BANKER OF THE WORLD

Dominion, Volume 12, Issue 238, 2 July 1919, Page 8

BANKER OF THE WORLD

ANGLO-AMERICAN RIVALRY,

Whether the United States is to become the banker of the world in placo of England was recently discussed by Mr, D. H. G. Penny, the * ice-president of the National Bank of Commerce in New York.

He said that whether or not the United States displaced England in the shortterm money market in financing; tho actual shipment of goods from country to country it had displaced her and all the pre-war creditor countries in supplying real capital or long-time money for the financing of industry and transportation. To accumulate long-time capital tho United States must produce more in a year than it consumes in a year. "After tho war," ho said, "we must take many a leaf from London's book. Our coufmodity markets must bo mado more liquid.' Our stock market must .be prepared to take foreign securities ami must deal in a largor list of securities. The recent break in sterling exchange gives America a great' opportunity both to aid London and to extend tho dollar exchange through tho world. London's embarrassment is . temporary. Great Britain is still doubtless a creditor nation." For a year or more, Mr. Penny'said, New York might woll be tho cheapest market for financing international trade. After that England and tho United States would compete fairly on tlieir merits. "It is legitimate ami proper that wo should compcte with England by fair methods in any field that we choose to enter, but lot us not Forget that bravo old England has borne tho heat and burden of tho day. "Let us romeinboi', t no, on Iho financial side, tho dark days of 1893, when ! the gold standard was imperilled, and j when that courageous ttlnlcsnuin, Grover | Cleveland, with 20,1)00,001) dollars ;(A 000,000) in'the Treasury, continued to i pay out gold on demand, relying upon re* I lief which the Loudon market atl'orded |in checking (lie international drains ; upon our. gold. I'iii|(land has boon gener- • ous to us in Iliu piisl.. and England ileI serves woll of us io-ilny,"