir Edward Hopkinson
Holden was regarded as a severe loss
in New York financial circles yesterday.
He was one OF the men who helped float
the $500 900, 900 Anglo-French loan in
this country in 1915 and his financial
sagacity and detailed knowledge OF the
problems involved had been counted on
to help arrange the peace time loans
for Europe, plans for which are now In
the making on both sides OF the Atlantic.
In England Sir Edward already had
outlined the present problem as follows:
America has great exportable surplus
In her foreign trade. and until in posi-
ton to devote surplus production to de-
velopment of her own resources 1t Is
better TO exchange her products with
Europe for promises to pay even II
percentage OF them is unlikely to be
redeemed than to take away from a
large section OF her population means OF
livelihood"
Chairman of Biggest Bank.
Sir Edward was chairman of the
largest bank in the world, the London
City and Midland, Ltd. with deposits
of $3.50, 900, 900 and capital OF $685.
600, 900, many times larger than any
bank in the United States. He came to
this country on the Anglo French finan-
cial mission of 1915 with Baron Red
ding. Sir Edward Darlington Smith Of
the National Bank OF Turkey. Basil B.
Blickett of the British Treasury, Ernest
I Mallett of the Banque de France. and
| Octave Homburg of the French Treas
ury.
In cooperation with such American
fnanciers as ]. p. Morgan, James j.
Hill. George F. Baker. Frank A. Van
derlip, Henry p. Dawson, Thomas w.
Lamont and John ]. Mitchell they
toured the county educating American
public opinion to the point of accepting
what was not only the first foreign loan
OF any proportions ever fioated In this
country but one Of the largest single
issues Of any sort ever absorbed here.
Not only did they successfully float
this huge loan. but they started the
| great flow of American munitions TO
| the allied fronts, which was responsible
| for holding the Germans in 1915 and
1917 and which brought in its train the
great wave OF prosperity and war bride
booms in the New York stock market
| and throughout the country. This pros
perity went far toward enabling the
| United States to convert its own indus
| try to war and to finance It's own mill
tary needs when this country finally did
break with Germany
The recent axtreme depression in ster-
hoa 1N.NQr o.
situation which prompted the issue OF
the Anglo French SIS of 1915. It has
been asserted, and OF this theory Sir
Edward was one OF the staunchest Brit
ish champions. that the only remedy Will
be the issue Of great international loan
in this country, larger even than that OF
1918.
Sir Edward was born in Tottington
near Manchester, May IL. ls4s. He was
created the first baronet OF the name
IN 1909 and held Liberal seat in Par
Lament for the Haywood division OF
Lancashire from 1906 to 1910. He mar
ried Annie Cassie of Aberdeen In 1871
and Is survived by two sons. He was
educated at Summerseat and Owens Col
lege, Manchester. His home was at The
Grange, Thorpe. Chertsey, in Surrey.
| For many years he had been regarded
as one of the leading financial authori
ties OF the empire. He was an inde
fatigable worker. taking his only recrea
ton at golf He worked so hard during
the mission to this country that he re
turned to England with his health Sc
riously impaired.
| Active in Reconstruction.
He nevertheless had been extremel!
active in the reconstruction tasks of tn
last few months. He was one of tn
pro jectors and the ablest defender o
the policy OF amalgamation among tn
| great banks of the city which ha
marked the period since the signatur
OF the armistice. Sir Edward insisted
that more than a billion and hal
would have to be devoted to the pur
chase Of raw materials in foreign mar
kets, and that this could not be HANDLED
by any one institution. He pointed 4
the War Finance Corporation in tn
! United States and the so-called Darlehns
kassen OF Germany as instanclng tn
amalgsmation with which British bank
would have TO deal.
He had always strongly insisted that
is fac better for British banks to estab
lish connections with native bank
abroad rather than to maintain thei
own branches in foreign countries.
is better to cooperate than to compel
with foreign bankers, ne Always insisted
i His clear vision was demonstrated be
fore the war. when at the beginning Q
) l9l4, with no hint of trouble in the publ
mind, he sounded a warning that Grea
Britain must hang on to its gold reserve
as Germany was doing at the time.
the same time he seemed to vision tn
Importance OF American finance In III
: months to come, for he urged on Ne
York national banks the Importance an
the profit OF establishing branches
London under the then just passed cul
b, rency act In the United States.
e He held a high opinion OF America
t bankers, which he frequently expresse
e during his tour OF this country. II
n was never one of those who counted o
n the collapse of Germany during the wa
e on account OF any mythical financii
difficulties within the Central Empire
e as he we'll knew the strength with whic
:, the German banks had consolidate
Q their positions on Government ndVit
:. before the outbreak Of hostilities.
o CHILDREN ROMP AT NEWPORT