Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1920-07-17
SAYS TIME MAIN
FACTOR To SET
AFFAIRS STRAIGHT

III HIUu VI uniUHi
By Associated Press
NEW YORK. july iG.-F. H. shorts
who was recently appointed q vice.
rrcsidcn, 90 the Guaranty Trust Com.
pany. Il New York. has Just arrived
here from England MIR shorts for
many years wes In charge II the for
cign business ~ Klcinwort sons y
Company merchant bankers 81 Lon.
don. and subsequently became manager
VI the firm. lie resigned that position
last year 90 become financial advisor
20 m, ir'crg.llcd Ehineland high com.
mi"sion from which post he rcccntlv
obtained n release.
IN discussing the financial condition
n Great Britain yesterday Mr. Short.
said
II think there il an impression In
less well Informed quarters ~ tho
United States that /; l. unnecessary to
discriminate IN regard 10 the rospor
sise economic positions u the allies. f.
IL probably felt IN some directions thu.
the war LEI, them al tn such a stat,
~ financial paralysis from which Il
VIII take them long years 20 recover
that the question 81 degree Is imm,.
ierini While this feeling may ac.
cuihtelv represent the situation In r..
sard Co certain countries, II ~ certain.
lly not correc; IN regard 10 Gfcsf
britain u T. true that she has spcr
NJ eohfctiion WIN the war from III
first q August 1914. 20 the first ~.
MAY 1920 the vast sum Of Sgtoou
100000. OF. AZ par II exchange $50
so. zoe but u should D. rcmcm.
bered ~ point Of extreme importance.
That % this stupcndous amount. more
than $3.50 ooo GOO that Is To- say
more than one third of the total. has
been raised during the war Is reye.
nue. leaving a haiancr outstanding u
approximately 3ioso oOo. 0oo. The lat.
ter figure includes advances 20 tho al.
lies. ~ well a. o. thu British Dumin.
ions % approximately s. ggi o0o. 0Oo. :.
= difficult 20 state What amount a.
the latter sum viii eventually De- r..
covered. but by assessing il Ton the
purpose at - sso 600 600. there would
remain an amount outstanding i'm co...
neciion With the war % SEQ 50 600 COO
or only one and half the amour, tina,
has already been raised during the last
four years.
II l. possihl, that the reycnu. r,i-.i
during the last four years may exceed
the amount which IL possible By means
o. equivalent taxation In the future.
but al the same time. there should b,
= very drastic reduction In government
expenditure o. compensate for any los.
= revenue raised thereby. There is AZ
present vast army - government
clerks and officials which viii In du.
course De disp.nsed with. although gov
eminent action viii. a. usual. De- very
slow. a..
Considering the exi.n, II her ey
l'rndiiure on III, war. the financial 10
siiion u Great Britain IL decided.
favorable. II D. gratifying o. know
nat she D. not only balancing her bul.
get 90 q satisfactory manner but hns
moreover. r. considerable surplus in
hand which should provide a sinking
fund sufiicicn; 60 redeem the eniirr
outstanding debt within reasonable
time.
There hls been strong pressure.
IN ~" government 60 exercise drssil F.
control over the spending departments
sp That the dual result % economy and
Taxation viii place the country upon I.
sound economic basis.
Trade throughout Great Britain has
until quite recently. been excellent ami
statistics Demonstrate the healthy con.
iiiion ~ her export trade Il h time
has been falling 90 in N. amount -
pfd"rr received from abroad n l. dit
iicuii ~ say. however. whether this l.
Temporary nr permanent devslopfnsnf
The biz joint stock hanks. with a
View 20 bring about some deflauon in
re'iit have hen exercising discrinins.
ii"f regarding loans. and hay. deeiin. !
40 applications based upon stock "a
mango ferufifiss OF coInmof.tI-s o. %
nni' .'.rs'niial Description They are. un
'"itlnaieiy. compelled % carry e. larr.
fmp1ni q ths floating d.ll; 81 N, ~,
-rnm'nt IN the form a treasury bill
on a.ouunt ~ a Discrimination q N, o.
'esilns public % puFchass %. treasui
notes which tho government hoped ~
e'H ~ The funding - this debt r..
.anAF therefor are unfortunately NJ.
.h p1~iuln o. give the assi-ance 20
'.aff That 'hsy wUulf otherwise hav.
ihaf during Ire ias' few weeks there
'"r1 Wiling O. a.. aud moreover. dear
n'o'lfr has had %. effect ~ depr,y
iiins 90" very -. rritiss " hich IN. ~,
-fnm'ut d'eir.s to I'll for the purps--
- relieving Oh" situation.
The lar nine months have VT.
need an ENORMOUS number u indus.
,rial fiotatlons o. the London mafke'.
Thee have been 1uickiy absorbed bv
N Peopie who have acquired new
wealth duuns thc war b reason OF