PRACTICAL PATRIOTISM.

Sun (Christchurch), Volume I, Issue 197, 24 September 1914, Page 6

PRACTICAL PATRIOTISM.

KEEP ON WORKING AND INVESTING, RESOURCES OF GREAT BRITAIN. "In the unprecedented and critical' situation that exists we would make a special appeal to the patriotism is -\yell as to the interest of.the great investing public,' -' says"the^'iStatist.'f" "It is obvious that if on the announcement ,;.^f;,j ;+ decisions'.-.' either by- the .Russian, German, French or Kuglish Governments, the British: investing public, takes aJann a very dangerous and difficult situation will? arise. How to Act. "At such a time it is of the greatest*' importance, that everyone should endeavour to act as if great events Avero not impending. Were con'fixt'ence scri—

ously disturbed business 'would come practically to an end, and our ability to face the difficulties that may be in: front of us would be seriously unpaired. Therefore, it is of vital importance that, as far as possible, theevents that are now taking place should, not interfere with the daily life an 1 the daily work of the nation. Orde»;sihould be given, factories should be-; run, and everything'should lie arranged: to maintain, as far. as possible, -the-' productive power and the'income of the- • country.. It cannot be;, too clearly realised that the nation's income is-de-■pendent upon it* daily work and Us daily production, and that at ;a time such as the present it is desirable that should .work harder and .be more productive in order that vfe may have the income, and therefore the money, with which to meet any expenditure and any burden that may be- placed r upoit ■lis. . .•.••''■ "..'

"A little over a century ..ago, when the nation was at'war with Napoleon,, its income was a very small one,-being--I<?bs than one-eighth of what it is at present, and in a comparatively short space of time the British people succeeded in raising about' £J,000,000,000■ of money for war purposes, ami sogreat was their confidence and courage that at the end of the great war whi.Mi severely taxed their resources they were.' stronger and wealthier than they had. been at the beginning. "If the British people are animated with the spirit of their fathers they should experience no difficulty in pro-viding-loans for war purposes, if necessary, to the extent of several hundre 1 millions a year. "In the current year the new issuesof capital in the London market alonewill probably reach £250,000,000, afterproviding for the nation's expenditure upon the construction of houses and th«j.cxtensions of works. If the occasion, should arise, the British people sho iM be able, without any serious diflicultv,. to raise loans amounting t0£200,000,000a year over and above any sums they may derive from the sale to the United; States of a part of the great quantity of American securities they now possess. ■!•

''But for this'to be. accomplished thesituation must be faced with courage* and confidence on the part of everyone.. Investors must continue to invest, bankers must continue to' lend, the Stock; Exchange must continue to deal, ami-, everyone according to his ability juuntendeavour to work" hard in order tint individual incomes, and --therefore theincome of the whole nation, may bomaintained at the highest possible level...

A Severe Test Coming. "Having regard to the character off the British people, we are confident, that this will be done, and that-our-' investors will take Advantage of thepresenttime to purchase rather tlmnto sell securities, believing that the 1 - country will emerge from its period of trial with renewed ! 'tih(\ increase-'Jt; strength. In such times the true character of a nation is tested, and it may--be that the British people -will be subjected to a more severetest oven than, the one to which.-they-were subjecte} by the great Napoleon over a hu'ndrctL years ago." . .