1915-07-13 — Page 7

THE CREDIT SYSTEM IN GERMANY.-

GERMAN PAPER AND THE GERMAN SWORD,

[BY A NEUTTAL CORRESPONDENT IN

THE TIMES. A

Before the war Germany Seemed to be the most progressively prosperous country in the world.

Nat n book but a library would be nooded-to describe the founda Eng on which her fabric of world-wide trade was rebred.

MMA ART

numerous claims arising out of the war and are not in a position to realize their osacia. There are special loan banks which land money on second and third- class mortgages, provided the owners t the mortgages can prove that their wants are due to the war. These loans are grouted up to one-fifth of the amount of a mortgage. There-are-further-special-in stitules of credit for theatrical enterprises and for other professions whese members are suffering from the war. In short,

THE HONGKONG DAILY PRESS, TUESDAY, JULY 13TH, 1915.

THE DARPANELLES (

GALLIPOLI CAMPAIGN ANDTM.

RUSSIAN MUNITIONS:

[RY COLONEL F. N. HAUDE, C.B.]

“Mr. Churchill'a speech at Dundee rauz with the true swing of conquest when he spoke of our coming triumph in the Dar the country is covered with a network of telegraph has not brought us the news in danelles, and I can only regret that the intilutiona organized on a large scale to meet the needs of the population except, confirmation, for which I have been wait

In all warlike operations perhaps, those of the working classes, who, ing all das

thero is only one thing the outcome of however, havo credit arrangements of there own. Nothing has been overlooked-which can be predicted with the same de and no menus neglected of upholding gree of certainty as the future in civil life, credit within the country. Yet inside and that is the fall of a fortress once be and outside Parliament pressure has late-sieged by an army backed by a people re- ly been', put, upon the Government to solute enough to support it, and from The widen the sphere of credit or the trading day we effected our landing, the Gallipoli lower classca, and it appears that the Peninsula beoarte a fortress for the pur larger manufacturing and trading con- pose of this canipaiger.

The essence of success in oli siege opera- cerns am in straits. They are relying tions lies in the superior fire power of the more and more on advances from Grasaailants which enables them to keep ment Departments. Not only are the tinder the fire of the defence to such banks overloaded with paper securities, but businesses, large and small, are hur degree that masses of troops can be dened with heavy amounts of war loan brought up under cover for a final assault. As I have often quoted in these articles, it It may seem strange that these difficul-used to be said in the palmy days of rege ties have not yet had any real influence warfare under Vauban that "any supper upon public confidence. The explanation who got killed in a siege deserved to be is that thought the people may have lost tried by court-martial for, ignorance of his faith in a really overwhelming victory, duty," and the same 'idda underlies our they not only hope but believe that the sieges now, provided we have the time to enemies of Germany will have to pay for undertake them with the same methodical

detail. attention her losses. To thy surprise I found this

On the battlefield timp is the essence of view expressed even in the banking world.

te weknown banker admitted that the the contract, and men are sacrificed by tena of thousands, to buy the time tha German war joins already amount to tender needs. The presetit undertaking is in $725,000,000 sterling, carrying an animals onture halfway between a formal siege interest of £33,000,000. There will," he and a battle, for time, though not all-im- will pay it all back.

In foreign countries the close connection between German foreign policy and Ger marginess has rarely been understood German bankers, traders, and manufac rers habitually worked with what seem set at dangerously narrow margin of tapit

As the supply of German and credis, capital was insufficient for the rapid ex tension of German-enterprise, foreign Capital was constantly borrowed-and uso to bolster up a system designed toand-other-paper. compete with the leading countries. When, in 1911, international complications cused, that capital to be withdrawn or withheld, the whole credit system of Ger- manreceived a severe shock. Then some of more adventurous banks failed, wile destres consequences to customers and investors. Such mishaps aroused Auger in Germany. The feeling that Wasilerable that decadent countries likerface should have more than enough saivitel, while go-ahead Germany was

#arents often hade by Gefman' financiers and industrialists that, unless Frince freely lent her money, the armies of Ger madly would go to Paris and fetch it.

**

SHIPPING IN BORTA

STEAMERS. CASSIS, British st, 4,006, P. A. Robinson,

9th July-Tsingtao 2ml July, Ballast Asiatic Petroloani Co. CHINHUA, British str. 1,339, Bidford, 9th July-Manila 8th July Genera Butterfeld & Swire, DAIJIN Mary, Japanese str., 740, Murakami, 8th July-Swafow July, General-Osaka Shoson- Kõi shu.

DAINIGENZAN MARU, Japanese str. 1,138,

Tanaka, 7th July-Tsingisu 2nd July, General Order. DRUZAR, Norwegian str., 1,102, F. Bing.

S16 July Bangkok 25th Jund, Gen- eral and Coal;==Chinese;+(? HATCHING, British Str 1,265, Passmore,

10th July-Swatow Pth July, General..

Douglie Lapraik & Co., Hero, Mand, Japanese str., 2,297, Naka- mura, 7th July-Miles Lat July, Coal,

-Mitsui Bussan Kaishy HONGKONG, French str. 749, A. Mar- gnorite, 3rd July-Hoihow, 240 July, Hus French str., 133, A Cornilsen, 9th.

General, A. R. Marty?

i

July -Kwong Chow Wan 8th July, Gon- ern--A R. Marty:

27th June, Gen-

Ivo MARU, Japanese str., 3,891, K. Oko-

moto, 6th July Keto HARU,

eral Order.

Japanese str.. 1,150. Imaizumi, 10th July-Haiphong_9th July, General-Osaka Shosen Kai- shii

KWANGLER, Chinese str., 1,486, McArthur,

7th July-Shanghai 4th July, Gen- oral-Chinese.

LAISANO, British str. 2,224, Mooney, 3rd July-Kobo 27 Juhe, General,-~ Jardine, Matheson & Co. MAUBANO, British str. 1, 64, G. H. Alcock,

29th June-Sandakan 23rd June, Gen eral-Jardine, Matheson & Co.

obliged to borrow it, lay behind theid. "be niere war loans, but our enemiesoortant, is nevertheless a very thuch the MEXICO CITY, British str., 3,179, N. A.

Starkey, 7th, July-Saigon 3rd July, i Rico-Chinese NICHEREN MARU, Japanese str., 1,400, S.

Suzuki, 8th Jaly Tourane, General.

Order: Pana NANO, British ste, 1,109, Flashman,

10th July Saigon 6th July, Rice. Order:

QUARTA, British str., 2.400, 0. Hooker,

7th July-Bangkok 1st July, Rice,-- Butterfield & Swire,

SHINKORU MARU, Japanese str., 3,308, A.

Ayabe, 7th July-Sydney, Coal- Order. TACOMA MARG, Japanese str. 3,830, J. Hamada, 10th July-Manila 8th July, General-Osaka Shosen Kaisha, SINRIANG, British str., 1,616, C. C. Williams,

This optimism is not shared by the high.essence of the whole matter that we are est financial authorities. Their confidenco justified in risking heavy losses to secure is less marked, The president of the the prompt reopening of the Straits for It has been said that a kind of tacit pact Berlin Handelsgesellschaft, one of the car ulterior purposes. A single failure, existed between the German Army and grongest German banks, made a signi- even a second and a third one are small The German business world. "Make us ficant remark when referring to a special evils compared with the magnitude of the T strong and we will make you rich." de

reserve called "War Burden and war stakes we are playing for, and though clared the men of the sword to the men of damages reserve," which his bank had put certainly do not anticipate even a single the counting-house and the factory. It

aside. He explained that it had bean failure, yet a succession of them would not was only after the attitude of France incrented, not for the war, but for the peace for a moment shake my conviction that the the Morocco erisis of 1911 had proved that because it is impossible to know what resolution to attack the Dardanelles, the sword of Germany or rather, the peace will bring Another leading whoever was responsible for it, showed a threat of using it, was no longer a busi financier said that the value of securities truer appreciation of the whole problem- ness asset that the prospect of a European and other asects had been so written down of international strategy in which we are war came seriously within sight.

Ger that further losses seened inconceivable involved than any other step yet taken many, as a business community, saw that "But," he added, "it is better not to pro-by any one of the allies. unless the German credit system, which phesy until peace has actually been had been based upon thé military signed.?? triumphs of 1870-73, could be reinforced These are the meu most intimately by fresh victories it might collapso, r, in aequainted with the details and the the best event, have to be placed on dangers of the enormous edifice of credit sounder footing.

crected by Germany for the purposes of The great fest of the German system the war: Deep in their minds seems to came with the outbreak of war. At first in the conviction. as yet unexpressed,shell fire to which they could make no ade- public confidence in the banks was severely that unless the worth of the German sword qnato reply. Now, what better reply Din shaken. The run on the banks, the with the wurity in which the future of the be made to those who ever since the war drawal of hundreds of millions of marks whole nation has been mortgaged-is began have been seeking to persuade our and the frantic realization of securities fully realized by sweeping victory on the Allies that our help was not to be revealed the danger that threatened the battlefield, the first result of the struggle relied on, than the fact that our Govern- WAKAMATSU MARU, Japanese str., 1,722, whole structure of credit. Everybody will be an economic catastrophe the like fment has been engaged ever since the scerned to doubt the solvency of his neigh which the world has never seen, lour: no one could foresee what the next few days would bring forth, The leaders

HUNGARIAN AUTHOR'S HORROR

THE SHORTAGE OF MUNITIONS.

The Russian: evacuation of Premysl gives additional point to my remarks, for as our correspondents assure us, and this time at least with ample justification for their opinions, the Russians have been overpowered locally by a concentration of

beginning of last March in endeavouring in open up a safe passage for all these supplies at the very earliest opportunity, pletely will confidence in our good faith, be established.

of the financial world were themselves THE “LUSTANIA "VICTORY," and the greater our efforts the more com- very anxiong, Bank notes were almost everywhere regarded with suspicion, not actually refused. Ruin seemed t stare the business community in the face. The banks paid out paper misney to depo- sitors but commercial credit was gis- pended

WAR CREDIT BANKS,

Had we followed the advice of those who AT THE DEED..

have been howling for the recall of the expedition on the ground that concentra tion not dissemination is the fundamental There have been several indications principle in war, we should have given that the sinking of the Lusitanie, crown-our enemies just the diplomatic handle Not aut the German armies had ading triumph of German Kultur, has they required to break up the solidarity vanced through Belgium into France did not met with approval in Austria of the Alliance. They would have pointed to our efforts to build up an enormous confidence: begin to return. Even the Hungary. M. Sandor Nadas, an eminent army as dictated only by a desire to act as doubt and caution ruled where credit had Hungarian author and journalist, has final arbiter when our Allies had bled formerly been freely given, A number expressed his horror in the Peats Futar, themselves to death in single-handed of industrial and commercial compan and a Hungarian correspondent of the opposition to the Central Powers, and warned their customers not to count upon Morning Post gives a verbatim transla how coud we have rebutted the charge in credit..

Though the banks did not as a tion of the article, "for," as he says, "ita convincing manner had we not given rule demand repayment of pre-war ad is worth while recording what Germany's the proofs of our loyalty by attempting vances, they made no fresh advances ex- except for the payment of wages and other own Allies have to say about her methods the formidable enterprise we have taken

pressing needs for the actual carrying on At last the authorities de of business. vised means of meeting the situation and of adapting industrial and commercial life to the now conditions.

Reference has been made in a former article to the war organization of indus- Another trial and agricultural credit. step was the establishment of the Imperial Loan Fund, some of whose functions werd described yesterday. The suppression of official transactions on the Stock, Ex- Change and the cutting-off of imperts an exports made it imperative to create for the holders of securities and of goods some possibility of transforming their belong- inge into liquid capital. This was one of the main objects of the Imperial Loan Fund The fund. however, could only give credit upon securities or commodities. Buch credit was plainly insufficient. Another class of war credit banks whe therofare founded. Their prototype was the Berlin War Credit Bank, establishet? by the other big Berlin banks, which sub- Beribed & third of the capital, and hy business firms which supplied the other two-thirds. The Imperial Bank is re- presented on the board of directors and has given the War Credit Bank a discount: credit now said to amount to £10,000,000 sterling. As the War Credit Bank has been constituted to promote public wel- fare, its maximum dividend is fixed at 4 per cent. After the war. surplus profits are to go to the relatives of men who have fallen in the field.

of warfare when the Censor is "absent- minded or perhaps of the same opinion"

on our hands t

The conduct of a great alliance is by`no. means altogether the affair of generals We make the following extracts:-- and admirals; for deeper causes are often

The Gorman papers tell me I should involved which need the higher stand rejoice over this German "victory," but, point given by Cabinet rank bolors they though I have always beeded what the can be completely appreciated, and for papers say, this time, somehow or other, that reason the wise soldier or sailor en- I could not obey, I turned pale at the trusted with a task does not criticise his, idea that an English-planned German-superiors, because, if he has kept his mudė submarine · had torpedoed the balance of judgment during his career. Lusitania, that two thousand people were he knows that each higher rank in the shrieking in the water as they tried to whole official hierarchy is always in pos- avoid the inevitable death.

For could these unfortunate souls be session of more of the facts than the one It is not a question` f blamed for going about their business? next below him. Why had they to suffer because there is relative ability or technical knowledge. war between nations, and because a mind but merely because each higher rank has student murdered the Crown Prince of absolute knowledge to guide his decisions Austria, or because. Austria deemed it where the lower rank has only conjecture

to begin a punitive expedition behind him,

necessary

FIGHT.

GRAND

HOW 13 ENEMY AEROPLANES WERE BAFFLED,

Why had these "poor against Serbia? children to suffer because Germany „kates England so much that words cannot be BRITISH AIRMAN'S found to express it? Why had these children to be thrown into the water? T

When God or fate brought about the destruction of the Titanic, one questioned the Divine goodness. When men do it, wo are asked to rejoice. I refuse to do

One of the most thrilling experiences which se, even if the whole German Press shrieked it into my ears, for in reading the ever befel an aviator happened some time details of the sinking of the Lusitania, all go to a member of the British Flying Corps. the horrors of death seemed to pass before It is only one of the many deeds of courage and me. I could only weep over it, and not pravery during the war which have not yet

been recounted. rejoice. Whether the people were English or Americans, one can only pity them, and curse the hand that brought it all about.

9th July-Shanghai 6th July, General- Butterfield & Swire.

TAIYAUN, British str. 2,000, P. W. Grierson,

10th July-Melbourne 6th June, General --Butterfield & Swire.

TILIWONG, Dutch str. 3,001, A. Olden- burger, 5th July-Manila 2nd July, Bugar and General Java-China! Japan Lijn,

TOKYO MARU, Japanese str., 2,294, 7. Na

kamura, 3rd July Moji 25th June, Coal.-Mitsu Bishi Goshi Kwaisha.

sha.

Yamanaka, 6th July Walcamateu 30th July, Coal-Mitsui Bussan Kai GGAN, British str., 1.257, Lishman, Bib July-Hongay 3rd July, Coal- Jardine, Matheson & Co.

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neighbour- The aviator set out hood of Dunkirk on a scouting expedition, Loal Rookery. and when nearing the German lines encoun tered an Aviatik machine, to which he gave tight The Germans, seeing that the British airman was having the best of the duel, immediately sent out a fleet of twelve aero- planes to deal with him.

The

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IBITORS TO CANTON

Should Parcha.

War Credit Banks of this kind now exist in most of the Federal States.

With reference to the arrest of the spy Their principal function is to provide the. public with personal credit. They grant Rosenthal, it is alleged that German

onemy swarmed round him on all sides "FROM HONGKONG TO CANTON losas upon notes of band endorsed by twofficials have made a practice of forging or more other persons This personal the American seal or, bogus American pass

BY THE PEARL BIVÉR,” credit is now extensively used. It will ports. Washington, says the Times corres-and poured in a hot fire from their machine- guns Despite their numbers, however, the in the long run probably prove to be a pondent, is anxiously awaiting further hostile craft were unable to bring him down, information It is feared that, if the

and the Englishman, suddenly circling high two edged sword...

Besities these institutes there are large crime is proved, it may enhance the diffi- above them, sent two crashing to the earth with well-aimed shots from his machine gun. numbers of war credit banks in which culties of the international situation.

Then, taking advantage of his superior al municipalities and local districts are

Of the 2,426 old Harrovians who went titude, he flew back towards Dunkirk, pur interested. Their chief object is to sup- port the middle classes and the smaller to the front, 128 have been killed, 130sed by the enemy's air feet. The German

port trades during the war.. Other specialized wounded, and forty-four are missing or machines soon gave up the chase, and the Snetitates do a class of business more prisoners; two have won the VIC. British aviator safely reached! strictly defined. Thus there is a Life Colonel E. W. Alexander, R.F.A., and He collapsed on landing and had to be Insurance Mortgage Bank, which grants the late Lieutenant Moorhouse, the avia- taken to hospital. There for three days be loans rot only to holders of life policies tor: seventeen have been decorated by the lay in a state of saving delirium as a result but also to the insurance companies, wans French Republic, and four by the Czar of the terrible strain, but he has now recover

entral News. resources have been strained, by the twenty have received the D.S.O., and 108ed, and is now back flying at the front.

have been mentioned in despatches..

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