Show WORLDS NEW BANKER America Has Now Reached Enviable Position in Finance London Aug Slhe allotment of 5000000 of the 10000000 war loan to the United States s received In the higher financial world as a good thing for London In the present position of the English banks The brokers and small investors severely almost passionately pas-sionately criticise the Chancellor of the Exchequer Sir Michael IIIcksBeach for privately arranging for half of the socalled public loan and allowing the Investment plum to go out of the country The Bank of England advised Sir Michael Mi-chael to accept the American offer which was made early last week through J S Morgan Co and the Barings the joint takers pointing out that this was an eaay and natural Sato Sa-to bring In gold and have the exports to the United States in October Otherwise Other-wise the bank rate might be raised to 5 or 6 per cent and extraordinary measures meas-ures would have to be taken to increase the gold reserve The Barings Informed the Associated Press that though the loan vas more than subscribed in New York before file agreement ias closed with Sir Michael HicksBeach It was not twice covered as it Avas expected it would be by the negotiators here The Morgans said the insurance companies were large subscribers and both the Morgans and Barings said a large portion of the millions mil-lions would come In gold The critics of the Chancellor of the Exchequer point out that the loan was worth 3 910 per cent that it was so excellent ex-cellent a thing that every pound should have been kept here that even If the American offer were accepted it should have been done differently and that to ask for subscriptions to 10000000 when 5000000 were already allotted was rather tricky Generally however there is n feeling of satisfaction In financial circles oer the easier money prospect The Pall Mall Gazette says The loan shows America will occupy a new role In the future thai of lender Erelong Ere-long American operators and investors will Interest themselves In the international interna-tional group and be a factor to be reckoned reck-oned with The Westminster Gazette under the heading The Treasurys Insult to the City America Financing Our War gays There was little use In opening the lists at all seeing that the Chancellor Chan-cellor had arranged to borrow most of the money In America In any case the fact might have been made clear In the prospectus which was a misleading mislead-ing document When an Issue Is already al-ready half subscribed even by pushful American Insurance companies It is usual to state the fact The stock exchange ex-change committee may recall this when the quotation comes to be considered The Financial News refers to the United States as the worlds new bunker |