| Show MONEY FOR PEACE wall street journal sees signs of peace in the gold holdings of the great banks ot the world which are here given an fn millions of dollars juns france england germany austria russia act hollard 20 as 34 this table has a very definite meaning it Is clear evidence of a preparation in the past six months for the large financing which will be necessary on tho declaration of peas in the far east it will bo observed that with the single exception of the bank of austria every great national banking institution has fortified itself by a remarkable increase in ita gold holdings in the past six months such gold holdings beyond a certain safety minimum which was passed probably early in 1904 would haag no meaning it the large borrowing incident to the declaration of peace had not been tore seen it has been matter of comment to experts in london and elsewhere that the bank of england should havo maintained 1 a proportion of reserve to liabilities in the past six months out of all relation to the real necessities of the case it Is plain that the great financial institutions of the world expect a definite and practical result from the meeting of the russian and japanese aries at portsmouth space does not permit ns to give the figures of a large number of minor national and private banks but we note that they have as a rule lost gold in the past elaf months this Is of course further evidence of the concentration of power where it will be most needed about dussias Rus sias ability to finance a further campaign there may be two opinions she could probably do so for at least two years by a pledge uch as that given by japan in the customs duties or the tobacco monopoly about dussias Rus sias ability to borrow on a peace basis no one can have a moments doubt |
