Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1922-11-08
BY DAVID l.. BuUMENFELD


Omitted Press staff Correspondent
LONDON (By Nal to United
Press)-Is London still the financial
centre of the world or has the heart
OF finance been transferred TO New
York?
The answer given exclusively TO
the United Press by the president OF
one OF the worlds biggest and most
influential banking concerns is that
London remains and will continue TO
remain the head of world finance.
There may be more money in
Amer.ca-there is,"-he explained,
"but the machinery for world move
ment which exists In London, which
has been built - through genera
lions of adven.u--, expansion, fall
ure and success. cannot be strapped
by the mere passing momentary in
fuences Of world incidents-such as
wars and financial crashes.
when the war was over. and the
accumulated savings OF five hundred
years of British world trade had been
passed over TO the United States 20
pay for war material. the initiated
said: This means the passing OF
London as the headquarters Of fn-
ance. This means that in future
New York and not London will sci
the pace?'
But Just as Vienna. the capital
Of a ruined and wrecked state, re-
mains ;he financial headquarters Of
central Europe. particularly the
Balkan country. Just as Frankfort,
throughout the generations and even
INTO the heights OF imperial Ger
many continued-and still continues
to hold the German financial
sceptre. so does London with its
race OF financial experts, schooled in
the history. the ethics and all the
secrets OF universal money matters
continue TO direct and attract the
worlds money market.
There is no race or contest for
superiority. The fnancier OF the
London market would not mind two
pins II he had 10 go to New York
for final direction. It wouldn't
worry him in the least II he had 20
20 TO New York or Spitzbergen. Il
! Is not question OF civic or national
pride. II Is a matter OF expediency.
Here Is the financial machine.
built up. developed completed
through years and years and years
Of experience and personal touch.
Put II this way. and Il will be
better understood by American
readers. Why do people when they
talk of ready made clothes instlnc-
lively turn to Rochester. y. Y. Be
cause Rochester through years Of
experience and effort has become
he principal ready made clothing
town OF the world. That is a trade
mark and asset. The same applies
20 furniture In Grand Rapids. Mich. l
Il applied TO beer in Milwaukee, II
ipplies to corn and beef in Chicago. |
The Chicago pork packers know
all about pork packing and the
grain brokers have a command OF
heir business which gives the rest /
II the world complete confidence in |
hat capacity.
That Is why the international |
inanciers OF London. with their con- /
.rol OF the intangible machine. have .
he pull.
Another Illustration. Queen Eliz- /
ANN 80 = NV NAAoAAA dA III MAAUAl J.
she sent out. the Frobishers. the .
brakes. and the Raleighs-to gather /
n the golden harvest. laid founda-
ION OF personal influence across the .
'even seas which has never been dis
'upted.
People who did business with
London three hundred years ago
have maintained their coDnections.
through their descendants. so that
naturally II a man in Antigua. or a
man in Foo-Chow, or one in Cape
Town. has a large financial PROPOSE
ion he turns 10 his London connec-
lions.
The methods OF procedure have
changed a good deal even IN the
last ten years.
The individual princes Of finance
have disappeared. death has exacted
its toll. and where that has not in
te-vened, banking amalgamations
have done the rest. The individual
fnanciers such as Rothchiids.
Swaythling Panmure Gordon, Nor
-.son. the Guerneys. the Smiths. the
Hills. and the Curries-all OF them
world famous a generation ago
lave disappeared.