68 How to Pay for llie War 



at stake, and it is undoubtedly better for a country to have 

 a large number of smaller merchants and traders than a 

 few very large ones. 



Having discussed the fighters, we then come to the 

 sinews of war, cash and credit, especially the latter, for 

 very little cash is needed ; it is mainly a matter of banking 

 facilities. We want at least two big banks to which 

 present banks, financiers, merchants, and the Government 

 would subscribe, or otherwise arrange to run on a co- 

 operative basis. Then we want a big discount bank to 

 handle the l)ills, managed by men capable of advising and 

 guiding merchants, manufacturers, and traders when all 

 goes well, or to liquidate failures, thereby preventing 

 unnecessary losses when mishaps occur. All these banks 

 must be quite independent of each other in every way, so 

 that if one gets into difficulties the credit of the others 

 need not necessarily be affected. On the other hand, they 

 must work in perfect unison, and, for the sake of brevity, 

 I will call them "the machine." Besides these we shall 

 need smaller banks, not branches but independent concerns, 

 in the large towns and manufacturing centres, and at the 

 chief trade centres abroad, independent of, but financed 

 and guided from headquarters. If we already have banks 

 there, they can be incorporated or arrangements made to 

 finance traders through them. 



Having thus secured financial facilities we come to the 

 trading. A merchant in England sends out six young 

 fellows to push on his trade (and our trade) abroad, or 

 those on the other side want to make a start. At first every- 

 thing is tentative until the new soldier having had some 

 training, gains nerve, becomes acquainted with local habits, 

 tastes and patter, and generally " feels his feet " ; then he 

 spreads out, and sells, barters, and trades on his own 

 responsibility, but financed by those behind him until, of 

 course, he is quite independent. Meanwhile, the orders, 

 and produce or cash, begin to come in and are sent home. 

 Each unit throughout, except actual branches of a firm, 

 must be absolutely independent of each other so far as 

 book-keeping goes, so that in case of ? failure through 

 inexperience, illness, or force majeure the others would not 

 be compromised beyond the unit's debt. Should a failure 

 occur, then the local merchant, or the big firm at home, or 

 even, in the case of a serious " smash," tlie machine itself 

 steps in and works to minimize the loss. One unit is 

 simply replaced by another, or if the business is to be 

 transferred this is effected, book debts, goodwill, stock, &c.. 



