Show ENGLISH FINANCES The white mans man's yellow money the yellow mans man's white money is still a question Mr l Morton forton Frewen in the London Financial News noting how much faster the worlds world's commerce commerce com corn merce is increasing than the worlds world's supply of 01 gold and the ceaseless drain of gold to India is sure ure Great Britain unless she changes her financial financial finan- finan cial ial relations with India will win come to financial grief in the very near future He points out how British con sols which were but a brief time since ince have fallen to 75 that India which for years absorbed silver is now absorbing so great Treat a proportion of gold gold absorbing absorbing and hoarding hoarding hoard- hoard ing ng it that it-that that a crisis is near that Japan will win destroy destroy detroy de- de stroy troy all English ocean commerce in the east and England will win not long bear up under the strain train Indeed he predicts that the crash will fall all upon all Europe and the United States We hope lope that the gentlemen who have just passed the he tariff for revenue only bill bin and who are about to o launch the new currency bill are keeping all these hese things in mind Our securities in Great Britain and on the continent are up in the billions billions bil- bil lions ions our people spend vast sums annually abroad we pay foreigners in fares and freights we have just legislated to send aw away y many millions annually for articles which up t to d date te we have produced at h home me we we are making no arrangements to reduce these calls for money and should a crisis strike Europe and our securities there be returned by tens of millions mil mil- lions ions we we may be sure of one thing the cost of living liv- liv ing ng will speedily fall And the only trouble will win wille beto e to get the money to buy at the reduced prices We predicted the other day that within five years Japan would be unloading in our ports a multitude of staples at prices which would make competition impossible Mr 1 Frewen says Subjected to the present drain there must in inthe inthe the he coming five ie years be a financial catastrophe in n Europe and America and a general collapse of prices in our markets Sometimes it seems that nations never learn anything except through calamities and if after the tithe seven fat years there follow seven lean years and it transpires that we have laid up no bread we hope there will be no one left to say I I told you so |