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performed during the war by the Capital Issues Committee, the object
being to refuse sanction for all projects not immediately connected
with the successful prosecution of the war
‘The work of scrutinising proposals for new Capital Issues has been
performed during the war by the Capital Issues Committee, the object
being to refuse sanction for all projects not immediately connected
with the successful prosecution of the war. The decisions of the
Treasury, taken upon the advice of this Committee, have, however,
not had any binding force, beyond what is derived from the emergency
regulations of the Stock Exchange, which forbids dealings in any new
Issues which have not received Treasury consent.

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countries have been hard put to it, especially if they were contiguous
to nations with which the Entente is at present at war, to get the
commodities which they needed for their subsistence
During the war the shipping conditions have been such that many
countries have been hard put to it, especially if they were contiguous
to nations with which the Entente is at present at war, to get the
commodities which they needed for their subsistence. The Entente, with
its command of the sea, has found it necessary to ration them so that
they should have no available surplus to hand on to the enemy. They
have very naturally endeavoured to resist these measures, and in order
to do so have made use of the power that they exercise by their being
in possession of commodities which the Entente desires. They
have shown a tendency to say that they would not part with these
commodities unless the Entente allowed them to have a larger
proportion of things needed for subsistence than the Entente thought
necessary for them, and it was as part of this battle for larger
imports of necessaries that gold has been to some extent looked upon
askance as means of payment, the preference being given to things
to eat and wear rather than to the metal. These wholly abnormal
circumstances, however, do not seem to me to be any proof that gold
will after the war be any less acceptable as a means of payment than
before. The Germans are usually credited with considerable sagacity in
money matters, with rather more, in fact, I am inclined to think, than
they actually possess; they, at any rate, show a very eager desire to
collect together and hold on to the largest possible store of gold,
obviously with a view to making use of it when the war is over in
payment for raw materials, and other commodities of which they are
likely to find themselves extremely short. America also has shown a
strong tendency to maintain as far as possible within its borders the
enormous amount of gold which the early years of the war poured into
its hands. While such is the conduct of the chief foreign nations, it
is also interesting to note that one comes across a good many people
who, in spite of all the admonitions of the Government to all good
citizens to pay their gold into the banks, still hold on to a small
store of sovereigns in the fear of some chain of circumstances arising
in which only gold would be taken in payment for commodities. On the
whole, I am inclined to think that the power of gold as a desirable
commodity merely because it is believed to be always acceptable has
not been appreciably shaken by the events of the war.

Other Securities 7,434,900
Gold Coin and Bullion 38,458,235
Silver Bullion —
———– ———–
56,908,235 56,908,235
———– ———–

15. For reasons already given, it is not possible efficiently to
ensure full disclosure, but the following suggestions would, in
the absence of deliberate and intentional evasion (which would be
quite possible), meet the point and in the large majority of cases
would disclose the extent of alien interests and control:–

the form of advances and acceptances; but this method is only like
oiling the wheel of industry, the real driving power of which has to
be saved capital
Something can be done by banks and financiers in supplying credit in
the form of advances and acceptances; but this method is only like
oiling the wheel of industry, the real driving power of which has to
be saved capital. Creating credits simply means that a certain amount
of buying power is manufactured and handed over to those to whom the
credit is given. It does not set free any labour or goods to be
put into industry. That is only done by the man who abstains from
consumption and saves money by restraining his desire to spend it on
himself, and puts it at the disposal of industry. The man who saves
money, who has always hitherto been rather despised by his companions
and resented by a certain class of social reformer and many other
uneducated people as a capitalist bloodsucker, is thus, in fact, the
person who leaves the world richer than he found it, having put his
money, the product of his own work, into increasing the world”s
output, instead of spending it on such forms of enjoyment as heavy
lunches and cinema shows.

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Assignation has taken note of this spot and a numeral of Democrats are attempting to pass uncontaminated legislation that will support victims of Tornado Katrina hole up bankruptcy filings.