High Teutons in Revolt.

Waikato Independent, Volume XVIII, Issue 1739, 13 April 1916, Page 3

High Teutons in Revolt.

Sir George Paish, the noted English financier, who recently visited the United .States, aud paved the way for Great Britain raising an immense loan in America, says Germany is financing the,war by creating high prices for commodities, and thereby giving the wealthy classes huge profits out of which to subscribe f r the war loan at the expense of the working classes. According to a cabled statement to the American Press, ho said: “In England wages have risen in proportion to the cost of living. In Germany wages have been prevented from rising, except to an inappreciable extent, notwithstanding the enormous rise in prices. In the United Kingdom the advance in retail prices since the war began has been 47 per cent., but in Germany it is nearly 90 per cent. Whether there will bo a revolution in Germany after the war doubtless depends on the result of the war, but it is evident that uneasiness in that respect is constantly increasing. It would not be surprising if some of the people v who are making great fortunes out of the war in Germany were endeavouring to take precautionary measures for what might happen after the war by transferring their profits to the United States, At the’’National City Bank in New York about 1,000,000,000 dollars was deposited last year, .Some of this certainly came from Germany. Signs are not wanting mat the German Government is nervous about this transfer. The continued heavy fall in exchange is a sign that all is not well in Germany, but if it is diu to the endeavour of wealthy men in Germany to place part of their immense profits abroad as a precaution against the future, it is still more significant. Exchange has now fallen to a discount of over 21 per cent. Indeed, one would not be surprised to find that the exchange difficulties of Germany will, before long bring about large gold exports and a rapid diminution in the Reichbank’s stock of gold. One must not assume that the financial difficulty of Ger many will bring about peace in the near future. Nevertheless, it is bringing the end of the war appreciably nearer.” Sir George Paish is a recognised financial export in the British E <ipire; nd is editor of the London Statist.