GERMAN TREASURER DRAWN

Dominion, Volume 9, Issue 2691, 10 February 1916, Page 5

GERMAN TREASURER DRAWN

REPLIES TO AN ENGLISH BANKER By Telegraph—Press Association—Copyright (Rec. February 9,'11.25 p.m.) • London, February 9. A German wireless message states that Dr. Heltfench (the German Treasurer), replying to tho remarks <5f Sir Edward Holdeii, the English banker, on the value of tho British sovereign, asserts that England's exports havo oeen crippled to half, while her imports have increased till the balance of trade against England is five hundred millions, instead of 150 millions. The war is costing Britain 2s. per day per head, and Germany Is. ISir Edward H. Ilolden, chairman of the London City and Midland Bank, in a remarkable analysis of the financial situation, said that London was still tho borrowing and gold centre of tho world. The pound sterling, which had never had to carry such a load as at present, had naturally declined in value in accordance with tho law of supply and demand, but while the exchange value «t New York had depreciated 1.9 per cent., in Holland 10.3, in Spain .6, and in Scandinavia, 3.9, it' had enormously appreciated elsewhere. The pound was above par in Paris by 10.8, in Italy 25.4. The 10.3 decline in Holland was due to our having exported tbero during tho year only, seventeen and a half millions, while wo imported twenty-eight and a half millions. Wo could readjust this by sending gold to Holland, but it might find its way to Germany. The Bank of England had fifty millions in gold, and the Government twenty-eight and a half millions. Tho joint stock banks also had largo sums, while there was a continuous flow from South America.] ' BRITISH MONEY LEAKINC INTO GERMANY. (Rec. February 9, 9.20 p.m.) . London, February 8. The "Daily Chronicle's" Amsterdam correspondent states that tons of thousands of pounds of English money are yearly finding their way into Germany through a Dutch firm, which is selling the coupons of foreign bonds in London and making falso declarations that thoy come from a Dutch holder. Tlie, proceeds do not benefit the enemy either directly or indirectly.