PROTECTING BRITISH CREDIT

Taihape Daily Times, Volume 8, Issue 85, 8 April 1916, Page 6

PROTECTING BRITISH CREDIT

Great Britain \s prompt protection for her merchants' good name during the early days of the war is one of the most creditable thing in the record of the present Government. Not until recently, however, was it known that the British Treasury had advanced upward of £200,000,000 to English firms within a few weeks after the declai'ation of -hostilities to enable them to meet their obligations. In announcing this fact in Parliament, the Chancellor of the Exchequer added that S2 per cent, of these advances had been repaid. This is surely something for both the lender and the borrowers to be proud of. The promptness with which the situation was met an dthe enormous sum announced puts both the friends and enemies of Great Britain under obligation to their unknown financial hero who had the courage to avert a debacle that would have utterly wrecked the machinery ofi credit throughout the world. . That it has continued to function with such, amazing precision, despite the strain of war, is largely due to the boldness with which the English Government came to the relief of the English merchants who had enormous commitments for German as well as English account. —Commerce and Finance, New York.