THE ECONOMIC WAR.

Taranaki Daily News, 16 December 1918, Page 7

THE ECONOMIC WAR.

BRITISH FINANCIAL ACTIVITY. Guarded reference has been made in the German and Austrian newspapers from time to time during the past few months to British banking amalgamations. The significance of this movement in the English banking world has not escaped German and Austrian financiers, and a special article on it was published in the Fremdenblatt, the organ of the Austrian Foreign Office. The Vienna newspaper entitles its article "Further Concentration of Capital in London," and gives details of the latest amalgamations. It also points out with considerable emphasis the fact that whereas British banks "to use a familiar expression, used to slay at home," they are now endeavoring to attract business in South America, France, Spain, Italy, and even Switzerland. The semi-official organ observes that it is easy to see from the details it publishes what an extraordinary and formidable activity is being developed by English financial institutions in all parts of the world, the last five words being emphasised by italics. The journal remarks that tmnough the financial situation created by this concentration of capital is viewed with misgivings by many people in England itself, the British Government offers every facility for fusions as an increase of economic power means a corresponding increase of political power. "We, however," the Fremdenblatt writes, "should keep those proceedings carefully in view, for it is by no means a matter of indifference to us if, after the conclusion of peace, we find English capital established everywhere, so that we have to begin again."