134 



The Review of Reviews. 



How to Begin. 



[From I lie " Daily Express* 



The Nation's Waning Credit : How Britain compares 

 with other countries. 



Since the year 1903 there has been a genera! depreciation in 

 Government securities the world over, owing to the tremendous 

 industrial activity opening out new fields for investments. 

 While this has been a normal characteristic, the fall in British 

 Government securities has been abnormal, far exceeding the 

 depreciation experienced by other nations. This is shov/n in a 

 graphic manner in the chart given above, the fall being calcu- 

 lated for the sake of fairness to tlie end of last week. The 

 figures following the names of the stocks indicate the interest 

 they bear. 



one which proves our point in an almost un- 

 comfortable way. These Colonial securities 

 have all the guarantee of the Empire and 

 really only the risks of the individual 

 Dominion. To a certain extent they are 

 affected by Imperial risks, but to a much 

 lesser degree than arc Consols. Thus actually 

 It would be cheaper for this Government, 

 if it wanted money, to arrange with, sa)-, 

 Canada to borrow and, for a small com- 

 mission, hand over the proceeds. It seems 

 a ludicrously indirect method of realising 

 Imperial crctlit. Nor do wc naturally 

 advocate any such hole-and-corner methods, 

 more especially since there should be no 

 difficulty in going straight to our object. 

 This is that, for Imperial needs, the Empire 

 should be able to enjoy Tmi)erial credit. 

 That is to say, that there should be Imperial 

 Consols issued for |)urposes affecting tlic 

 whole of the Emigre. These would r.mk 

 as our premier security and would give a 



truer idea of the credit of the Empire than 

 the purely national Consols can ever do 

 again. The question of interest is a detail 

 for financiers to decide ; it is the principle 

 which we wish to press home. Not only 

 will the Empire's credit benefit, but one 

 more band of common interest will have 

 been created between the nations composing 

 the Empire. 



There is no doubt that 

 the present mxoment is a 

 very opportune one for this 

 question. The Canadian 

 Cabinet has come to this country to ofi'er 

 Dreadnoughts ; the other Dominions, each 

 in its own way, is doing the same. There 

 is no question that the next few years are 

 the critical ones for Peace or War. We 

 are all united on the basic fact that the 

 British Navy is the greatest force for peace 

 to-day. Menaces of the breaking of the 

 world peace do not come because the British 

 fleet is too strong, but because relatively 

 it is thought to be too weak. In many 

 countries the conditions, social and political, 

 between the majority and the minority of 



Daily Pisf.il.li.] 



The " Tail " of Woe. 



(Nhiiitlicittr, 



Lli>YU ("i. : ** It l<(;i.'ps \Towlini^ away like une o'clock, but 

 fur the life o{ mc I <"\n't make out why ! " 



