A BANKER ON THE WAR STRAIN

Dominion, Volume 9, Issue 2807, 27 June 1916, Page 5

A BANKER ON THE WAR STRAIN

HOW BRITAIN "WEATHERED THE STORM. i By TelcEraph-;Pres3 Association-Copyright London, June 25. An .American correspondent interviewed .Tjord Eevolstoke, the Receiver-General of the Duchy of Cornwall, and a director of the .Bank of England. He said that for two years the war had ,beon waged ,by Britain in a more exhausting manner than by any other nation. ' But, as was anticipated, the edifice of London's credit stands firm. London remains the world's financial clearing-house. The delicate banking machinery is working smoothly; and this ihls chiefly duo to tho courageous policy of the Treasury in the first months of the war. The maintenance of exports, which was tho key to tho position, had,-been possible owing first to tho Navy; second, to the Government's sound "financial policy; third, to tho uso of tho great reservoir of women's labour, which had previously not been touched. England did not grudge to ■ America her gain of financial strength since 1014. Both nations, he believed, were using their money for the development of the nuwer countries, and were thus increasing the prosperity of tho world. WAR LOAN STOCK. AUSTRALIA AN ATTRACTIVE COMPETITOR, London, Juno<2s. The "Observer" states that most people prefer long-dated securities, but the Commonwealth Loan, offering at 6$ per cent., with the security of capital, is an attractive competitor with other securities of good olas*'.