WHAT COUNTS.

Taranaki Daily News, Volume LVII, Issue 219, 23 February 1915, Page 6

WHAT COUNTS.

SILVER BULLET IK TIIL END. I THE BUOHEMIOOD. IT'S COTX THAT COXQUEKS. (By A. Spence in the Dtuiedin Star.) Gilt-edged admiration for Britain, am! for her Allies, too, comes over one mora and more as Mr Lloyd tliorge's last speech (published recently) is read and re-read. Whether lie should luwe all the credit, or most of the credit, or oniy some of the credit does not matter. Perhaps Mr Lloyd Gocrgc himself does not care who shall wear the laurels. What is certain is that a congress of financiers, meeting ?.t Paris, has struck the blow of "blows in this war to date. Sometimes the haunting thought of a separate peace by some ally 01* other has obtruded and disturbed. We can. one feels ,sun\ lay that idea aside, for ever The sTesit. financiers have met in a, spirit brotherly love to de?.; w:t'e. a situation unparalleled. And. in a day or two, they were rer.fly with proposals running to figures past conception. Above all, you note that everyone is to help evervoiie else. The altruism of the thing shames for ever tile petty duels of our daily lite. Figures, of course, are dry as dust. They are (trior than Oerman text books .-n -.'"if. 'ml those-are weary enough. It is therefore with reluctance. that one approaches them. But surely tills prospective ha'auce-sheet of th« nations — o c ourselves and o'ir friends —is 110 ordimvrv I'ocement at .ail. Much of if i--not clear —how could it be clear? —bu' rhe temptation to,attempt to nvv'sb-'l it a little is rather too great to be resisted. It seems to transcend all operations in bloodshed, and. at the ris~of being thought dull, one is fain to try to place it all, 11s far as lie can. in soni" order of seriucnce. which the cable hardly furnished. THE TREMENT/OCS BILL. The estimate of total expenditure to the end X>f 1015 is given at £2.000.00».001), and on ordinary charges onlv BritI pin is to furnish about £7llll fIOO.OP.'t France and Kussiiv about EtilT.OfiO.OOt! each. Ea;'h of tiie belligerents is to raise these sums on its own Bourse. iA separate account is to he opened bv the three Powers to met the needs of Belgium and Servia. There is an ominous hint that "other States" are preparing for war. Mr Lloyd George states that it is "obviously to our interest to see that these are well equipped. ( LEXGTH OF PUHSE. Allowing for all contingencies (such as the small States which are to separately financed) Great Britain can carry on at the present rate, of expenditure for four or fiv« years; France for about two years and a-half. Ttussia is nebulous, and will continue to be until banking measures are devised which will translate her resolves into terms 0' currency not yet hint.d at. . THE PARAMOUNT GOLD. Tn the present state of currency ar;u exchange gold is paramount in the last resort. Mr Lloyd George says that Britain's gold accumulations are the largest in the history of the country. The gold resources of Franle and Russia are described as "great." The collapse of tile rebellion in South Africa ensures a steady supply of gold. As sidelights 011 the war these considera tions illuiSine more than any, if we could guage them. The question or hoarding by hanks and individuals enters in a way that cannot be solved yet. but the altruism, the fellow-feeling, that we sec, augurs well against the dark days which must be faced by and by. Jt will soon be—it is now —a time for the glad hand from everyone to everyone else.

NO JOINT GENERAL LOAN. The pooling of the resources'of Britain, France and Russia seenis to have been determined on at a congress of financiers in Paris, summoned under circumstances of which we vet know nothing. The question of floating a joint loan seems to have come up and been rejected as unwise, except in regard to aici to Belgium, Servia and other small States which are expected to come inutile war by and by. The rejection of the joint loan seems to have been effected by the British representatives at the congress. The nation with tinreadiest means of opration on the world's wealth and the fastest media of currency naturally commands and naturally fears the interest charges. That nation is Britain. Sh'e. seems to have declined a joint interest charge, which would have to be faced in common with France, and Russia. The advances to small belligerents are excepted from this provision. "If." savs Mr Lloyd George, " we paid a high rate now, we could never raise more mouev at a low rate." Each country will therefore apply to its. own markets for all money to meet the major requirements. but the case, of benevolence to the small countries is to be different." JOHN BULL'S GREAT LOAD. Britain's share of the major expenditure up till the end of this year is to be about ,E7fil),(loo.ofi'o. 'Separately from this, as far as can be seen, she is ad-vnm-ing -Ctf.nno.OOO to Russian purchasers. and gives Russians a further credit for £40.000,000. Rome unspecified advances have also been made, or will he made, to France. Mr Llovd George has intimated that Britain's chief difliculty is i.liat two-thirds of her food is purchased abroad. New and enormous credits have nnparentlv to be established. In estimation of financial resource this consideration probably ranks higher than gold. Onlv 'the fortune of war can determine what it will amount to in the finish. Tf, for instance. the German blockade should suoced—and that deoends on a humble, mechanical thing called the submarine —Britain's credits are :\t an end. This seems to have been viewed seriously b v tbe meeting o: financier-, in Paris. It was (arranged that if British stocks fell below a certain noint France ami Russia would assist. It. has also to be noticed that in the meantime -France is to have access to British Tiionev markets in respect to the Treasury bills—a statement which leaves one woiulor- >'" a little after, lint it may In all ri'dit. Ac'-ommodaf.ion is also to be "Ben Russian merchants in rosnect, to bills on merchandise privately held in Great Britain.

PLIGHT OF FttAXCF. rbp idiv'llt of IV; <:?'■!' srcniv, to lie I'lvKy Imtl. hi;rh tit i,„ r fhiiinchil rcllm* :m ' orally rated. -\tr I'.'ov.l I'l'Or'V,, )|., s f,,,. (I| ,j tl!,. ln:iten truck of ftiiitt»»icr«"o« to "•iivii til" nation tliat. ''Unions did n»t 'mite v "" 1 i:-i> 1 iii> strain v.'!'ieli tl'js Ijhll, Utile eountrv .v>"as iir.dor'i'oiii'"." Too true. Tire llfrnsm teeth arc dni into one of richest. departments This is calculated to push from 11 ,(1(10.fiOO fo lo.nmi.flno useless ones on to til: 1 benevolence of Central and Southern Franco. It should lie a verv wonderful country indeed which could meet this fluctuation all at once, mid that is why the Germans are hanging on so tcnac- i

iously where tliey are. The longer thev stay, the more they will hurt, and no military measure is yet in sight which will drive them out, But, like the jewel at the bottom of Pandora's box, there is always hope. POOR, SLOW RUSSIA. Russia is about as slow in finance as she is ill war. Prodigiously miglitly in men, she has eut no furrow on the battlefield worth talking of yet. Prodigiously wealthy .in posse, as she undoubtedly must, be, she is, in -Mr Llovd George's phrase, " s tiil a borrowingcountry." Great Britain and France had therefore given guarantees to help her. She seems, in fact is, a clumsy congeries of people, but she is keeping good company now, and may be waking up. Bring an ally of ours, it might be wrong to say any more about her, so she may be left with one more sentence from Mr Lloyd George: "France ami Great Britain have decided to raise a first loan of £.10,000,(1(10." It is to help this poor lumberer. This is in addition to the accommodation whjeh is being given her merchants by Britain. It is a pity that Russia's assets are not a little more liquid. There is mention of the fact that she may he able to meet her obligations to some extent liv exportwheat. for instance. .Inst from what sea she will manage that export is left to us to guess at. THE ONLY JOINT LOAN. Servia, with three wars on hcv hand*, in as many years, her manufactures at an end, and Iter export stopped, is in pitiable plight. Belgium mnv be instly described as done for. Still, the three great Powers lay the plight of Rervb and Belgium as a first, charge on their consciences. Each will contribute proportionately, and later a joint loan—the only joint loan in the financial arrangement—is to be floated to cover the ad vail ees. Mr Lloyd George's silver bullet sencs to be a wonderful missile when it is looked at one way and the other.